Property and Casualty Insurance Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Insurance Companies in Singapore and it is segmented into Product Type (Motor Insurance, Fire and Property Insurance, Employer's Liability Insurance, and Others) and Distribution Channels (Agents, Brokers, Banks, and Others).

Property and Casualty Insurance Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Property and Casualty Insurance in Singapore Market Size

Singapore Property & Casualty Insurance Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 5.00 %
Market Concentration High

Major Players

Singapore Property & Casualty Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Property and Casualty Insurance in Singapore Market Analysis

The Singapore Property & Casualty Insurance Market is expected to register a CAGR of greater than 5% during the forecast period.

The Singapore property insurance sector remains profitable due to disciplined underwriting, adequate reinsurance coverage, and growing premiums from compulsory fire insurance. The primary growth driver is mandatory fire insurance, which has become a requirement when purchasing homes from the Housing and Development Board (HDB) as well as taking out home loans. According to the HDB, more than three-quarters of Singapore residents live in flats sold by the board.

The property and casualty insurance industry in Singapore has weathered the global financial crisis well. While the global financial crisis in the past had some impact on solvency positions of both the life and non-life insurance sectors, the introduction of risk-sensitive solvency requirements, early warning systems, and intensive risk-based supervision enabled the insurance sector to weather the crisis relatively well.

The Monetary Authority of Singapore (MAS) has made significant progress in improving the insurance regulatory regime and supervisory practice since the initial Financial Sector Assessment Program (FSAP). The updated regulatory framework and supervisory practices have a significantly high level of observance of the Insurance Core Principles (ICPs).

The COVID-19 pandemic resulted in a flat growth rate for the sector. The gross premium for the sector was marginally decreased by 0.2% for the period. The Property and Casualty sector started to show improvement as measures and COVID-related restrictions were eased. With the key economic and social activities regained, the property and casualty sector has achieved a stable growth of an 8% increase in annual gross premiums.

Property and Casualty Insurance in Singapore Industry Overview

The Property and Casualty Insurance Market of Singapore is fragmented in nature with the presence of major international and domestic players. By partnerships and technological adoptions small to mid-size companies are tapping the market. Some of the major players operating in the property and casualty insurance market in Singapore include AXA Singapore, Chubb Singapore, Ergo Insurance Pvt.Ltd, NTUC Income, and Liberty Insurance over others.

Property and Casualty Insurance in Singapore Market Leaders

  1. AXA Singapore

  2. Chubb Singapore

  3. Ergo Insurance Pvt.Ltd

  4. NTUC Income

  5. Liberty Insurance

  6. *Disclaimer: Major Players sorted in no particular order
Singapore Property & Casualty Insurance Market Concentration
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Property and Casualty Insurance in Singapore Market News

  • June 2023: Chubb, the publicly traded property and casualty insurance company, has launched an aviation hub in Singapore. This strategic move serves to bolster the company's general aviation and aerospace business, demonstrating its commitment to growth and innovation in the sector.
  • In January 2022, AXA Insurance introduced an AI-powered financial planning tool to help customers keep track of their financial health and discover solutions that can address their needs and goals. The "My FinScore" program calculates a personal financial satisfaction score based on an individual's financial goals, existing savings, and protection coverage and compares it to simulated personal and market risks that affect one's future financial health.

Property and Casualty Insurance in Singapore Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Embedded Insurance is Driving the Market
  • 4.3 Market Restraints
    • 4.3.1 Inflation is Restraining the Property and Casualty Insurance Market of Singapore
  • 4.4 Market Opportunities
    • 4.4.1 New Business Models are Creating Market Opportunities with Low Acquisition Rates
    • 4.4.2 Technological Adoptions are Creating Opportunities for New Entrants
  • 4.5 Insights on Technological Adoption in the Property and Casualty Insurance Market
  • 4.6 Insights on Various Government Regulations in the Property and Casualty Insurance Market
  • 4.7 Industry Attractiveness: Porter's Five Forces Analysis
    • 4.7.1 Threat of New Entrants
    • 4.7.2 Bargaining Power of Buyers/Consumers
    • 4.7.3 Bargaining Power of Suppliers
    • 4.7.4 Threat of Substitute Products
    • 4.7.5 Intensity of Competitive Rivalry
  • 4.8 Impact of COVID-19 on Market

5. MARKET SEGMENTATION

  • 5.1 By Product Type
    • 5.1.1 Motor Insurance
    • 5.1.2 Fire and Property Insurance
    • 5.1.3 Employer's Liability Insurance
    • 5.1.4 Other Types
  • 5.2 By Distribution Channel
    • 5.2.1 Agents
    • 5.2.2 Brokers
    • 5.2.3 Banks
    • 5.2.4 Online
    • 5.2.5 Other Distribution Channels

6. COMPETITIVE LANDSCAPE

  • 6.1 Company Profiles
    • 6.1.1 AXA Singapore
    • 6.1.2 Chubb Singapore
    • 6.1.3 Ergo Insurance
    • 6.1.4 NTUC Income
    • 6.1.5 Liberty Insurance
    • 6.1.6 Great Eastern
    • 6.1.7 Pacific Prime CXA
    • 6.1.8 MSIG
    • 6.1.9 Sompo Insurance Singapore
    • 6.1.10 Tokio Marine Singapore
    • 6.1.11 Allianz Insurance Singapore
    • 6.1.12 Etiqa Insurance Singapore*
  • *List Not Exhaustive

7. MARKET FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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Property and Casualty Insurance in Singapore Industry Segmentation

Property and Casualty Insurance is the type of coverage that protects the policyholder's things and property such as home, car, and other belongings. It also includes liability coverage which protects a person if found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of Singapore's Property and Casualty insurance market. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Singapore. The Property and Casualty Insurance Market in Singapore can be segmented into Product Type (Motor Insurance, Fire and Property Insurance, Employer's Liability Insurance, and Others) and Distribution Channels (Agents, Brokers, Banks, and Others). The report offers market size and forecasts for the Property and Casualty Insurance Market of Singapore in value (USD) for all the above segments.

By Product Type Motor Insurance
Fire and Property Insurance
Employer's Liability Insurance
Other Types
By Distribution Channel Agents
Brokers
Banks
Online
Other Distribution Channels
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Property and Casualty Insurance in Singapore Market Research FAQs

What is the current Singapore Property & Casualty Insurance Market size?

The Singapore Property & Casualty Insurance Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)

Who are the key players in Singapore Property & Casualty Insurance Market?

AXA Singapore, Chubb Singapore, Ergo Insurance Pvt.Ltd, NTUC Income and Liberty Insurance are the major companies operating in the Singapore Property & Casualty Insurance Market.

What years does this Singapore Property & Casualty Insurance Market cover?

The report covers the Singapore Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Singapore Property & Casualty Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Singapore Property & Casualty Insurance Industry Report

Statistics for the 2025 Singapore Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Property & Casualty Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.