General Liability Insurance - Singapore

The General Liability Insurance market market in Singapore is expected to reach a projected market size of US$760.20m in 2024.
In the same year, the average spending per capita in this market is estimated to be US$125.60.
Looking ahead, the market is anticipated to experience a compound annual growth rate (CAGR) of 4.54% between 2024 and 2029, resulting in a market volume of US$949.00m by 2029.
When comparing the global market, the United States is projected to generate the highest gross written premium, amounting to US$178.4bn in 2024.
The General Liability Insurance market in Singapore is experiencing a surge in demand due to the increasing number of lawsuits and the need for businesses to protect themselves from potential liabilities.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

Over the past few years, the General Liability Insurance market in Singapore has been experiencing significant growth and development.

Customer preferences: Customers in Singapore are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and lawsuits. They prefer policies that offer a wide range of coverage options tailored to their specific industry needs, such as product liability, public liability, and professional indemnity.

Trends in the market: One noticeable trend in the General Liability Insurance market in Singapore is the increasing demand from small and medium-sized enterprises (SMEs) for liability coverage. As SMEs make up a significant portion of the business landscape in Singapore, the rising awareness of the importance of protecting their assets and operations has led to a surge in the purchase of General Liability Insurance policies.

Local special circumstances: Singapore's position as a regional business hub and its strict regulatory environment have also contributed to the growth of the General Liability Insurance market. With a high concentration of multinational corporations and a strong focus on corporate governance, businesses in Singapore are increasingly recognizing the need for robust liability insurance to mitigate potential financial losses arising from lawsuits and legal claims.

Underlying macroeconomic factors: The robust economic growth and increasing business activities in Singapore have further fueled the demand for General Liability Insurance. As the country continues to attract foreign investments and expand its presence in key industries such as finance, technology, and healthcare, businesses are proactively investing in comprehensive insurance coverage to safeguard their operations and reputation in the competitive market landscape.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.