Singapore General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Singapore General Insurance Market Report Overview

The gross written premium of the Singapore general insurance market was SGD5.5 billion ($4 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The Singapore general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Singapore General Insurance Market Outlook, 2023-2028 (SGD Billion)

Singapore General Insurance Market Outlook, 2023-2028 (SGD Billion)

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The Singapore general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Singaporean economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) SGD5.5 billion ($4 billion)
CAGR (2024-2028) >5%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Property

·        Motor

·        Liability

·        Financial Lines

·        MAT

·        General Insurance PA&H

·        Miscellaneous

Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Financial Advisors

·        Online Aggregators

Leading Companies ·        Cigna Europe

·        AIG

·        NTUC Income

·        Chubb

·        MSIG Insurance

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Singapore General Insurance Market Trends

EVs and microinsurance are a few of the recurring trends in the Singapore general insurance market.

  • As part of its Green Plan, Singapore aims to transition completely to EVs by 2030. This is a driving factor for insurance companies to expand coverage.
  • Evolution in the gig economy and addressing insurance requirements for migrant workers and the less represented workforce has enabled start-ups to enter the general insurance sphere.

Singapore General Insurance Market Segmentation by Lines of Business

General insurance PA&H was the leading general insurance line of business in 2023

The key lines of business in the Singapore general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Fire insurance is compulsory in Singapore when purchasing property from the Housing and Development Board (HDB) and taking out home loans. Fire insurance, in turn, drives the growth of property insurance in the country.

Singapore General Insurance Market Analysis by Lines of Business, 2023 (%)

Singapore General Insurance Market Analysis by Lines of Business, 2023 (%)

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Singapore General Insurance Market Segmentation by Distribution Channels

Direct from insurers was the most preferred channel for purchasing homeowners insurance in 2023

A few of the key distribution channels in the Singapore general insurance industry are direct from insurers, insurance brokers, banks, online aggregators, and financial advisors, among others. In 2023, direct from insurers was the most preferred channel while purchasing motor insurance, followed by insurance brokers.

Singapore General Insurance Market Analysis by Distribution Channels, 2023 (%)

Singapore General Insurance Market Analysis by Distribution Channels, 2023 (%)

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Singapore General Insurance Market - Competitive Landscape

Cigna was the largest general insurer in 2022

A few of the leading general insurance companies in Singapore are:

  • Cigna Europe
  • AIG
  • NTUC Income
  • Chubb
  • MSIG Insurance

Cigna was the fastest-growing insurance company among the top 10 general insurers.

Singapore General Insurance Market Analysis by Companies, 2022 (%)

Singapore General Insurance Market Analysis by Companies, 2022 (%)

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Singapore General Insurance Market - Latest Developments

  • On November 9, 2023, the Monetary Authority of Singapore (MAS) published the Financial Action Task Force (FATF) statement for October 2023. The statement mandates financial institutions (FIs) to comply with new statements on a revised list of jurisdictions under increased monitoring to mitigate anti-money laundering or countering of terrorist financing (AML/CFT) obligations.
  • On October 31, 2023, the Inland Revenue Authority of Singapore (IRAS) updated e-tax guides outlining changes in the taxation of insurers and entities in relation to the adoption of certain financial reporting standards.

Segments Covered in the Report

Singapore General Insurance Lines of Business Outlook (Value, SGD Billion, 2019-2028)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • General Insurance PA&H
  • Miscellaneous

Singapore General Insurance Distribution Channels Outlook (Value, SGD Billion, 2019-2028)

  • Direct from Insurers
  • Banks
  • Insurance Brokers
  • Financial Advisors
  • Online Aggregators

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Singapore.
  • Historical values for the Singapore general insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top general insurance companies in Singapore and outlines the key regulations affecting them.

Key Highlights

Key insights and dynamics of Singapore’s general insurance segment.

  • A comprehensive overview of Singapore’s economy, government initiatives, and investment opportunities.
  • Singapore’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Singapore’s general insurance industry’s market structure giving details of lines of business.
  • Singapore’s general reinsurance business’ market structure giving details of premium ceded along with cession rates.
  • Distribution channels deployed by Singapore’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Singapore’s general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Singapore’s general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Cigna
MSIG
AIG
NTUC
Chubb
Berkshire Hathaway
Liberty Pte Limited
Ms. First Capital

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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