Non-life insurances - Singapore

Singapore

The Non-life insurance market in Singapore is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is projected to reach €5.55bn by 2024.
Furthermore, the average spending per capita in this market is estimated to be €916.20 in 2024.
The Non-life insurance market in Singapore is expected to maintain a steady growth rate in the forecast period from 2024 to 2029.
With a compound annual growth rate (CAGR) of 1.71%, the gross written premium is predicted to reach €6.04bn by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium in the Non-life insurance market.
The projected value for the United States in 2024 is €2,294.0bn.
Singapore's non-life insurance market is witnessing a surge in demand due to an increasing focus on risk management and protection against natural disasters.

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Analyst Opinion

Amidst the dynamic landscape of Singapore's financial sector, the Non-life insurances market in the country is experiencing notable developments.

Customer preferences: Customers in Singapore are increasingly seeking comprehensive and customizable non-life insurance products to cater to their specific needs and preferences. With a growing awareness of the importance of risk management and financial protection, individuals and businesses are looking for policies that offer extensive coverage and value-added services.

Trends in the market: One prominent trend in the Non-life insurances market in Singapore is the rise of digitalization and InsurTech solutions. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative products such as usage-based insurance and on-demand policies. This trend is reshaping the market landscape and driving competition among insurers to adopt digital tools and platforms.

Local special circumstances: Singapore's strategic position as a global financial hub and its reputation for regulatory efficiency and stability are influencing the Non-life insurances market in the country. Insurers are attracted to Singapore's business-friendly environment, which encourages innovation and growth in the insurance sector. Additionally, the country's multicultural population and diverse industries create opportunities for insurers to develop specialized products tailored to different market segments.

Underlying macroeconomic factors: The robust economic growth and stable political environment in Singapore are contributing to the expansion of the Non-life insurances market. As the country continues to attract foreign investments and talent, there is a growing demand for insurance products to mitigate risks associated with business operations and personal assets. Moreover, Singapore's strategic focus on sustainable development and resilience is driving the adoption of insurance solutions that address climate-related risks and environmental challenges.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.