Singapore’s general insurance sector saw a 10.1% increase in gross written premiums to SGD10.2bn (USD7.6bn) in 2023, with the domestic and offshore segments fueling this growth. Despite the overall sector achieving an underwriting profit of SGD608.1m, it faced challenges such as a 44% surge in net incurred claims. The motor insurance segment reported a significant increase in claims due to more traffic accidents, yet underwriting losses decreased compared to the previous year. Health insurance experienced a downturn, recording a loss after leading sector performance in 2022. In contrast, travel insurance flourished with increased premiums and profits, attributed to the resurgence of travel.
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