The data analysis company GlobalData is expecting an average increase of 7.2% in the turnover of the Singapore non-life insurance market over the next five years. The premium volume is projected to reach 6.6 billion SGD (5.1 billion USD) in 2026 against 4.7 billion SGD (3.5 billion USD) in 2021.
The rise in premiums would mainly depend on the evolution of the motor, property damage and personal accident and health (PA&H) classes of business which accounted for respective market shares of 24.6%, 19.5% and 18.6% in 2021.
Growing demand for private health insurance and property insurance for large infrastructure projects are also among the factors that would contribute to the sector's development.
According to GlobalData, non-life insurance penetration in Singapore stood at 0.8% in 2021. This rate remains lower than those recorded in other countries in the region: South Korea (5.1%), Japan (1.8%), China (1.2%) and Hong Kong (1.6%).
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