Singapore's Insurance Sector grows 6.3% to $8.08bn in 2024

Singapore’s general insurance industry marked another year of steady progress in 2024, with total gross written premiums climbing 6.3% year-on-year to hit S$10.8bn. The sector’s underwriting profit also saw a respectable rise of 5.6%, reaching S$642.31m. This growth reflects the resilience of the industry, which continues to expand across both local and international markets. The domestic segment outperformed expectations, with an 8.3% increase in gross written premiums, surpassing the previous year’s figures. However, this positive momentum was partially offset by a surge in claims across multiple categories, highlighting some of the challenges insurers face in today’s dynamic risk landscape.

​Despite the overall growth, the industry grappled with a 14.4% spike in net incurred claims, driven largely by double-digit increases in the property, travel, and health insurance segments. Factors such as climate change, escalating healthcare costs, and higher repair expenses contributed to this trend, resulting in a 16.7% drop in domestic underwriting profits to S$219.04m. On a brighter note, the health insurance sector staged a comeback, posting an underwriting profit of S$5.34m in 2024 after a loss the previous year. This recovery was bolstered by a 15.9% jump in gross written premiums, reflecting growing consumer interest in health coverage. Meanwhile, the employer’s liability segment bucked the trend with a 4.9% decrease in claims, linked to fewer serious workplace injuries, though work-related traffic incidents remain a concern.

​​Travel insurance also saw a 5.1% rise in premiums, reaching S$310.1m, fuelled by heightened awareness of risks tied to geopolitical tensions and climate disruptions. The sector’s ability to adapt is increasingly vital as it navigates a fast-changing environment marked by economic uncertainty and evolving global challenges. Industry leaders emphasise the critical role insurance plays in protecting individuals and businesses alike, offering financial stability amid rising medical costs and natural disasters. With its strong performance, Singapore’s general insurance market continues to solidify its position as a leading global hub, committed to supporting the public through an ever-shifting landscape of risks.