Singapore general insurers post flat growth in 2020

Underwriting profit reached S$237.3m.

Singapore’s general insurers saw flat growth in 2020 with a 0.2% drop in gross written premiums to S$4.09b as of end-December, according to the General Insurance Association (GIA).

The sector also recorded an underwriting profit of S$237.3m.

The motor segment saw a 0.7% growth to S$1.13b in gross written premiums and recorded an underwriting profit of S$104.5m. The overall number of traffic accidents fell during the circuit breaker period, and is reflected in the segment’s 2020 performance.

Health insurers saw their GWPs rise 3.9% to S$692.7m with underwriting profit at S$17.9m.

Property insurers observed a 10% increase or S$591.8m in GWPs and recorded an underwriting profit of S$43.7m, which could be attributed to downward adjustments in market capacity and the impact of changing rates.

Employers’ liability insurance recorded S$381.5m in GWPs, a 4.3% increase, with underwriting profit at S$41m.