Motor insurance premiums in Singapore are forecasted to continue rising as insurers grapple with escalating underwriting losses and increasing claims.
Data from the General Insurance Association (GIA) shows that gross written premiums for motor insurance climbed 9.4% to S$368.2 million in Q1 2025 compared to the same period last year. However, underwriting losses also worsened by around 14%, increasing from S$11.6 million to S$13.3 million.
For the full year 2024, underwriting losses surged to S$33.8 million — a sharp increase from S$7.7 million in 2023 and S$21.6 million in 2022. This marks a significant shift from underwriting profits of S$49.7 million in 2021 and S$104.5 million in 2020. Despite losses, premiums grew 11.3% in 2024, reaching S$1.21 billion.
The leading motor insurers by gross written premiums for Q1 2025 are Income, MS First Capital, AIG, India International Insurance, Allianz, and Liberty.
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