SINGAPORE (May 12): United Overseas Insurance (UOI) reported a 67.5% plunge in 1Q2020 earnings ended March to $3.7 million from a year ago. While gross premium was largely similar, net claims surged.

Gross premium increased 0.6% to $28 million with an increase seen across all classes except fire, motor, and marine cargo.

Net earned premium consequently increased 3.2% to $10.8 million while net claims incurred increased surged 40.8% to $4.4 million.

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