General insurers' underwriting profits fall nearly 60%
Posted On: Mar. 16, 2018 5:53 AM CSTThe General Insurance Association of Singapore said that general insurers' underwriting profit declined 58% year over year to $107 million Singapore ($81.5 million) in 2017, due to soft pricing amid high competition, Singapore Business Review reported. Total gross written premiums remained almost flat at SGD 3.7 billion. Fire insurance premiums grew 4.5% to SGD 458.5 million, marine cargo premiums remained almost flat at nearly SGD 269 million, while premiums for the hull segment dropped more than 11% to nearly SGD 508 million.