Singapore General Insurance – Key Trends and Opportunities to 2025
Singapore General Insurance Market Overview
The Singapore general insurance market size was $3.36 billion in 2021. The market is expected to grow at a CAGR of more than 4% from 2020 to 2025. Under the UKSFTA, Singapore aims to liberalize the cross-border supply of international marine, aviation, and goods in transit insurance and broking, which will further drive the demand for MAT insurance in the region.
The Singapore general insurance market research report provides a detailed outlook by product category for Singapore’s general insurance industry. It provides values for key performance indicators such as gross written premium, loss ratio, retail and commercial split, premium by line of business, and premium accepted and ceded, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Singapore’s economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.
Singapore General Insurance Market Overview
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What are the key Singapore general insurance market trends?
Lloyd’s, a marketplace for risk solutions which is based in the UK, has launched a new renewable energy consortium to capitalize on the growth opportunity in the APAC region. The new consortium pools underwriting expertise and capacity among the participants for renewable energy risks presented by the sector, such as onshore construction and the operational risks of solar and wind energy projects. The renewable energy consortium at Lloyd’s brings together expertise from leading businesses onto their platform in Singapore to provide insurance solutions that allow them to play a greater role in enabling the development of renewable energy projects in Asia.
AXA Insurance launched a new product ‘EmpoweredMum’, a three-year prenatal plan with a single premium, which provides comprehensive protection benefits for expectant mothers and their newborn children. It also provides free first-year health insurance coverage for the newborn child without medical underwriting.
What are the key lines of business in the Singapore general insurance market?
The key lines of business in the Singapore general insurance market are motor insurance, non-life PA&H insurance, property insurance, liability insurance, MAT insurance, financial lines insurance, and miscellaneous insurance. Motor insurance has the highest share in the market followed by non-life PA&H insurance and property insurance.
Motor insurance market in Singapore
In 2021, growth in vehicle sales, driven by economic recovery and growing demand for EVs helped insurers partially offset their underwriting losses. Singapore motor insurers are embracing a major shift in their product offering in the coming years, with the government push for EV adoption to meet the objectives of the Singapore Green Plan 2030.
Non-life PA&H insurance market in Singapore
Across Asia-Pacific, the integration of online healthcare services in insurance policies and personalized insurance propositions using wearable devices has gained traction in 2021. PA&H in Singapore has shown immense growth in recent years, as the regulator has been taking productive steps towards regulations and digital transformation in the sector.
Property insurance market in Singapore
According to the Asia-Pacific Capital Trends report, commercial real estate investment in Singapore witnessed a triple-digit increase in 2021, as compared to 2020. The market’s growth was driven by overseas investors with purchases of office properties, which is expected to increase the demand for property insurance in the coming years.
Singapore General Insurance Market Analysis by Lines of Business
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Which are the leading companies in the Singapore general insurance market?
The leading companies in the Singapore general insurance market are NTUC Income Insurance Co-operative Ltd, AIG Asia Pacific Insurance Pte. Ltd, AXA Insurance Pte. Ltd, MS First Capital Insurance Ltd, MSIG Insurance (Singapore) Pte. Ltd, Chubb Insurance Singapore Ltd, Cigna Europe Insurance Company S.A. – N.V., Singapore Branch, Tokio Marine Insurance Singapore Ltd, Liberty Insurance Pte. Ltd, and QBE Insurance (Singapore) Pte. Ltd. NTUC Income accounted for the highest share in the Singapore general insurance market in 2020.
Singapore General Insurance Market Analysis by Companies
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Market Report Scope
| Market size (2021) | $3.36 billion |
| CAGR (2020-2025) | >4% |
| Key lines of business | Motor Insurance, Non-Life PA&H Insurance, Property Insurance, Liability Insurance, MAT Insurance, Financial Lines Insurance, and Miscellaneous Insurance |
| Leading companies | NTUC Income Insurance Co-operative Ltd, AIG Asia Pacific Insurance Pte. Ltd, AXA Insurance Pte. Ltd, MS First Capital Insurance Ltd, MSIG Insurance (Singapore) Pte. Ltd, Chubb Insurance Singapore Ltd, Cigna Europe Insurance Company S.A. – N.V., Singapore Branch, Tokio Marine Insurance Singapore Ltd, Liberty Insurance Pte. Ltd, and QBE Insurance (Singapore) Pte. Ltd |
Scope
This report provides a comprehensive analysis of the general insurance segment in Singapore –
- It provides historical values for the Singaporean general insurance segment for the report’s review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in the Singaporean general insurance segment, and market forecasts to 2025.
- It profiles the top general insurance companies in Singapore and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Singaporean general insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Singaporean general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The general insurance market in Singapore was valued at $3.36 billion in 2021.
The general insurance market in Singapore is expected to grow at a CAGR of more than 4% from 2020 to 2025.
The key lines of business in the Singapore general insurance market are motor insurance, non-life PA&H insurance, property insurance, liability insurance, MAT insurance, financial lines insurance, and miscellaneous insurance.
The leading companies in the general insurance market in Singapore are NTUC Income Insurance Co-operative Ltd, AIG Asia Pacific Insurance Pte. Ltd, AXA Insurance Pte. Ltd, MS First Capital Insurance Ltd, MSIG Insurance (Singapore) Pte. Ltd, Chubb Insurance Singapore Ltd, Cigna Europe Insurance Company S.A. – N.V., Singapore Branch, Tokio Marine Insurance Singapore Ltd, Liberty Insurance Pte. Ltd, and QBE Insurance (Singapore) Pte. Ltd.
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