Non-life insurances - Singapore | Statista Market Forecast

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 US$6.04bn by 2024.
Furthermore, the average spending per capita in this market is estimated to be US$998.30 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 1.88%, the gross written premium is predicted to reach US$6.63bn 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 US$2.5tn.
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.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

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.