Singapore’s domestic general insurance sector surpassed the SG$6 billion mark for the first time in 2025, even as rising motor and property claims pushed total payouts to SG$1.8 billion, according to new figures released by the General Insurance Association of Singapore (GIA).
Gross written premiums for the domestic segment reached SG$6.09 billion, an 8.4% year-on-year increase. Combined with the offshore segment, total gross written premiums rose 3.7% to SG$11.2 billion.
Net incurred claims for the domestic segment climbed 8.7% year-on-year, an increase of SG$144.2 million compared to 2024. Despite the higher claims environment, underwriting profit rose 32% to SG$289 million, up from SG$219 million the previous year.
GIA president Ronak Shah said the rise in claims underscored the sector’s core function. “The increase in claims underscores the vital role we play, reminding us of our purpose and importance of the work we do. Whether it’s an accident on the road, a fire at home, or a crisis while overseas, insurance is what enables individuals and businesses to recover financially and move forward from unexpected events,” he said.
Motor insurance, the largest domestic segment with a 20.9% market share, recorded gross written premiums of SG$1.28 billion, a 5.2% year-on-year increase. Net incurred claims in the segment climbed 11%, even as the number of motor accidents recorded by GIA remained stable – a trend the association attributed to increasing accident severity. According to the Singapore Police Force’s Annual Road Traffic Situation 2025 report, road traffic fatalities reached a 10-year high. Despite the surge in claims, the motor segment narrowed its underwriting loss to SG$6.9 million from SG$33.8 million in 2024.
Property insurance premiums reached SG$864.1 million, up 4.1%, while net incurred claims surged 60.5%. The Singapore Civil Defence Force reported that the overall number of fires increased 3% to 2,050 incidents in 2025, contributing to the elevated claims environment. The segment retained a slim underwriting profit of SG$1.1 million, down sharply from SG$41.7 million in 2024.
Health insurance premiums grew 7.4% to SG$1.24 billion, with net incurred claims rising 6.4% to SG$409.4 million. The GIA attributed the increase to growing healthcare needs and higher treatment costs driven by medical inflation. Underwriting profit in the segment improved significantly to SG$42.4 million from SG$5.3 million in 2024.
Employer’s liability insurance delivered the strongest underwriting result among the top segments, with profit rising 61.1% to SG$94.4 million as net incurred claims declined 3.7%. The Ministry of Manpower recorded 36 workplace fatalities in Singapore in 2025.
The travel insurance segment recorded gross written premiums of SG$336.7 million, up 8.6%, supported by approximately 10.6 million outbound trips made by Singapore residents in 2025, according to the Department of Statistics Singapore. Net incurred claims rose 14.6%, while underwriting profit eased to SG$29.7 million from SG$39 million in 2024.
Shah added that as GIA marks its 60th anniversary, “the sector remains committed to working closely with key partners and stakeholders to ensure that our customers receive the support they need when it matters and keeping insurance protection accessible and relevant for Singapore’s communities and businesses as the local and global risk landscapes continue to evolve.”
GIA was established in 1966 and represents insurers licensed by the Monetary Authority of Singapore.
