Singapore Property & Casualty Insurance Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 5.00 %|
*Disclaimer: Major Players sorted in no particular order
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Singapore Property & Casualty Insurance Market Analysis
The Singapore Property and Casualty Insurance Market has generated a revenue of over USD 780 million in the current year and is anticipated to register a CAGR of more than 5% for the forecast period and reach USD 1045 million in 2028.
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.
Singapore Property & Casualty Insurance Market Trends
Motor Insurance Dominates the Property and Casualty Insurance of Singapore
Motor Insurance contributes more than one-fourth of the gross premium written for general insurance in the country. In the previous year, the vehicle insurance segment grew at a steady pace, with a 2.7 percent raise over the previous year. As additional operations restarted with the easing of the lockdown, the segment's total claims paid out increased by 8.3%, and the number of fatal accidents increased by One-Fourth. Road traffic incidents have also increased the number of injuries. As Singapore moves closer to an endemic new normal, motor claims are projected to rise in the coming year.
Various Insurance Companies started working closely with key partners and stakeholders like the Singapore Road Safety Council and Traffic Police on the way to improving education and awareness for road users in Singapore. Sales of motor vehicles have improved post covid, reflecting the improvement in customer demand, which is expected to support the growth in motor insurers' premiums in the short term. The total of insurance companies has been increasing, especially in the last two years, with confined and direct insurers leading the industry.
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Property Insurance is on Rise with Increase in Singapore’s Commercial Real Estate Investment
Property Insurance contribution to the total gross premium written in Singapore is increasing and represent one of the largest segment in general insurance. In the previous year, the volume of commercial real estate investment in Singapore increased by a factor of three. With development activities gradually increasing, the property insurance category is likely to continue to rise. The demand for private properties in Singapore has been on the rise, primarily from high-net-worth individuals, driving prices and rental rates to new heights.
The city-state's vibrant economy, infrastructure, and efficient governance have attracted investors, both domestic and international, seeking to capitalize on its favorable business environment. The surge in demand for private properties reflects the confidence in Singapore's long-term economic prospects. The real estate market's positive performance reinforces the city-state's standing as a global financial hub and a preferred destination for property investors which is driving the property insurance sector of Singapore.
Singapore Property & Casualty Insurance 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.
Singapore Property & Casualty Insurance Market Leaders
Ergo Insurance Pvt.Ltd
*Disclaimer: Major Players sorted in no particular order
Singapore Property & Casualty Insurance 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.
Singapore Property & Casualty Insurance Market Report - Table of Contents
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
5.2.5 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
6.1.9 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
Singapore Property & Casualty Insurance Market Research FAQs
What is the study period of this market?
The Singapore Property & Casualty Insurance Market is studied from 2019 - 2028.
What is the growth rate of Singapore Property & Casualty Insurance Market?
The Singapore Property & Casualty Insurance Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in Singapore Property & Casualty Insurance Market?
AXA Singapore, Chubb Singapore, Ergo Insurance Pvt.Ltd, NTUC Income, Liberty Insurance are the major companies operating in Singapore Property & Casualty Insurance Market.
Singapore Property & Casualty Insurance Industry Report
Statistics for the 2023 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 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.