Singapore’s domestic general insurance sector demonstrated solid growth in 2025, with gross written premiums (GWP) increasing 8.4% year-on-year (YoY) to US$4.76 billion (S$6.1 billion), according to the General Insurance Association (GIA) of Singapore.
The combined GWP for both domestic and offshore segments rose 3.7% YoY to US$8.74 billion (S$11.2 billion), signalling continued expansion across local and international operations.
| Segment | 2024 (US$ bn) | 2025 (US$ bn) | YoY Change (%) | 2025 (S$ bn) |
|---|---|---|---|---|
| Domestic Gross Written Premium | 4.39 | 4.76 | +8.4 | 6.1 |
| Offshore Gross Written Premium | 3.52 | 3.98 | +13.1 | 5.1 |
| Total Gross Written Premium | 8.43 | 8.74 | +3.7 | 11.2 |
| Domestic Net Incurred Claims | 1.29 | 1.40 | +8.7 | 1.8 |
| Domestic Underwriting Profit | 0.171 | 0.225 | +32 | 0.289 |
Despite rising revenues, net incurred claims in the domestic segment increased by 8.7% YoY to US$1.40 billion (S$1.8 billion), up US$112.48 million (S$144.2 million) from 2024. This growth in claims was primarily driven by motor and property insurance.
Motor insurance claims climbed 11% YoY, although the number of road accidents remained largely unchanged. The GIA attributed this increase to higher accident severity, with road traffic fatalities reaching a ten-year high in 2025. Property insurance claims also rose, reflecting a 3% YoY increase in fire incidents to 2,050 cases, according to the Singapore Civil Defence Force, alongside several significant property losses.
Despite the challenging claims environment, underwriting performance remained robust. Domestic underwriting profit grew 32% YoY to US$225.42 million (S$289 million), up from US$170.82 million (S$219 million) in 2024, demonstrating effective risk management and operational resilience.
Ronak Shah, President of the GIA, stated that the increase in claims underscores the critical role insurers play in helping individuals and businesses recover financially from accidents, fires, and other unexpected events.
Overall, the sector’s 2025 performance reflects both sustained growth and resilience, balancing increased claims with strong profitability and continued service to policyholders.
(Exchange rate: US$1.00 = S$1.28)