Singapore's domestic general insurance sector recorded stable growth in 2025, with gross written premiums (GWP) for the domestic segment reaching S$6.1bn ($4.8bn), an 8.4% y-o-y increase that pushed the sector past the S$6bn mark for the first time.
According to figures released by the General Insurance Association of Singapore (GIA), combined GWP for the domestic and offshore segments rose by 3.7% to S$11.2bn. On the other hand, net incurred claims for the domestic segment rose during the same period, increasing 8.7% y-o-y to S$1.8bn, a rise of S$144.2m compared to 2024.
The increase in claims was observed across several domestic business segments, including motor and property insurance.
Motor and property
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, alongside several large property-related losses.
Statistics from the Singapore Civil Defence Force showed that the overall number of fires increased 3% to 2,050 incidents in 2025.
Despite the higher claim environment, the domestic segment strengthened its underwriting performance. Underwriting profit rose 32% to S$289m in 2025, up from S$219m in 2024, reflecting 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 is 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 GIA President Ronak Shah.
“The sector remains committed to working closely with key partners and stakeholders to ensure that 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
Motor insurance remained the largest segment of the domestic market, with GWP reaching S$1.28bn, a 5.2% y-o-y increase.
Despite the increase in premiums and slight improvement in underwriting performance, the segment continued to record sustained losses amounting to S$6.9m in 2025.
Road safety remains a commitment for the sector, and the GIA noted in its statement that it will continue to work closely alongside the Traffic Police and other stakeholders to support initiatives aimed at reducing dangerous driving behaviours and improving road safety.
Property insurance premiums reached S$864.1m in 2025, a 4.1% y-o-y increase, even as claims increased by 60.5%, due to a rise in fire incidents.
Health insurance continued its growth trajectory, with premiums rising 7.4% y-o-y to S$1.24bn. Overall health insurance claims incurred increased 6.4% to S$409.4m, 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$94.4m in 2025. This reflects sustained emphasis by employers across sectors on workplace safety and risk controls.
In its statement, the GIA also noted that it will continue working on building awareness on protecting workers and managing workplace risks effectively.
The travel insurance segment grew 8.6%, recording S$336.7m in GWP. Underwriting profit moderated to S$29.7m from S$39m in 2024.
Demand for travel insurance remained supported by the continued growth in overseas travel, with Singapore residents making approximately 10.6m outbound trips in 2025, up from 10.3m in 20244.