Singapore's insurance sector recorded 'stable growth' before coronavirus outbreak

The General Insurance Association of Singapore (GIA) today announced that the sector achieved stable growth with 7.6% annual growth in gross written premiums, totalling S$4.10bn at the end of 2019. The sector has reported it paid out 12.2%, or S$159m, more in insurance claims in 2019, which contributed to the sector recording an underwriting loss of S$28 million. The top five segments, which represent 70% of the general insurance market, recorded a combined underwriting loss of S$43.4m. The GIA undertook several key developments in 2019 to mitigate claims cost inflation and manage e...