In 2023, the net premium of Hull and Liability Insurance in Singapore stood at $173.67 million. The year-on-year variation highlighted a modest increase of 1.04%, while the 5-year CAGR leading up to 2023 was 1.11%. The premium saw significant growth from 2013 to 2015 but experienced slower growth rates and some fluctuations, notably dipping in 2020 with a -3.91% year-on-year change. The premium began to recover, showing consistent positive growth from 2021 onwards.
Future forecasted data from 2024 suggest steady growth, with a forecasted 5-year CAGR of 0.84% and an overall growth rate of 4.28% for the period. While the growth rate remains modest, it indicates a stable upward trend in the coming years.
Key future trends to watch for:
- Potential impacts of global economic shifts on the insurance market.
- Technological advancements in risk assessment and management.
- Regulatory changes in the insurance sector.
- The influence of climate change on marine and hull-related risks.
