The general insurance sector in Singapore grew by 3.4% in terms of gross written premiums (GWP), amounting to SG$3.81 billion for 2018, according to the General Insurance Association of Singapore (GIA).
According to a statement by the GIA, motor insurance achieved a strong recovery in 2018 with a 137% increase in underwriting profit, totalling SG$9.96 million, reversing the SG$27.2 million underwriting loss recorded in 2017. The GIA attributed the comeback to key industry initiatives including the fraud management system (FMS), motor claims framework, and proactive consumer education efforts.
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