UNiBA Partners News

UNIBA's Blog: The Latest on Singapore's Insurance Market

15 February 2024

Welcome to UNIBA’s Blog – your go-to source for the latest insights into the world of insurance. In this edition, we delve into Singapore's insurance market, our destination for our upcoming AsiaPac Regional Conference on 25-27 February. Our Singaporean Partners Sam Tai and Umar Mukhtar from Newstate Stenhouse explore trends, risks, and expected  developments. Read on for key aspects shaping the industry in the Lion City.

Singapore: A Snapshot

Let's kick things off with a snapshot of Singapore and its insurance industry:

  • Population: 5.92 million
  • GDP: USD 466 billion (World Bank data)
  • Per Capita Income: USD 91,100 (2023 est.)

Singapore's insurance industry is making waves, with the general insurance sector projected to grow by 5.6% in 2024. What's fueling this growth? Post-pandemic health insurance spikes and strategic investments in infrastructure projects are leading the charge.

Here's a quick look at some key metrics:

  • Total 2022 GWP (General Insurance): SGD 5.18 billion
  • Total 2022 GWP (Life Insurance): SGD 62.1 billion

Breaking down the main General Insurance GWP:

  • 20.6% - Motor
  • 16.2% - Property
  • 14.9% - Health
  • 8.3% - Work Injury Compensation/Employer’s Liability
  • 7.5% - Personal Accident
  • 7.9% - Marine Hull
  • 5.0% - Professional Liability

...and more.

Market Trends and Insights

Diving into the latest market trends and insights, at its core stands Personal Accident and Health Insurance, commanding a robust 23.9% share of the General Gross Written Premium (GWP) in 2023. Increased demand, coupled with global medical trends, propels these sectors.

Further along, Property Insurance claims a notable 19.1% GWP share, driven by mandatory fire insurance and the surge in construction and infrastructure contracts. Yet, Motor Insurance faces challenges, dropping to 18.4% GWP due to soaring Certificate of Entitlement (COE) prices, impacting vehicle sales. The remaining 38.6% GWP weaves a tapestry of liability, financial lines, marine, aviation, transit (MAT), and miscellaneous insurance policies, shaping Singapore's insurance landscape.

With an overall General Insurance penetration of 0.8%, Singapore showcases growth potential compared to regional counterparts. Singapore’s current market trends unfold a story of resilience and evolution.

Key Exposures and Risks in Singapore

Singapore's position as a global financial hub exposes it to geopolitical shifts and trade disruptions. Rising interest rates, cybersecurity threats, and climate change pose risks, while the low corruption index brings its own challenges, especially in the realm of D&O liability claims. For instance, there have been some high profile cases of directors charged for negligence in the news lately.


The latest market development, opportunities and trends in Singapore

Following are some general market development, opportunities and trends we see in Singapore:

  1. Digital Transformation: Like many industries, the insurance sector in Singapore has been undergoing digital transformation. Insurers have been investing in technologies such as artificial intelligence, big data analytics, and blockchain to enhance customer experiences, streamline operations, and improve risk assessment.
  2. Insurtech Innovation: The rise of Insurtech companies has been noticeable. These startups often focus on leveraging technology to provide innovative insurance solutions, such as pay-per-mile auto insurance, on-demand coverage, and more personalized products.
  3. Cyber Insurance: With the increasing threat of cyberattacks globally, including in Singapore, there has been a growing interest in cyber insurance. Companies are recognizing the importance of protecting themselves against potential financial losses resulting from data breaches and other cyber incidents.
  4. Health and Wellness Insurance: There's a rising awareness of health and wellness, leading to an increased demand for insurance products that cater to these concerns. Insurers have been introducing policies that encourage and reward policyholders for adopting healthy lifestyles.
  5. Regulatory Changes: Regulatory authorities in Singapore, such as the Monetary Authority of Singapore (MAS), have been actively working to enhance the regulatory environment. This includes initiatives to promote innovation while ensuring consumer protection and market stability.
  6. Sustainability and ESG: Environmental, Social, and Governance (ESG) considerations have gained prominence across industries, including insurance. Insurers are increasingly incorporating sustainable and socially responsible practices into their operations and product offerings.
  7. Partnerships and Collaborations: Insurers have been forming partnerships with technology companies, healthcare providers, and other relevant industries to create holistic solutions and provide added value to customers.


Singapore's insurance market is a dynamic landscape with promising growth, innovation, and evolving trends. As we anticipate the UNIBA Partners' annual AsiaPac Regional Conference in February, stay tuned for more updates.



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