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.
هذه القصة مأخوذة من طبعة March 19, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة March 19, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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