Chartis is number 1 for general insurance


Chartis is number 1 for general insurance in Singapore

Wow what a surprise, Chartis is actually the number 1 for general insurance ... despite being in the news for the wrong things when AIG got into trouble a few years ago

NTUC Income may be numero uno among motor insurers but when it comes to the entire general insurance business, Chartis is the market leader.
Monetary Authority of Singapore (MAS) statistics show that among direct insurers in 2010, Chartis - previously known as AIG - had a total of $449.5 million in gross written premiums in 2010. 
This is 14.7 per cent of the $3,059.2 million in premiums earned by all the members of the General Insurance Association of Singapore (GIA). 
AXA came in at No 2 with $305.4 million or a 10 per cent market share. As for Income, it is ranked No 3 in the industry with $299.8 million in gross premiums for a 9.8 per cent market share.


NTUC Income still the top insurer for car insurance


As the biggest motor insurer, Income accounts for 21 per cent of the industry's $1,166 million in 2010 gross premiums (see table). The MAS figures, released last month, show that Chartis continues in runner-up position with a 19.5 per cent market share while AXA has 15 per cent.

But the Big 3's total market share dropped to 55.5 per cent in 2010, from 57.7 per cent the previous year, even though gross premiums for the motor insurance business climbed 9.7 per cent from 2009's $1,063.1 million. The Big 3's combined market share has been slowly falling over the years after hitting as high as 70 per cent in the early part of the 2000s.



NTUC Income still the top insurer for car insurance