Singapore’s general insurance industry grows 4.5% in 2013
Singapore's domestic general insurance industry grew 4.5 per cent in 2013, hitting a record high of S$3.5 billion in total gross premiums. This follows the 5.4-per cent expansion recorded in the previous year.
SINGAPORE: Singapore's domestic general insurance industry grew 4.5 per cent in 2013, hitting a record high of S$3.5 billion in total gross premiums.
This follows the 5.4-per cent expansion recorded in the previous year.
Motor insurance showed positive growth, with an increase of 17.3 per cent in underwriting profit to S$59.1 million.
This follows the exceptional performance in 2012 when underwriting profit surged 135.1 per cent to S$50.4 million.
However, gross premiums for motor insurance fell 2 per cent to S$1.2 billion in 2013 due to keen competition and fewer new cars being registered.
The General Insurance Association said there has been a decline in the number of foreign-registered vehicles involved in accidents on Singapore roads.
There were 4,249 accident report counts involving foreign-registered vehicles in 2013, compared to 5,537 accident report counts the previous year.
Meanwhile, Work Injury Compensation (WIC) insurance saw gross premiums increase 10 per cent to S$369 million in 2013.
But underwriting profit for this insurance segment fell by 41.2 per cent to S$3 million.
Fire insurance made a turnaround in 2013, to deliver a 56-per cent increase in underwriting profit to S$35.6 million.
The underwriting profit for fire insurance fell 51.7 per cent to S$22.9 million in 2012.
Marine cargo and hull insurance continued to see declines in business as major underwriters shifted portfolios to offshore insurance funds.
Underwriting profit for marine cargo insurance dropped 21 per cent to S$26.5 million while underwriting profit for hull insurance dropped 35 per cent to S$9.1 million.
Personal accident insurance - the industry's fourth biggest class of business - saw gross premiums grow by 9.2 per cent to S$317.2 million in 2013.
It booked an 8-per cent increase in underwriting profit, to S$42.8 million, rebounding from the 12-per cent drop in 2012.