Page 19 - The Insurance Times April 2025

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Singapore's general insur- S$5.34m—a notable turnaround from risk has persisted due to the intricate
its loss in 2023. The recovery aligns nature of fraud, the variability of
ance sector grows 6.3% to with a 15.9% increase in gross written losses, complex mitigation strategies,
$8.08bn in 2024 premiums, underscoring the rising de- and the fragmented tools businesses
Singapore's general insurance sector mand for health coverage as more in- employ to manage these risks.
continued its upward trajectory in dividuals embrace insurance as part of Instnt’s new solution aims to revolu-
2023, recording solid growth across their overall wellness strategy. tionize this landscape by integrating
both domestic and offshore segments, Despite this improvement, the Group proactive, AI-powered verification with
according to the General Insurance Health and Surgical subsegment con- comprehensive insurance protection
Association of Singapore (GIA). tinues to face challenges, with escalat- against escalating financial risks.

Total gross written premiums rose by ing claims costs contributing to ongo- Sunil Madhu, Founder and CEO of
6.3% y-o-y to reach S$10.8bn ing losses. Instnt, said: “Chief Finance and Risk
($8.08bn), while overall underwriting In the employer’s liability segment, net Officers, along with their teams, can
profit climbed 5.6% to S$642.31m. incurred claims fell by 4.9% in 2024, finally add Fraud Loss Insurance to their
The domestic market saw gross writ- bucking the broader sector trend of risk management programs to shift sig-
ten premiums grow by 8.3%, outpac- rising claims. nificant losses off their balance sheets
ing the previous year’s performance. The decline correlates with a reduc- and turn risk capital reserves into work-
ing capital, fattening margins and
However, this growth was tempered tion in serious workplace injuries, as growing their business at the pace
by rising claims across most business reported in the first half of 2024, al- they desire, for cents on each dollar of
lines. though fatalities rose slightly compared loss.
to the previous year.
Notably, property, travel, and health “Our capacity providers require robust
insurance segments experienced Instnt launches AI-pow- underwriting, loss mitigation and
double-digit increases in net incurred claims management capabilities for
claims, contributing to a 14.4% rise in ered Fraud Loss Insurance their programs, which we can demon-
overall claims—reflecting global trends Backed by Accredited, Howden and strate with this new type of insurance
driven by factors such as climate other global AM Best A-rated insurers, coverage, now available from Instnt
change, healthcare cost inflation, and Instnt has launched Fraud Loss Insur- and your insurance brokers.”
increasing repair and replacement ex- ance to help businesses reduce fraud
penses. As a result, domestic under- exposure, approve legitimate custom- Munich Re acquires Next
writing profits fell 16.7% to ers confidently, and recover quickly
S$219.04m. when losses occur. Insurance, to become part
of ERGO
Singapore’s health insurance segment Fraud cost businesses a staggering
returned to profitability in 2024, re- $485.6 billion globally in 2023. The Munich Re has signed a definitive
cording an underwriting profit of challenge of underwriting fraud loss agreement to acquire NEXT Insurance,

18 April 2025 The Insurance Times