SINGAPORE - Motor insurers posted an underwriting profit of $120.1 million last year, their second highest following 2014's extraordinary $149.5 million.
In announcing the results Thursday, the General Insurance Association cited intense competition as a reason for the dip.
Average premiums slid by 2.9 per cent to $1,192, from $1,227. Gross premiums stood at $1.14 billion, down from $1.19 billion previously.
Claims incurred dipped to $538.9 million, from $591.2 million, in line with Singapore's shrinking vehicle population.
This translated to a loss ratio of 56 per cent, up slightly from 53.9 per cent.
Motor remained the biggest business, accounting for 32 per cent of the general insurance pie.
Including fire, work injury, personal accident, health and marine cargo and hull, the industry of around 35 companies posted an underwriting profit of $325 million, 17 per cent lower than 2014's $392 million.
GIA president A. K. Cher said: "The general insurance sector achieved a commendable performance despite the turbulence caused by the economic and trade slowdown, other external headwinds and stiffer competition."