2023 saw Singapore's general insurance sector grow 10.1% to S$10.2bn, with motor insurance having the largest market share (21%).
Singapore's general insurance sector grew 10.1% in 2023, reaching S$10.2bn in gross written premiums, with motor insurance holding the largest market share (21%). Domestic underwriting profits fell by 11.2%, due to a 44% rise in net incurred claims. However, travel insurance saw a 37.6% increase in gross written premiums, and the offshore market grew 13.3% to S$5bn. The property segment experienced a 2.2% growth in gross written premiums, while employers' liability insurance grew by 10.2%.
March 18, 2024
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