FAQs ON GIA

Get to know the General Insurance Association of Singapore through these answers to some frequently-asked questions

1) What is the GIA?

The General Insurance Association of Singapore (GIA) is a trade association which represents general insurance companies in Singapore.

2) How many members does GIA have?

We have 38 member-companies. You can see our membership listed on this page: Members. Our members are licensed to transact general insurance in Singapore.

3) What does GIA do?

The GIA represents the general insurance industry and its membership to make all aspects of general insurance such as motor, fire and personal accident insurances more accessible, transparent and user-friendly to the Singapore public, our members’ customers, intermediaries and everyone with a stake in insurance in Singapore.

The GIA promotes and advances the common interests of all its member companies in Singapore. It helps promote the image and reputation of the general insurance industry in Singapore and fosters a conducive environment in which member companies can grow their business.

4) How long has GIA been in existence?

The GIA was set up in 1965. For more information about GIA please access our website section "History of GIA".

5) Who runs the GIA?

The GIA is headed by an elected Management Committee and President and they are assisted by a full time professional secretariat.

6) Who pays for the GIA and is it linked to other outside groups?

We are a private trade association funded entirely by our members.

7) How does the GIA relate to MAS in its business operations?

The Monetary Authority of Singapore (MAS) is the insurance industry’s regulator in Singapore. GIA which represents the general insurance industry works closely with MAS on all matters pertaining to the industry.

8) Does the GIA have a supervisory role in the insurance market in Singapore?

We have a specific regulatory role under the Insurance Act. It is a legal requirement for general insurance companies to accept business only from agents registered with the Agents’ Registration Board (ARB) of the GIA. Otherwise it has no supervisory role in the operations of the insurance industry.

9) How does the GIA run its daily operations?

The main work revolves around a committee system. The committee chairmen report regularly to the Management Committee.

The main GIA committees are: the Agents’ Registration Board, the Motor Committee, the External Relations and Communications Committee, the Regional Development Committee, the Work Injury and Personal Accident and Health Committee, the Property and Marine Committee and the Special Risks Pool.

10) How does the GIA constitution describe the functions of GIA?

The GIA Constitution empowers the Management Committee to embark on activities that promote and advance the common interests of members and the general insurance industry through:

  • Fostering public confidence in, and respect for, the insurance industry
  • Representing members' interests to Government, trade organisations, similar associations and bodies in other industries
  • Assist in establishing a sound insurance structure and promotion of greater efficiency within the industry
  • Promoting education and training in all aspects of insurance. In particular, the GIA has a role in promoting the general insurance   industry as a career for young people who are looking for jobs in the insurance sector
  • Being a good corporate citizen.

11) Why does GIA sometimes come across in the media as the spokesman for the industry when it has no official status?

Singapore is a free market for insurance; there are no tariffed premium rates. Companies are free to enter or exit the market as they please. The GIA is often approached by various stakeholders including the media for a view on issues because we are able to find common ground among the membership on some issues and we express that common view.

12) Some of the GIA statements on the motor market have come across as playing the role of 'policeman' or 'Watchdog' – Explain the exact status of the GIA in terms of what it can say and do – and what it cannot say and do.

The GIA constitution forbids us from interfering in any market issue which may have the effect of fixing prices or terms and conditions of any insurance policy or service. We know that informal 'market co-operation', or pacts between companies are unhealthy for the Singapore consumer.

13) If I want to know something about insurance whom can I contact at GIA?

You can call the GIA secretariat at our office number 6221-8788. The secretariat staff will attend to your queries about general insurance.

14) Where can I find more information about the members?

All our members have offices in Singapore, the addresses of which are listed on this website.

To get there:

Click 'Our Members' / 'Members', to see a banner of members' logos at the side bar.
Click on their logos to enter their websites which are updated by themselves.

Or click here to go to the Members page.

15) Where can I get information about industry results?

Each of our members has a duty to report its annual financial results for its Singapore operations to the MAS. The MAS then publishes the results on their website: www.mas.gov.sg under the insurance division section. In addition, the GIA releases an annual industry overview of the underwriting results in March of each year.

16) Is there any general insurance company that is not a member of GIA?

It is not compulsory for general insurance companies in Singapore to join the GIA although the vast majority of general insurers are members. There are some companies which write specialist classes of business in single lines who are not members.

17) If I have a problem with my insurer how can GIA help?

The GIA is not a mediation center and does not provide mediation services between consumers and our member companies. We encourage you to approach the respective insurance company directly or the intermediary or to the Financial Industry Disputes Resolution Centre (FIDReC).

18) What are some of the projects that the GIA has been involved in?

GIA has been involved in many projects and events on consumer education, industry awareness and talent building in the industry. In particular our Talent Outreach Project (TOP) and Global Internship Program (GIP) are prime examples of our focus to attract and develop talent for the industry. You can read all about these events and activities under the respective sections of our web-site.

19) Where is the GIA office?

The GIA office is located at:
180 Cecil Street, #15-01,
Bangkok Bank Building,
Singapore 069546

20) How can I contact the GIA?

You can send us your questions or enquiry with the contact form on the Enquiry page.

You can reach us too at:
Phone: (65) 6221 8788
Fax: (65) 6227 2051