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SINGAPORE: Total gross premium income across all classes for the 31 members of the General Insurance Association of Singapore (GIA) rose 24 per cent to S$708.4 million for the third quarter ended September 30.
Motor business – the largest single class of business in the industry in Singapore – saw a 28 per cent increase in gross premium income to S$221.8 million in the same period.
For the nine months ended September, GIA reported a 16 per cent increase in gross premium income to S$2.18 billion.
The performance was attributed to a strong economy and greater volumes of insurance sales in Singapore.
GIA said the results showed that the general insurance industry is still managing healthy growth despite the slowing economy.
- CNA/so
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