Analyzing the expenditure on general insurance in Singapore, we observe a steady incremental trend from 2013 to 2023, standing at USD 1050 in 2023. This period saw fluctuations, particularly in 2016 and 2020, where expenditure slightly decreased. Over the last two years (2022-2023), a modest growth of 0.44% was recorded. The five-year compound annual growth rate (CAGR) from 2019 to 2023 is 0.46%, indicating modest annual growth.
Future trends to watch for include a consistent but marginal increase in expenditure. The forecasted data up to 2028 suggests an average annual growth rate of 0.37%, with a total increase of 1.85% over the five-year period. Notably, there are no drastic fluctuations predicted, implying a stable but slow growth environment in the general insurance sector.
