The general insurance premiums in Singapore have exhibited a downward trend from 2013 to 2023, with the value decreasing from 1 unit in 2013 to 0.93 units in 2023. This represents a year-on-year decline of approximately 1.1% over the past two years. The Compound Annual Growth Rate (CAGR) over the last five years stands at -0.5%. The forecast indicates a continued decline, with premiums expected to reach 0.9 units by 2028, reflecting a 2.48% decrease over the five-year forecast period.

Future trends to watch for:

Digital transformation and insurtech innovations may provide new growth opportunities and cost efficiencies.
Regulatory changes and compliance obligations could impact the industry’s operating environment.
Emerging risks such as cybersecurity and climate change will likely influence premium calculations and risk assessments.