Singapore’s domestic general insurance sector experienced robust growth in 2025, with gross written premiums (GWP) rising 8.4% year-on-year (YoY) to reach US$4.76 billion (S$6.1 billion), according to data released by the General Insurance Association (GIA) of Singapore.
When combined with the offshore segment, the total GWP for Singapore’s general insurance industry increased by 3.7% YoY to US$8.74 billion (S$11.2 billion), reflecting steady expansion across both domestic and international operations.
| Segment | 2024 (US$ bn) | 2025 (US$ bn) | YoY Change (%) | 2025 (S$ bn) |
|---|---|---|---|---|
| Domestic Gross Written Premium | 4.39 | 4.76 | +8.4 | 6.1 |
| Offshore Gross Written Premium | 3.52 | 3.98 | +13.1 | 5.1 |
| Combined GWP | 8.43 | 8.74 | +3.7 | 11.2 |
| Domestic Net Incurred Claims | 1.29 | 1.40 | +8.7 | 1.8 |
| Domestic Underwriting Profit | 0.171 | 0.225 | +32 | 0.289 |
Despite the growth in revenue, net incurred claims for the domestic market rose 8.7% YoY to US$1.40 billion (S$1.8 billion), an increase of US$112.48 million (S$144.2 million) compared to 2024. The GIA highlighted that this uptick in claims was predominantly driven by the motor and property insurance segments.
Motor insurance claims surged 11% YoY, despite the total number of accidents remaining stable. The GIA attributed this rise to higher accident severity, noting that road traffic fatalities reached a decade-long peak in 2025. Property insurance claims also increased, fuelled by a 3% YoY rise in fire incidents to 2,050 cases, as reported by the Singapore Civil Defence Force, in addition to several large-scale property losses.
Nevertheless, Singapore’s domestic insurance industry maintained a strong underwriting performance. Domestic underwriting profit expanded 32% YoY to US$225.42 million (S$289 million), up from US$170.82 million (S$219 million) in 2024, reflecting resilient financial management and risk assessment.
Ronak Shah, President of the GIA, emphasised that the rise in claims underscores the essential role of the insurance industry in supporting individuals and businesses in recovering financially from accidents, fires, and other unforeseen crises.
The 2025 performance demonstrates both the resilience and adaptability of Singapore’s domestic insurers amid rising claims, while continuing to deliver growth for policyholders and shareholders alike.
(Exchange rate: US$1.00 = S$1.28)