SINGAPORE, April 6, 2026 – General Insurance Association of Singapore (GIA) reported that Singapore’s domestic general insurance sector surpassed S$6 billion in gross written premiums for the first time in 2025, reflecting continued growth alongside a more challenging claims environment.
Domestic gross written premiums rose 8.4% year-on-year to S$6.09 billion, while combined premiums across domestic and offshore segments increased 3.7% to S$11.2 billion.
The performance highlights the resilience of Singapore’s insurance sector, even as rising claims across key segments underscore evolving risk dynamics.
Claims environment intensifies across key segments
Net incurred claims for the domestic segment increased 8.7% year-on-year to S$1.8 billion, reflecting higher payouts across motor, property, and health insurance lines.
Motor insurance, the largest segment, recorded an 11% increase in claims despite stable accident volumes. The trend points to growing severity of accidents, supported by rising road usage and a higher number of fatalities.
Property insurance claims rose sharply, increasing 60.5% year-on-year, driven in part by a higher incidence of fires across residential and commercial properties. Data from the Singapore Civil Defence Force showed total fire incidents rising 3% to 2,050 cases in 2025.
Health insurance also continued to see upward pressure, with claims increasing 6.4% to S$409.4 million, reflecting higher healthcare demand and rising medical costs.
Motor insurance premiums grew 5.2% to S$1.28 billion, maintaining its position as the largest contributor to the domestic market, although the segment continued to record underwriting losses of S$6.9 million.
Health insurance premiums rose 7.4% to S$1.24 billion, supported by increasing demand for coverage amid rising healthcare needs.
Property insurance premiums increased 4.1% to S$864.1 million, while travel insurance saw strong growth of 8.6% to S$336.7 million, driven by a recovery in outbound travel, with Singapore residents making approximately 10.6 million overseas trips in 2025.
Despite the rise in claims, the domestic insurance segment recorded improved underwriting performance, with underwriting profit increasing 32% to S$289 million in 2025.
Employer’s liability insurance stood out, delivering a double-digit improvement in underwriting performance to S$94.4 million, supported by stronger workplace safety practices and risk management.
The overall improvement in underwriting profitability reflects disciplined pricing, enhanced risk assessment, and operational efficiencies across the sector.
Industry outlook shaped by evolving risk landscape
The data highlights a dual trend shaping Singapore’s general insurance market, steady premium growth driven by demand, alongside increasing claims linked to more complex and severe risk events.
The sector is expected to continue working closely with regulators and stakeholders to strengthen risk awareness, enhance resilience, and address protection gaps across businesses and households.
As Singapore’s risk landscape evolves, insurers are likely to focus on balancing affordability with sustainability, while leveraging data and analytics to better manage underwriting risks and claims exposure.
The milestone year also coincides with GIA’s 60th anniversary, marking six decades of supporting Singapore’s economic and social development.
Looking ahead, the association emphasised continued collaboration with public agencies and industry stakeholders to ensure insurance protection remains accessible and relevant in a changing environment.