Singapore’s general insurance premiums hit record high of S$6.09 billion

[SINGAPORE] Gross written premiums in Singapore’s domestic general insurance sector reached S$6.09 billion in 2025.

This marked an 8.4 per cent year-on-year increase and “pushed the sector past the S$6 billion mark for the first time”, the General Insurance Association of Singapore (GIA) noted on Wednesday (Mar 25).

The association highlighted “stable growth” in the sector, adding that the combined gross written premiums for both domestic and offshore segments rose 3.7 per cent to S$11.2 billion.

Net incurred claims for the domestic segment also rose, increasing 8.7 per cent or S$144.2 million to S$1.8 billion.

GIA noted an increase in claims “across several domestic business segments, including motor and property insurance”.

Among the business segments, motor insurance claims booked one of the largest increases, rising 11 per cent despite “stable” accident rates.

This increase came despite accident rates “remaining stable”, GIA said, adding that this could reflect an “increasing severity” of accidents.

Citing data from the Singapore Police Force, it noted that road traffic fatalities reached a 10-year high in 2025.

The rise in motor claims also correlates with growing road usage and vehicle numbers, the association added.

Health insurance claims rose 6.4 per cent to S$409.4 million in 2025. This, GIA said, reinforced “the broader trend of increasing healthcare needs, as well as higher treatment costs driven by medical inflation”.

Property insurance claims jumped 60.5 per cent; the association attributed this partly to an increase in fire incidents. The Singapore Civil Defence Force reported 2,050 such incidents in 2025, a 3 per cent increase year on year.

Despite the uptick in claims, the domestic segment recorded an improved underwriting performance. Underwriting profit increased by 32 per cent to S$289 million, from S$219 million in 2024. This reflects the “resilience of Singapore’s general insurance market”, GIA said.

Growth trends

Motor insurance continued to be the largest segment of the domestic market, with gross written premiums rising 5.2 per cent to S$1.28 billion.

Despite the growth in premiums, which came alongside a “slight improvement in underwriting performance”, the segment still recorded a loss of S$6.9 million in 2025.

Similarly, property insurance premiums rose 4.1 per cent to S$864.1 million in 2025.

Health insurance continued its upward trajectory, with premiums rising 7.4 per cent to S$1.24 billion.

The employer’s liability insurance segment, meanwhile, booked a double-digit improvement in underwriting performance, reaching S$94.4 million.

“This reflects sustained emphasis by employers across sectors on workplace safety and risk controls,” said GIA, adding that the sector will continue “building awareness on protecting workers and managing workplace risks effectively”.

Gross written premiums for the travel insurance segment grew 8.6 per cent to S$336.7 million. Underwriting profit, however, moderated to S$29.7 million from S$39 million in 2024.

“Demand for travel insurance remained supported by the continued growth in overseas travel, with Singapore residents making approximately 10.6 million outbound trips in 2025, up from 10.3 million in 2024,” GIA noted.

The industry body, which counts AIA, Etiqa and Income Insurance among its members, was established in 1966 and is aimed at improving the general insurance landscape for consumers, agents, and insurers in Singapore.

Scott Spaven, the association’s president, said that the sector “remains committed to working closely with key partners and stakeholders to ensure that our customers receive the support they need”.

He added that one of its priorities is to “keep insurance protection accessible and relevant for Singapore’s communities and businesses”, especially as local and global risk landscapes evolve.