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.
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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