Singapore general insurance increases 6.3% YoY in 2024

Underwriting profit also rose by 5.6% YoY.

Singapore’s general insurance sector saw its combined gross written premiums climb 6.3% year-on-year (YoY) to $8.1b (S$10.8b) in 2024, data from the General Insurance Association of Singapore (GIA) showed.

Underwriting profit rose by 5.6% YoY to $481.73m (S$642.31m). Over the past decade, the sector has grown at an average rate of 8% annually.

The domestic segment posted an 8.3% YoY increase in gross written premiums, outpacing the previous year’s growth.

However, net incurred claims rose by 14.4% YoY, driven by double-digit increases in the property, travel, and health segments.

Factors such as climate change, healthcare inflation, and rising repair costs contributed to the increase. Underwriting profit in the domestic segment fell by 16.7% YoY to $164.28m (S$219.04m).

GIA President Ronak Shah acknowledged the sector’s challenges, citing the need to navigate climate-related disasters, rising medical costs, and economic volatility.
The health insurance segment recorded an underwriting profit of $4.01m (S$5.34m) in 2024, reversing the loss from the previous year, with gross written premiums increasing by 15.9% YoY.

However, the Group Health and Surgical subsegment continues to face challenges from rising claims costs.

Employer’s liability insurance saw a 4.9% YoY decline in net incurred claims, whilst the travel insurance segment grew by 5.1% YoY to $232.58m (S$310.1m).

($1.00 = S$1.34)

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