Table 2: Singapore General Insurance Industry
| (Mil.
S$) |
1998 |
1997 |
1996 |
1990 |
1980 |
| Singapore
Insurance Fund |
|
|
|
|
|
| Gross Premiums |
1,527.9 |
1,645.4 |
1,616.4 |
879.5 |
468.0 |
| Net premiums |
1,250.5 |
1,352.1 |
1,306.6 |
702.3 |
340.7 |
| |
|
|
|
|
|
| Underwriting
results: |
|
|
|
|
|
| Earned
premiums (EP) |
1,292.8 |
1,335.2 |
1,267.2 |
665.6 |
313.8 |
| Incurred
claims |
782.0 |
732.2 |
684.3 |
393.4 |
167.7 |
| Net commissions |
166.4 |
183.5 |
171.3 |
109.1 |
85.5 |
| Management
expenses |
296.1 |
284.0 |
262.9 |
133.6 |
59.4 |
| Underwriting
profit |
48.3 |
135.5 |
148.7 |
29.5 |
1.2 |
| Net investment
income |
158.0 |
127.1 |
103.2 |
80.8 |
26.8 |
| Operating
profit |
206.3 |
262.6 |
251.9 |
110.3 |
28.0 |
| |
|
|
|
|
|
| Total assets |
3,918.7 |
3,787.2 |
3,610.8 |
1,639.2 |
527.8 |
| Retention
ratio (%) |
81.8 |
82.2 |
80.8 |
79.9 |
72.8 |
| Incurred
loss ratio (%) |
60.5 |
54.8 |
54.0 |
59.1 |
53.4 |
| Underwriting
profit as % of EP |
3.7 |
10.2 |
11.7 |
4.4 |
0.4 |
| |
|
|
|
|
|
| Offshore
Insurance Fund |
|
|
|
|
|
| Gross premiums |
1,143.0 |
1,269.5 |
1,177.4 |
701.5 |
171.0 |
| Net premiums |
922.7 |
1,020.3 |
906.4 |
432.6 |
88.7 |
| Retention
ratio (%) |
80.7 |
80.4 |
77.0 |
61.7 |
51.9 |
| Source:
Monetary Authority of Singapore |
Explanatory
Note on Types of Insurer
Under the Insurance Act, there are two basic types of insurance business
- life and general.
In registering an insurer, the Monetary Authority of Singapore will
specify the registration as being for direct insurance, reinsurance,
or captive insurance. Where the registration is for both classes of
business (i.e. life and general business), the insurer is known as
a composite insurer.
Direct
Insurance is
the business placed with direct insurers by the insuring public which
can be individuals or companies. Direct business can be written through
direct marketing or intermediaries like insurance agents and brokers.
Direct life business is long-term, and made up of traditional products
(participating and non-participating) and investment-linked products.
Direct general business is divided into various lines such as cargo,
hull & liability, motor, fire, workmen's compensation and medical
insurance. Personal lines is that class of business that relates to
the individual and his possessions- so it covers travel, motor, home,
and medical as well as liabilities to which he is exposed.
In reinsurance,
the reinsurer charges a premium to indemnify another insurer ("the
ceding insurer") against all or part of any losses arising from the
ceding insurer's business over a specified period. Reinsurance is
an extension of the insurance principle to spread risks so that no
single insurer is exposed to excessive concentration of risks. Under
the Insurance Act, a direct insurer can write both direct and reinsurance
business, whereas a reinsurer is confined to writing only reinsurance
business.
A captive
insurer is an insurer set up by a corporation principally to
write in-house risks. Captive insurers write the direct insurance
and reinsurance risks of related companies.
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