Despite the higher claim environment, the domestic segment strengthened its underwriting performance. Underwriting profit rose 32% to S$289 million in 2025, up from S$219 million in 2024. This reflects the continued resilience of Singapore’s general insurance market.
SINGAPORE: Singapore’s domestic general insurance sector recorded stable growth in 2025, with gross written premiums for the domestic segment reaching S$6.09 billion, an 8.4% year-on-year increase that pushed the sector past the S$6 billion mark for the first time.
The figures were released by the General Insurance Association of Singapore (GIA). Combined gross written premiums for the domestic and offshore segments rose by 3.7% to S$11.2 billion.
Despite the higher claim environment, the domestic segment strengthened its underwriting performance. Underwriting profit rose 32% to S$289 million in 2025, up from S$219 million in 2024. This reflects the continued resilience of Singapore’s general insurance market.
“The increase in claims underscores the vital role we play, reminding us of our purpose and importance of the work we do. Whether it’s an accident on the road, a fire at home, or a crisis while overseas, insurance is what enables individuals and businesses to recover financially and move forward from unexpected events,” said Ronak Shah, President of GIA, Singapore.
Net incurred claims for the domestic segment rose during the same period, increasing 8.7% year-on-year to S$1.8 billion, an increase of S$144.2 million compared to 2024. The increase in claims was observed across several domestic business segments, including motor and property insurance.
Motor claims recorded one of the largest increases, climbing 11% despite the number of motor accidents recorded by GIA remaining stable. This suggests increasing severity of motor accidents with the number of road traffic fatalities hitting a 10-year high in 2025.
Property claims also rose, shaped in part by a higher incidence of fire incidents across residential and commercial properties and several large property-related losses. Statistics from the Singapore Civil Defence Force (SCDF) show that the overall number of fires increased 3% to 2,050 incidents in 2025.
“As GIA marks its 60th anniversary, the sector remains committed to working closely with key partners and stakeholders to ensure that our customers receive the support they need when it matters and keeping insurance protection accessible and relevant for Singapore’s communities and businesses as the local and global risk landscapes continue to evolve.”
Steady growth observed across key domestic insurance segments
Motor insurance remained the largest segment of the domestic market, with gross written premiums reaching S$1.28 billion, a 5.2% year-on-year increase.
Despite the increase in premiums and slight improvement in underwriting performance, the segment continued to record sustained losses amounting to S$6.9 million in 2025. Motor claims grew 11% during the year, pointing to increasing risk and severity of accidents, with road usage and vehicle numbers on the rise.
Property insurance premiums reached S$864.1 million in 2025, a 4.1% year-on-year increase, even as claims increased by 60.5%. Contributing to the claims environment was a rise in fire incidents. The overall number of fires increased 3% to 2,050 incidents in 2025.[3], according to the Singapore Civil Defence Force.
Health insurance continued its growth trajectory, with premiums rising 7.4% year-on-year to S$1.24 billion. Overall health insurance claims incurred increased 6.4% to S$409.4 million, reinforcing the broader trend of increasing healthcare needs as well as higher treatment costs driven by medical inflation.
While claims activity rose across several segments, employer’s liability insurance recorded a notable double-digit improvement in underwriting performance at S$94.4 million in 2025. This reflects sustained emphasis by employers across sectors on workplace safety and risk controls. The sector will continue working on building awareness on protecting workers and managing workplace risks effectively.
The travel insurance segment grew 8.6%, recording S$336.7 million in gross written premiums. Underwriting profit moderated to S$29.7 million from S$39 million in 2024. Demand for travel insurance remained supported by the continued growth in overseas travel, with Singapore residents making approximately 10.6 million outbound trips in 2025, up from 10.3 million in 2024.