Singapore’s general insurance industry is expected to grow at an annual rate of 6.4% in 2025, supported by regulatory developments, economic expansion, and increasing demand for private health insurance, according to GlobalData.
The market is projected to reach S$8.1 billion (US$5.9 billion) in gross written premiums (GWP) by 2029, up from an estimated S$6 billion (US$4.4 billion) in 2024, reflecting a compound annual growth rate (CAGR) of 6.2%.
Industry growth is expected to be bolstered by several regulatory measures introduced by the Monetary Authority of Singapore (MAS). In November 2024, a streamlined insurance product approval process will take effect, while the Cybersecurity (Amendment) Bill, set for May 2024, aims to enhance data security and digital resilience in the financial sector, a report from Singapore Business Review noted.
In July 2024, MAS issued Fit and Proper Criteria guidelines to uphold competency and integrity standards within the insurance industry, fostering greater consumer confidence and market stability.
“The general insurance industry in Singapore is poised for steady growth from 2025 to 2029, supported by regulatory developments, economic growth, and evolving consumer needs,” said Swarup Kumar Sahoo, senior insurance analyst at GlobalData.
The personal accident and health (PA&H) insurance segment is forecasted to remain the largest in the industry, accounting for 23.8% of GWP in 2025. Driven by rising medical costs and increased tourism, PA&H insurance is projected to grow by 7.6%, with a CAGR of 6.8% from 2025 to 2029. Singapore’s ageing population, with those aged 65 and above expected to make up 24.1% of the population by 2030, will further drive demand for health-related coverage.
Motor insurance, the second-largest segment, is projected to account for 19.8% of GWP in 2025, growing at 6.2%. This increase aligns with a rise in vehicle sales, with new vehicle registrations from January to October 2024 up by 30% compared to the same period in 2023. Growth in electric and autonomous vehicle sectors, alongside government initiatives to phase out diesel buses by 2040, is expected to further support motor insurance expansion, which is forecasted at a CAGR of 3.6% from 2025 to 2029.
Property insurance, the third-largest segment, is expected to account for 17.9% of GWP in 2025, growing by 5.1%. This growth is attributed to increased construction activity and public infrastructure projects, with a projected CAGR of 7% over the next five years.
Other segments, including liability, marine, aviation, transit (MAT), and financial lines, will collectively make up the remaining 38.5% of GWP in 2025.
“As insurers expand their digital capabilities and introduce innovative products, the general insurance market in Singapore is set to thrive over the next five years,” Sahoo said.
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