According to the General Insurance Association of Singapore (GIA), motor claims increased by 12% in 2017. The class of business, which accounts for nearly one third of the non life insurance market, has recorded its first technical loss since 2010 (-7.2 million SGD, that is -5.39 million USD).
This decline is due to the increase in road accidents.
The number of profitable insurers in this market narrows from one in three in 2016 to one in five in 2017.
Health insurance is also severely affected in 2017 with a technical loss of 28 million SGD (20.95 million USD).
Despite these difficulties, the turnover of the insurance market of the city-state, considered as the Switzerland of Asia, displayed, during the year considered, a moderate growth of 0.8% at 3.68 billion SGD (2.75 billion USD).
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- The Singaporian insurance market [4]