Singapore's domestic General Insurance GWP tops SG$5bn (US$3.7bn), but underwriting profits dip as country's two largest lines of business record losses.
Insurance Commission increases CMVLI limits for third-party liability, death indemnity, and no-fault indemnity — while stipulating rates set in 2006 are to remain.
From hardening rates in cat-exposed regions to softening financial lines, Q4 market report paints a complex picture of growth, challenges, and shifting dynamics in APAC.
Four leading non-life insurers collect 1.04 trillion won (US$793m) in overseas premiums, but mere 1.2% of total premiums, highlights potential for further expansion.
GlobalData forecasts sector to grow by 7.3% CAGR to NZ$12.9bn (US$7.87bn) in 2028, but profitability to remain volatile due to nat cats and reinsurance rates.
