As reported by GlobalData, the general insurance sector in Singapore is anticipated to experience a compound annual growth rate (CAGR) of 6.2%, potentially reaching S$8.1 billion (approximately $5.9 billion) in gross written premiums (GWP) by 2029, an increase from S$6.0 billion ($4.4 billion) in 2024.
Growth is expected to be around 6.4% in 2025, driven by regulatory advancements, economic growth, and a rising interest in private health insurance.
According to Swarup Kumar Sahoo, a senior insurance analyst at GlobalData, the industry’s profitability is projected to remain robust, with a combined ratio of 86% in 2024, reflecting effective management of claims and expenses.
The Monetary Authority of Singapore (MAS) has implemented various regulatory initiatives aimed at enhancing market growth, including a streamlined process for insurance product approvals set to begin in November 2024 and the introduction of the Cybersecurity (Amendment) Bill in May 2024.
Additionally, in July 2024, MAS released Fit and Proper Criteria guidelines to ensure that insurance sector professionals meet standards of competence and integrity.
In the evolving insurance landscape, Personal Accident and Health (PA&H) insurance is poised to maintain its status as the largest segment within the industry. By the year 2025, it is anticipated to represent a substantial 23.8% of the Gross Written Premium (GWP), with a robust growth rate of 7.6%. This surge can be attributed to several factors, notably the escalating costs associated with healthcare and the burgeoning tourism sector that continues to attract visitors from around the globe.
Furthermore, the country’s demographic shift plays a crucial role in this narrative. With projections indicating that individuals aged 65 and older will constitute 24.1% of the population by 2030, the demand for PA&H insurance is expected to witness a compound annual growth rate (CAGR) of 6.8% from 2025 through 2029. This ageing demographic underscores the importance of health-related coverage as more individuals seek protection against unforeseen medical expenses.
In contrast, motor insurance is the second-largest segment in this dynamic market. By 2025, it is expected to account for approximately 19.8% of GWP, with an anticipated growth rate of 6.2%. This increase is primarily driven by a notable rise in vehicle sales, reflecting a society that is increasingly reliant on personal transportation.
As we delve deeper into these statistics, it becomes clear that the interplay between an ageing population, rising healthcare costs, and evolving consumer behaviours is profoundly shaping the future of insurance. Each segment not only reflects current trends but also sets the stage for what lies ahead in a rapidly changing world.
Between January and October of 2024, the landscape of vehicle registrations saw a remarkable surge, climbing by an impressive 30% compared to the same timeframe in 2023. This increase is not merely a coincidence; it reflects the ongoing evolution of the automotive industry, particularly in the realms of electric and autonomous vehicles. As these innovative technologies gain traction, they are supported by government policies aimed at phasing out diesel buses by 2040. This shift is expected to have far-reaching implications, including a notable expansion in the motor insurance market, which analysts predict will grow at a compound annual growth rate (CAGR) of 3.6% from 2025 to 2029.
Meanwhile, another segment of the insurance landscape is also poised for growth. Property insurance, currently the third-largest sector within this domain, is forecasted to represent 17.9% of gross written premium (GWP) by 2025. This growth, anticipated at a robust rate of 5.1%, is driven by a burgeoning demand for construction and the emergence of new public infrastructure projects. Looking ahead, property insurance is set to experience a CAGR of 7% over the next five years, highlighting its vital role in supporting the economic development and urbanisation that our society continues to pursue.
Thus, as we navigate through these transformative times, both the motor and property insurance sectors stand to benefit significantly from technological advancements and infrastructural demands, setting the stage for a dynamic future filled with opportunities.
Between January and October of 2024, the landscape of vehicle registrations saw a remarkable surge, climbing by an impressive 30% compared to the same timeframe in 2023. This increase is not merely a coincidence; it reflects the ongoing evolution of the automotive industry, particularly in the realms of electric and autonomous vehicles. As these innovative technologies gain traction, they are supported by government policies aimed at phasing out diesel buses by 2040. This shift is expected to have far-reaching implications, including a notable expansion in the motor insurance market, which analysts predict will grow at a compound annual growth rate (CAGR) of 3.6% from 2025 to 2029.
Meanwhile, another segment of the insurance landscape is also poised for growth. Property insurance, currently the third-largest sector within this domain, is forecasted to represent 17.9% of gross written premium (GWP) by 2025. This growth, anticipated at a robust rate of 5.1%, is driven by a burgeoning demand for construction and the emergence of new public infrastructure projects. Looking ahead, property insurance is set to experience a CAGR of 7% over the next five years, highlighting its vital role in supporting the economic development and urbanisation that our society continues to pursue.
Thus, as we navigate through these transformative times, both the motor and property insurance sectors stand to benefit significantly from technological advancements and infrastructural demands, setting the stage for a dynamic future filled with opportunities
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