Market Size of Singapore Property & Casualty Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
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 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.
