The total insurance expenditure in Singapore has shown a mixed pattern of growth over the past decade. From 2013 to 2023, the expenditure grew from 7.1 to 11.66 units of GDP. Significant year-on-year variations include a peak growth of 24.49% in 2020, followed by a -1.52% dip in 2021 and a steady increase in 2022 and 2023. Notably, the five-year CAGR leading up to 2023 was 5.76%, indicating generally consistent growth.

Future trends to watch for include:

Continued but slower projected growth with a 1.23% forecasted CAGR from 2024 to 2028, reaching 12.74 units of GDP by 2028.
Potential impacts of economic fluctuations, regulatory changes, and demographic shifts on insurance expenditure.
Technological advancements and their role in shaping insurance products and consumer behavior.