Insurances - Singapore

Singapore

The Insurances market in Singapore is projected to reach a market size (gross written premium) of €46.45bn in 2024.
Among the market segments, Life insurances dominates with a projected market volume of €40.85bn in 2024.
The average spending per capita in the Insurances market is estimated to be €7.67k in 2024.
When compared globally, the United States has the highest nominal value, reaching €3,513.0bn in 2024.
The gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 5.63%, resulting in a market volume of €61.07bn by 2029.
In global comparison, the United States will continue to generate the highest gross written premium in 2024, amounting to €3,513.0bn.
The insurance market in Singapore is experiencing a surge in demand for health and life insurance products due to the country's aging population and increasing awareness of the importance of financial protection.

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Analyst Opinion

The Insurances market in Singapore has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Singapore have been shifting towards more personalized and digital solutions. Customers are increasingly seeking customized insurance products that cater to their specific needs and preferences. The demand for digital insurance services has also been on the rise, driven by the convenience and accessibility that online platforms offer. Trends in the market show a growing emphasis on innovation and technology. Insurers in Singapore are increasingly leveraging data analytics, artificial intelligence, and other advanced technologies to enhance their risk assessment processes, improve operational efficiency, and provide more tailored products and services to customers. Additionally, there is a growing interest in sustainable and ESG (Environmental, Social, and Governance) investing within the insurance sector in Singapore. Local special circumstances in Singapore, such as its strategic location as a financial hub in Asia and its stable regulatory environment, have contributed to the growth of the insurance market. The city-state's strong reputation for financial stability and governance has attracted both domestic and international insurers to establish a presence in Singapore. Moreover, the government's support for innovation and digitalization in the financial services sector has created a conducive environment for insurance companies to thrive. Underlying macroeconomic factors, such as Singapore's robust economic growth, rising affluence, and increasing awareness of the importance of insurance protection, have also played a significant role in driving the development of the insurance market. As the population continues to grow and age, there is a growing need for insurance products that provide financial security and protection against unforeseen events, further fueling the demand for insurance services in Singapore.

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.