Singapore’s General Insurance Industry Gets Bigger

Singapore’s domestic general insurance industry grew 4.5 per cent in 2013, hitting the increasing of $3.5 billion as a whole gross premiums. This follows the 5.4-per cent expansion recorded in the last year.

This follows the 5.4-per cent growth recorded in the earlier year.Motor insurance Singapore showed positive growth, with additional17.3 percent in underwriting profit to S$59.1 million.

This follows the outstanding performance in 2012 when underwriting profit increased 135.1 percent to S$50.4 million. However, gross premiums for Motor insurance fell 2 percent to S$1.2 billion in 2013 caused by keen competitors and much less new cars being registered.

The General Insurance Association said there’s been a loss of the number of foreign-registered vehicles involved in accidents on Singapore roads. There have been 4,249 accident report counts involving foreign-registered vehicles in 2013, compared with 5,537 accident report counts the previous year. On the other hand, Work

Injury Compensation (WIC) insurance saw gross premiums increased 10 per cent to S$369 million in year 2013. But underwriting profit because of this insurance portion fell by 41.2 per cent to S$3 million.

Fire insuranceproduced turnaround in 2013, to provide a 56-percent increase in underwriting income to S$35.6 million. The underwriting revenue for fire insurance fell 51.7 per cent to S$22.9 million in year 2012. Marine cargo and hull insurance extended to find out declines in business as major underwriters moved portfolios to offshore insurance funds. Underwriting profit for marine cargo insurance dropped 21 percent to S$26.5 million while underwriting profit for hull insurance dropped 35 per cent to $9.1 million. Personal accident insurance industry is the fourth biggest class of business saw gross premiums grow by 9.2 per cent to $317.2 million in 2013.It booked an 8-per cent increase in underwriting profit, to $42.8 million, and that this this was my one and buy cialis online in usa

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rebounding from the 12-per cent drop in 2012.

source: channel news asia

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