Singapore’s domestic general insurance rises 8.4% in 2025

Despite the growth in revenue, net incurred claims for the domestic market also increased.

The domestic general insurance segment in Singapore saw its gross written premiums rise 8.4% year-on-year (YoY) to US$4.76b (S$6.1b) in 2025, data from the General Insurance Association (GIA) of Singapore showed.

Combined gross written premiums for the domestic and offshore segments rose by 3.7% to US$8.74b (S$11.2b).

Net incurred claims for the domestic segment rose during the same period, increasing 8.7% YoY to US$1.40b (S$1.8b), an increase of US$112.48m (S$144.2m) compared to 2024.

“The increase in claims was observed across several domestic business segments, including motor and property insurance,” the press release by GIA stated.

Despite the growth in revenue, net incurred claims for the domestic market also increased.

Claims rose 8.7% YoY to US$1.40b (S$1.8b), an uptick of US$112.48m (S$144.2m) compared to the previous year.

This rise was driven largely by the motor and property insurance segments.

Motor insurance claims saw an 11% YoY increase, even though the total number of accidents remained stable.

The GIA attributed this to higher accident severity, noting that road traffic fatalities reached a 10-year high during the year.

Property claims also climbed, following a 3% YoY rise in fire incidents to 2,050 cases, as reported by the Singapore Civil Defence Force, alongside several large-scale property losses.

The industry's underwriting performance remained strong despite the higher claims environment. Domestic underwriting profit grew 32% YoY to US$225.42m (S$289m) in 2025, up from US$170.82m (S$219m) in 2024.

GIA President Ronak Shah stated that the rise in claims highlights the industry's role in helping businesses and individuals recover financially from road accidents, fires, or overseas crises.

(US$1.00 = S$1.28)