Motor insurance losses depress profits in early 2008

The motor insurance segment of the industry suffered a loss of $24mn in the first quarter of this year

Profits in Singapore’s general insurance industry have crashed 38% on the back of dramatic losses in the motor insurance segment in the first quarter of 2008. Profits slid to US$24.8mn in the first quarter as compared to $40mn in the same period last year, the country’s General Insurance Association said.