Motor insurance premiums are likely to keep climbing as insurers face escalating losses and increasing claims, according to industry experts, reported The Straits Times.
Data from the General Insurance Association (GIA), reported by The Straits Times, revealed that gross written premiums for motor insurance rose 9.4% to S$368.2m ($273.6m) in the first quarter of 2025 compared to the same period in 2024.
Underwriting losses also increased by around 14%, rising from S$11.6m to S$13.3m.
For the full year of 2024, underwriting losses surged to S$33.8m- up from S$7.7m in 2023 and S$21.6m in 2022.
This contrasts sharply with the underwriting profits of S$49.7m in 2021 and S$104.5m in 2020.
Despite these losses, gross written premiums for 2024 grew by 11.3%, reaching S$1.21bn.
The Big Six motor insurers in Singapore – ranked by gross written premiums, from highest to lowest for January to March 2025 – are Income, MS First Capital, AIG, India International Insurance, Allianz and Liberty, reported the local newspaper.