Singapore's general insurance market rises 15% to $9.34b in 2022

The strong uptake in the domestic market contributed to the growth.

Singapore’s general insurance industry recorded a 15% growth year-over-year in 2022 (YoY) from its offshore and domestic segments to $9.34b, data from the General Insurance Association of Singapore (GIA) stated.

The domestic segment’s gross written premiums increased by 9.6% to $4.84b, whilst its underwriting profit rose 14.8% to $301.6m.

The strong uptake in the domestic market’s health, property, and travel segments after the easing of global travel borders contributed to significant growth.

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GIA president, Ronak Shah, stated that the general insurance sector’s growth last year reinforced Singapore’s position as the leading insurance hub in the Asia-Pacific (APAC) region.

Meanwhile, the health insurance segment’s gross written premiums grew 19% to $888m, and its underwriting profit rose to $69.6m. The property insurance segment saw a 6% increase in gross written premiums to $758.3m.

However, the motor insurance segment recorded a 7.1% drop in gross written premiums to $1.1b and an underwriting loss of $21.6m.

GIA pointed out the reason behind the loss to rising accident rates trending up to pre-pandemic levels, an increase in average claim bill sizes, the COE impact on new car sales, and inflationary pressures on repair costs.