The General Insurance Association (GIA) said total gross premiums of Singapore’s general insurance industry grew a mere 0.6 percent to S$3.7 billion (US$2.61 billion) in 2016.
In an announcement Tuesday, GIA said domestic and external headwinds hit margins of general insurers in Singapore last year, resulting to a slight drop in underwriting profit.
For the overall industry, the underwriting profit declined to S$257.6 million in 2016 from S$310 million a year earlier.
The motor insurance class saw its premiums remain mostly stable last year as new market entrants provided motorists with more choices, the association said.
The health insurance segment posted the largest growth across the board last year with a 16% increase on gross premiums to S$503.5 million. – BusinessNewsAsia.com