Motor insurance sector sees rise in profits, general insurance industry grows as well
Published on Mar 18, 2014 2:33 PM
The average premium collected for motor insurance dipped slightly last year, even as the sector saw a 17.3 per cent increase in underwriting profit to $59.1 million.
At its annual results briefing on Tuesday, the General Insurance Association (GIA) said the average motor premium collected last year was $1,250, down from $1,280 in 2012. The association attributed the slight dip to more insurers entering the marketplace, and said this trend is likely to continue.
As a whole, the motor insurance sector collected $1.22 billion in gross premiums, a 2 per cent drop from 2012.
Said GIA president AK Cher: "The GIA will continue to work with our various stakeholders to ensure that motor claims are effectively managed and premiums continue to stabilise."
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!