Singapore non-life insurance market: 2024 results

According to data published by the General Insurance Association Of Singapore (GIA), the local market's turnover reached 10.8 billion SGD (8.1 billion USD) in 2024, up by 6.3% over one year.

The underwriting result progressed by 5.6% to reach 642.31 billion SGD (480 million USD).

The property damage, travel and health classes of business recorded double-digit increases in their incurred losses, leading to a 14.4% rise in the overall claims experience.

Climate change, healthcare cost inflation and increased repair expenditure were some of the factors driving the rise in incurred losses.