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Singapore motor insurers swing to underwriting profit of nearly S$10m for 2018

MOTOR insurers made a startling turnaround to report an underwriting profit of nearly S$10 million for financial year 2018, up from a loss of S$12.6 million at the six-month period.

They attributed the improvement to year-end housekeeping of accounts.

The result was also a dramatic recovery from a loss of S$27.2 million in 2017, which the General Insurance Association of Singapore attributed to fewer taxis and private-hire cars on the road.

Overall, the general insurance sector saw stable growth of a 3.4 per cent year-on-year increase in total gross premiums, totalling S$3.81 billion for 2018.

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The health insurance segment incurred a S$44.2 million underwriting loss on the back of an 18.2 per cent increase in incurred claims.

Likewise, the Work Injury Compensation insurance segment incurred a loss of S$3.6 million - its first in five years.

The personal accident insurance segment posted an underwriting profit of $17.3 million.