The retention ratio of Hull and Liability Direct Insurance in Singapore began at 43.25 in 2013 and slightly fluctuated until it reached 43.45 in 2023. From 2013 to 2023, the retention ratio demonstrated a steady yet modest upward trend. The year-on-year variation between 2022 and 2023 was 0.28%, with an average annual growth rate (CAGR) of 0.21% over the last five years. Looking forward, forecasts suggest the trend will continue, reaching 44.02 by 2028—a total growth of 1.04% over five years.
Future trends to watch for include:
- Technological advancements in underwriting and claims processing that could improve efficiency
- Regulatory changes that might impact risk retention
- Market consolidation and competitive pressures that could influence premium pricing and retention strategies.
