Best’s Commentary: COVID-19 Impacts Add to Deterioration in Underwriting Results of Singapore’s Non-Life Insurers

SINGAPORE, April 29 (Bernama-BUSINESS WIRE) — For the first time in a decade, the domestic non-life insurance segment in Singapore recorded an underwriting loss in 2019, and with the added economic strain from the COVID-19 pandemic, the lackluster underwriting performance is expected to persist, according to a new AM Best commentary.

The new Best’s Commentary titled, “Singapore Non-Life Insurance: COVID-19 Impacts Add to Deterioration in Underwriting Results,” states that insurers’ poor performance in the motor, health and workers’ compensation lines of business continued, along with a significant surge in marine hull and fire insurance claims. This surge was mostly due to severe shipping losses during the first quarter of 2019 and a large increase in fire incidents, which especially involved personal mobility devices. The non-life segment’s combined ratio, which hit 101% in 2019, has increased each year since 2014, when the combined ratio was 85%.

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