MOTOR insurers made a startling turnaround to report an underwriting profit of nearly S$10 million for financial year 2018, up from a loss of S$12.6 million at the six-month period. Read more at The Business Times.
MOTOR insurers made a startling turnaround to report an underwriting profit of nearly S$10 million for financial year 2018, up from a loss of S$12.6 million at the six-month period.The result was also a dramatic recovery from a loss of S$27.2 million in 2017, which the General Insurance Association of Singapore attributed to fewer taxis and private-hire cars on the road.
Overall, the general insurance sector saw stable growth of a 3.4 per cent year-on-year increase in total gross premiums, totalling S$3.81 billion for 2018.The health insurance segment incurred a S$44.2 million underwriting loss on the back of an 18.2 per cent increase in incurred claims.
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