Singapore's general insurance industry saw premiums rise to S$3.6b in 2015

Singapore's general insurance industry saw premiums rise to S$3.6b in 2015
However, there was a 17 per cent drop in total underwriting profit to S$325 million amid the slowing economy and increased competition.

By Nicole Tan
Posted 17 Mar 2016 10:54 Updated 17 Mar 2016 23:59

SINGAPORE: Singapore's general insurance industry posted a 2.6 per cent growth in total gross premiums to S$3.6 billion in 2015.

However, margins declined amid the economic slowdown and increased competition, resulting in a 17 per cent drop in total underwriting profit to S$325 million, according to the General Insurance Association on Thursday (Mar 17).

Underwriting profit is the amount of premiums earned after claims have been paid and administrative expenses accounted for.

The motor insurance class, which makes up 32 per cent of the general market, saw a 4 per cent drop in gross premiums to S$1.1 billion in 2015, due to heightened competition and the falling car population. On average, motor premiums fell by about 3 per cent, partially accounting for the 20 per cent fall in underwriting profit.

Meanwhile, underwriting profit in the work injury compensation class jumped 92 per cent, while profits fell in both the fire and personal accident segments.

Looking ahead, the General Insurance Association expects personal accident and health insurance lines to grow moderately as consumers become more aware in coping with rising medical costs and growth in overseas travel.

However, motor revenue is expected to continue falling due to intense competition among current insurers and new entrants.

- CNA/kk

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Work injury compensation limits under review: MOM

Work injury compensation limits under review: MOM

The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded in 2008, said Manpower Minister Tan Chuan-Jin.

SINGAPORE: Compensation limits under the Work Injury Compensation Act (WICA) are currently being reviewed, said Manpower Minister Tan Chuan-Jin.

The Ministry of Manpower conducts regular three-yearly reviews on the compensation limits to ensure pay-outs under the scheme remain relevant and to account for changes in nominal median wages and healthcare costs, he said on Tuesday (Jan 20) in response to a Parliamentary question by MP K Karthikeyan.

"We are in the midst of our three-yearly review of the compensation limits and will announce more details once the review is completed," he said.

The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded to all employees in 2008. The last increment was made in 2012, added Mr Tan.

- CNA/ek

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18 Ways to be more positive at work

Source: Internet

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