The Singaporean insurance industry experienced a period of growth and optimism from March 24 to March 28, with the general insurance sector showing positive trends and a focus on expanding business operations.
According to data from the General Insurance Association of Singapore (GIA), the country’s general insurance sector saw gross written premiums increase by 6.3% year-on-year (YoY), reaching $8.1 billion (S$10.8 billion) in 2024. Underwriting profits also showed a steady rise, climbing 5.6% YoY to $481.73 million (S$642.31 million).
Despite these gains, the industry faced challenges, particularly in terms of net incurred claims, which rose by 14.4% YoY. This increase was attributed to double-digit growth in claims across several sectors, including property, travel, and health. Contributing factors included climate change, healthcare inflation, and rising repair costs, which added pressure to the sector.
In healthcare, the Ministry of Health and the Central Provident Fund (CPF) Board introduced a new online tool aimed at assisting individuals in making informed decisions about their health insurance coverage. The ‘Health Insurance Planner’ (HIP) allows users to visualize long-term projections of their MediSave savings and health insurance premiums. The tool offers comparisons of Integrated Shield Plans (IPs) based on preferred ward types, along with projections of premiums and corresponding riders over a span of up to 30 years.
In the corporate space, Specialist Risk Group (SRG) officially launched its Asia Pacific operations with a regional office in Singapore. The company aims to position itself as a leading broker in the region, specializing in complex property, casualty programs, and employee benefits. SRG intends to apply its UK and Ireland business model, emphasizing specialized expertise and advanced risk management strategies, to the Asia Pacific market.
The Life Insurance Association of Singapore (LIA Singapore) also announced its newly elected Management Committee (MC) for 2025–2026. Wong Sze Keed, of AIA Singapore, was appointed as the new President. Wong outlined key priorities for the coming year, which include enhancing financial literacy, simplifying legacy planning and claims processes, and reinforcing trust within the industry. The association will also focus on supporting a sustainable healthcare ecosystem.
As the industry adapts to new challenges and opportunities, these developments signal a positive outlook for the future of Singapore’s insurance sector.
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