The gross premium of credit and political risk insurance in Singapore, expressed in Million US Dollars, stood at approximately 183.16 in 2023. Examining the data from 2013 to 2023, variations show significant fluctuations, with the largest increase of 43.57% in 2015 followed by a notable decline of -22.64% in 2016. Over the last two years, there was a year-on-year increase of 8.04% in 2022 and a more moderate rise of 2.51% in 2023. Observing the compounded annual growth rate (CAGR), the average annual growth over the last five years was 2.77%, reflecting steady growth despite minor variations.
Looking forward, the forecast data predicts a steady increase in gross premiums, with a CAGR of 1.91% over the next five years, reaching approximately 206.12 Million US Dollars by 2028. This projection represents a total forecasted growth rate of 9.94% from 2023 to 2028.
Future trends to watch for:
- Impact of global economic conditions on credit and political risk insurance demand.
- Technological advancements and digital innovation in the insurance industry.
- Potential regulatory changes affecting insurance premiums and coverage.
- Shifts in geopolitical risk impacting policy pricing and demand.
