The underwriting result of General Insurance in Singapore demonstrated notable fluctuations from 2013 to 2023. After a substantial increase in 2014, results plummeted sharply in 2015 and 2016 before experiencing a marginal recovery in 2017. However, a consistent downward trend was observed from 2018 onwards, with values recorded at $153.1 million in 2023, representing a year-on-year decline of 6.73%. The last five years saw an average annual decrease of 6.18% (CAGR).
Looking ahead to future trends, the forecast indicates a continuation of this decline, with the underwriting result anticipated to drop to $95.35 million by 2028. This equates to a five-year CAGR of -7.52%, with an estimated overall growth rate reduction of 32.36% from 2024 to 2028. Factors to watch include economic conditions, regulatory changes, and emerging risks that could impact the insurance sector.
