General insurance sector in Singapore grows 10.1% in 2023

Domestic underwriting profit drops 11.2%, with rise in claims led by motor segment

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Singapore's general insurance sector posted a year-on-year increase of 10.1 per cent in gross written premiums to $10.2 billion in 2023, led by growth in both the domestic and offshore segments. The overall sector recorded an underwriting profit of $608.1 million for 2023.

Data released by the General Insurance Association of Singapore (GIA) on March 18 showed a 7.3 per cent increase in domestic gross written premiums to $5.2 billion. Underwriting profit, however, fell by 11.2 per cent to $262.9 million as net incurred claims rose 44 per cent.

Based on gross written premiums, motor insurance had the largest market share (21 per cent) in 2023. This was followed by the health (19.2 per cent), property (14.9 per cent), employers' liability (8.9 per cent) and travel (5.7 per cent) sectors.

Notably, the motor segment reported the largest increase in claims (73.3 per cent) to $573.4 million as traffic accidents rose.

There were 149,451 accident report counts in 2023, up from 139,019 in 2022 and 123,485 the year before.