Singapore’s domestic general insurance market has surpassed S$6b in gross written premiums for the first time, reaching S$6.09b in 2025, according to the General Insurance Association of Singapore (GIA). This marks an 8.4% year-on-year increase. However, net incurred claims also rose by 8.7% to S$1.8b, with motor claims experiencing an 11% surge, indicating more severe accidents despite stable accident numbers.
The sector’s underwriting performance improved, with profits rising 32% to S$289m. GIA President Ronak Shah emphasised the importance of insurance in helping individuals and businesses recover from unexpected events, stating, “The increase in claims underscores the vital role we play.”
Motor insurance remains the largest segment, with premiums growing 5.2% to S$1.28b, despite continued losses of S$6.9m. Property insurance premiums increased by 4.1% to S$864.1m, driven by a rise in fire incidents. Health insurance saw a 7.4% increase in premiums to S$1.24b, reflecting higher healthcare needs and costs.
Employer’s liability insurance showed a notable improvement in underwriting performance, reaching S$94.4m, whilst travel insurance premiums grew 8.6% to S$336.7m, supported by increased overseas travel.
As GIA celebrates its 60th anniversary, the sector remains committed to supporting Singapore’s communities and businesses amidst evolving risk landscapes. The association continues to work with partners to promote risk awareness and resilience.
