SINGAPORE - Motor insurers made a startling turnaround to report an underwriting profit of nearly $10 million for financial year 2018, up from a loss of $12.6 million at the six-month period.
They attributed the improvement to year-end housekeeping of accounts.
The result was also a dramatic recovery from a loss of $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 $3.81 billion for 2018.
The health insurance segment incurred a $44.2 million underwriting loss on the back of an 18.2 per cent increase in incurred claims.
Likewise, the Work Injury Compensation insurance segment incurred a loss of $3.6 million - its first in five years.
The personal accident insurance segment posted an underwriting profit of $17.3 million.