Report Overview

Singapore General Insurance Market – Industry Trends & Forecast Report, 2030

Singapore General Insurance Market size was estimated at USD 7.59 billion in 2023. During the forecast period between 2024 and 2030, Singapore General Insurance Market size is projected to grow at a CAGR of 9.2% reaching a value of USD 13.94 billion by 2030. Prominent drivers of the market include investments in infrastructure projects and rising demand for health insurance, particularly in the aftermath of the pandemic. Insurance claims for auto, life, and home insurance are the most prevalent in Singapore. The integration of technology within the insurance industry is poised to lower product costs, enhance profitability, and broaden access to new risk pools. Singaporean insurers are increasingly incorporating digital technologies into their traditional operations to streamline processes, save time, and cut costs. As the industry continues to evolve, these digital advancements are expected to further enhance operational efficiency and profitability across the insurance supply chain, in line with trends seen in other developed markets. Also, the rise in disposable income in Singapore is contributing to greater financial awareness and a heightened emphasis on long-term financial planning. Life insurance is becoming increasingly popular as individuals prioritize safeguarding their loved ones and securing their financial futures. Many life insurance policies also offer investment features, such as savings plans or investment-linked policies, allowing policyholders to grow their savings or benefit from financial market gains. The increase in disposable income and purchasing power is providing significant growth opportunities for players in Singapore General Insurance Market.

General Insurance – Overview

General insurance refers to insurance policies that provide coverage for risks other than life insurance. These policies protect individuals and businesses against financial loss due to events such as accidents, theft, natural disasters, and liability. General insurance includes a wide range of products, such as motor insurance, health insurance, property insurance, travel insurance, and liability insurance. Unlike life insurance, which pays out a benefit upon the death of the insured or after a set period, general insurance typically covers losses or damages occurring within a specific period, and claims can be made whenever a covered event occurs within that timeframe.

Singapore General Insurance Market

Growth Drivers

Government’s Supportive Regulations for General Insurance

Government regulations play a crucial role in enhancing the Singapore general insurance market by providing a robust framework for oversight and ensuring consumer protection. The Insurance Act 1966, alongside other statutes such as the Policies of Assurance Act 1867 and the Marine Insurance Act 1906, establishes comprehensive guidelines for insurance operations, including licensing requirements and regulatory compliance. The Monetary Authority of Singapore (MAS) enforces these regulations, overseeing both insurers and intermediaries to ensure adherence to legal standards and safeguarding market stability. Recent enhancements to the Policy Owners' Protection Scheme (PPF) and the integration of insurance data into the Singapore Financial Data Exchange (SGFinDex) exemplify the proactive measures taken to streamline processes and improve transparency. By fostering a well-regulated environment, these regulations bolster consumer confidence, support market growth, and promote the overall development of Singapore's general insurance sector.

Challenges

Natural Disaster Risk

Natural disaster risks pose a significant challenge to the growth of the Singapore general insurance market. The frequency and severity of events such as floods, storms, and earthquakes can lead to substantial claims, impacting insurers' profitability and financial stability. These risks necessitate higher premiums and stringent underwriting practices, which may deter potential policyholders and limit market expansion. Additionally, the unpredictability and potential for large-scale damage from natural disasters can strain insurers' capacity to offer comprehensive coverage, thereby constraining the overall growth and development of General Insurance Market in Singapore.

Impact of Escalating Geopolitical Tensions on Singapore General Insurance Market

Escalating geopolitical tensions among countries and spreading across regions could have a significant impact on the growth of Singapore General Insurance Market. Political instability, trade conflicts, and international sanctions can lead to increased volatility and financial market disruptions, affecting insurers' risk assessment and pricing strategies. As geopolitical tensions rise, insurers may face higher claims related to property damage, business interruptions, and political risks, prompting them to adjust premiums and coverage terms. The environment of increased risk and uncertainty can also deter investment and slow market growth. Additionally, heightened geopolitical risks may compel insurers to enhance their risk management practices and reassess their global exposure, further influencing market dynamics in Singapore.

Singapore General Insurance Market

Segmental Coverage

Singapore General Insurance Market – By Insurance Type

On the basis of insurance type, Singapore General Insurance Market is divided into Motor Insurance, Property Insurance, Liability Insurance, Marine Insurance, Accident and Health Insurance, and other (including Engineering Insurance, Aviation Insurance, and Miscellaneous Insurance Products) segments. The accident & health insurance segment holds the highest share in Singapore General Insurance Market by insurance type, due to a heightened demand for health coverage due to increased awareness following the pandemic, rising medical costs, and the relaxation of global travel restrictions. Recent regulatory developments, such as mandatory health insurance for foreign workers and government subsidies, have further supported this growth. As a result, PA&H insurance is expected to continue its expansion in the coming years. Meanwhile, the property insurance segment is expected to record fastest growth rate during the forecast period. The primary driver of this segment is fire insurance, which is compulsory for HDB home purchases and home loans. Additionally, the expansion of the construction sector and large infrastructure investments contribute to the growth of property insurance. With the Building and Construction Authority (BCA) projecting substantial contracts in the construction sector for 2023, property insurance is expected to benefit from this trend.

Singapore General Insurance Market – By Distribution Channel

Based on distribution channel, Singapore General Insurance Market is divided into Direct Channels, Agency Channels, Bancassurance Channels, and Brokers segments. The agency channels segment holds the highest share in Singapore General Insurance Market by distribution channel, due to established trust, deep product knowledge, personalized service, extensive networks, and effective sales strategies. Agents' long-standing relationships, local market expertise, and ability to provide tailored solutions and after-sales support contribute significantly to their dominance. While digital channels are growing, the agency model continues to be a cornerstone of the industry. Followed by, bancassurance channels segment occupying the second-largest share in Singapore's general insurance market primarily due to the extensive customer base of banks, their established trust, and the convenience of offering insurance products alongside other financial services. This distribution model allows for efficient cross-selling, leveraging bank branches as distribution points, and benefits from the existing customer relationship, making it a highly effective channel for insurers.

Singapore General Insurance Market – By Customer Type

Based on customer type, Singapore General Insurance Market is divided into Individuals, Small and Medium-sized Enterprises (SMEs), and Large Corporations segments.

Competitive Landscape

Major players operating in Singapore General Insurance Market include Aon Singapore Pte Ltd, MSIG Insurance (Singapore) Pte Ltd, Swiss Life (Singapore) Pte Ltd, Tokio Marine Life Insurance Singapore Ltd, AIA Singapore Private Limited, The Great Eastern Life Assurance Company Limited, Singapore Life Ltd, Swiss Re Asia Pte Ltd, Liberty Insurance Pte Ltd, and Allianz Insurance Singapore Pte Ltd.

Recent Developments

• In March 2024 - Singapore-based insurtech group Sunday Ins Holding acquired PT KSK Insurance Indonesia, making it one of the largest fully licensed insurtech firms in the region's two largest general insurance markets. Sunday aims to leverage AI, machine learning, and advanced automation to enhance customer experiences across health, car insurance, and other products.

Scope of the Report

By Insurance Type

• Motor Insurance

• Property Insurance

• Liability Insurance

• Marine Insurance

• Accident & Health Insurance

By Distribution Channel

• Direct Channels

• Agency Channels

• Bancassurance Channels

• Brokers

By Customer Type

• Individuals

• Small and Medium-sized Enterprises (SMEs)

• Large Corporations

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore General Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Singapore's robust economic growth
         2. Increasing disposable incomes
         3. Rapid pace of urbanization and infrastructure projects
         4. Government Regulations
      2. Restraints
         1. Intense competition
         2. Low insurance penetration
         3. Natural disaster risk
      3. Opportunities
         1. Embracing digital technologies
         2. Specialized insurance products
         3. Expanding into risk management consulting
      4. Challenges
         1. Attracting and retaining skilled insurance professionals
         2. Regulatory Changes
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore General Insurance Market, Pricing Analysis
5. Singapore General Insurance Market: Marketing Strategies
6. Singapore General Insurance Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Insurance Type
         1. Motor Insurance
         2. Property Insurance
         3. Liability Insurance
         4. Marine Insurance
         5. Accident & Health Insurance
         6. Others (including Engineering Insurance, Aviation Insurance, and Miscellaneous Insurance Products)
      2. By Distribution Channel
         1. Direct Channels
         2. Agency Channels
         3. Bancassurance Channels
         4. Brokers
      3. By Customer Type
         1. Individuals
         2. Small and Medium-sized Enterprises (SMEs)
         3. Large Corporations
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore General Insurance Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions in Singapore General Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Aon Singapore Pte Ltd
   2. MSIG Insurance (Singapore) Pte Ltd
   3. Swiss Life (Singapore) Pte Ltd
   4. Tokio Marine Life Insurance Singapore Ltd
   5. AIA Singapore Private Limited
   6. The Great Eastern Life Assurance Company Limited
   7. Singapore Life Ltd
   8. Swiss Re Asia Pte Ltd
   9. Liberty Insurance Pte Ltd
   10. Allianz Insurance Singapore Pte Ltd
   11. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Singapore General Insurance Market Segmentation

Figure 2   Singapore General Insurance Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2023

Figure 4   Singapore General Insurance Market Size, By Value (USD Billion), 2019–2030

Figure 5   Singapore General Insurance Market Share, By Insurance Type, By Value (USD Billion) 2019–2030

Figure 6   Singapore General Insurance Market Share, By Distribution Channel, By Value (USD Billion) 2019–2030

Figure 7   Singapore General Insurance Market Share, By Customer Type, By Value (USD Billion) 2019–2030

List of Tables

Table 1      Singapore General Insurance Market Size, By Insurance Type, By Value (USD Billion) 2019–2030

Table 2      Singapore General Insurance Market Size, By Distribution Channel, By Value (USD Billion) 2019–2030

Table 3    Singapore General Insurance Market Share, By Customer Type, By Value (USD Billion) 2019–2030

Table 4      Aon Singapore Pte Ltd Company Overview

Table 5      Aon Singapore Pte Ltd Financial Overview

Table 6      MSIG Insurance (Singapore) Pte Ltd Company Overview

Table 7      MSIG Insurance (Singapore) Pte Ltd Financial Overview

Table 8      Swiss Life (Singapore) Pte Ltd Company Overview

Table 9      Swiss Life (Singapore) Pte Ltd Financial Overview

Table 10    Tokio Marine Life Insurance Singapore Ltd Company Overview

Table 11    Tokio Marine Life Insurance Singapore Ltd Financial Overview

Table 12    AIA Singapore Private Limited Company Overview

Table 13    AIA Singapore Private Limited Financial Overview

Table 14    The Great Eastern Life Assurance Company Limited Company Overview

Table 15    The Great Eastern Life Assurance Company Limited Financial Overview

Table 16    Singapore Life Ltd | Company Overview

Table 17    Singapore Life Ltd | Financial Overview

Table 18    Swiss Re Asia Pte Ltd Company Overview

Table 19    Swiss Re Asia Pte Ltd Financial Overview

Table 20    Liberty Insurance Pte Ltd Company Overview

Table 21    Liberty Insurance Pte Ltd Financial Overview

Table 22    Allianz Insurance Singapore Pte Ltd Company Overview

Table 23    Allianz Insurance Singapore Pte Ltd Financial Overview