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Written premiums up 15% in Singapore

Posted On: Mar. 23, 2023 10:03 AM CST

Financial results

The General Insurance Association of Singapore said that the sector’s gross written premiums for both the offshore and domestic segments increased by a combined 15% year-on-year to $9.34 billion Singaporean ($7 billion) in 2022, Asia Insurance Review reported. The domestic general insurance market reported 9.6% year-on-year growth to SGD4.84 billion, driven by strong uptake in the property and travel segments. Meanwhile, underwriting profit grew 14.8% to SGD301.6 million.