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The general insurance industry in Singapore is predicted to grow at a CAGR of 6.2%, in terms of gross written premiums, from SGD6bn ($4.4bn) in 2024 to SGD8.1bn ($5.9bn) in 2029.

This is according to GlobalData, which also predicts that general insurance will grow by 8% in 2024. An economic recovery, as well as escalating healthcare costs, and rising premium rates, will lead to this increase.

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Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said: “The general insurance industry in Singapore has witnessed a high growth trend over the last three years, driven by a robust performance of the construction sector. Rising healthcare costs and an aging population that is fueling the demand for health insurance will also support general insurance growth. The trend is expected to continue in 2024.”

PA&H insurance is the largest line of business in the Singaporean general insurance industry and is estimated to account for a 23.5% share of the general insurance GWP in 2024.

In addition, PA&H insurance is forecast to grow by 9.0% in 2024, primarily due to escalating medical costs.

Motor insurance is the second-largest business line, which is anticipated to account for a 19.8% share of general insurance GWP in 2024. It is expected to register a 9.4% growth in 2024, driven by an increase in vehicle sales.

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Sahoo added: “The general insurance industry in Singapore is well-positioned for sustained growth over the next five years. However, global economic volatility and geopolitical uncertainities might pose a challenge for insurers to maintain profitability.”