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SINGAPORE : The General Insurance Association of Singapore (GIA) said its underwriting profit jumped 273 per cent last year to S$189.7 million.
This came as gross premium income across all classes of business increased 1.6 per cent to S$2.92 billion.
The motor insurance segment contributed to the positive results due to a significant narrowing in underwriting losses, which shrank to S$44.5 million in 2009 from S$214 million in 2008.
GIA said this was due to higher premiums, a record number of 925,518 vehicles and an improved accident reporting framework.
President of the General Insurance Association of Singapore, Derek Teo, said: "I think with more cooperation from motorists, currently we have about 80 per cent of the motorists reporting within a 24-hour time line.
"Obviously if we see a higher percentage over the next couple of months ... more motorists reporting their accident on time, we should be able to better manage the losses."
But one segment - Work Injury Compensation - put a drag on the numbers due to a spike in claims. Underwriting losses for the segment came in at S$12.3 million last year, after turning in a profit of S$4.7 million in 2008.
Mr Teo said: "Obviously, there will be more collaboration between GIA, Ministry of Manpower and the various employers. We are looking at working with MOM closely to monitor the situation and in the months to come, we should be able to come up with some rehabilitation programme as well."
GIA sees growth in segments like personal accident, health and specialty insurance.
Mr Teo added: "One of the more promising segments is the personal accident and health insurance. As the economy stabilises, people start travelling again and that helps to improve the purchase of travel insurance and we are certain that with more travelling activity, the personal premium should rise as well.
"And also likewise if the economy improves. We found that last year, there was a significant drop in the marine cargo premium because of substantial curbing of trading activity, so once this begins to pick up again, we should see growth in the marine cargo business as well."
- CNA/al
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