Singapore non-life insurance market forecasts for 2028

According to GlobalData, the Singapore non-life insurance market is expected to grow by an average of 5.8% over the next five years.

Non-life premiums are likely to climb from 5.54 billion SGD (4.02 billion USD) in 2023 to 7.35 billion SGD (5.5 billion USD) in 2028.

The sector's growth would be driven by investments in major infrastructure projects and increased demand for health insurance following the Covid-19 pandemic.

Premium growth would also depend on developments in the personal accident and health (PA&H), property damage and motor classes of business, whose respective market shares are estimated at 29.9%, 19.1% and 18.4% in 2023.