Between 2013 and 2023, the gross premium of hull and liability insurance in Singapore showed fluctuations, with some pronounced growth and decline periods. The premium rose from 269.46 million USD in 2013 to 398.82 million USD in 2023, reflecting overall growth. The most significant increase occurred in 2015 with a 23.39% rise. However, from 2016 onwards, the annual growth rates stabilized with modest increases and occasional declines, such as the -5.05% in 2016 and -3.41% in 2020. The 5-year CAGR leading up to 2023 was 1.61%, indicating a steady-but-slow growth trajectory.
Future forecasts predict continued growth in the gross premium, reaching 428.47 million USD by 2028, driven by a forecasted 5-year CAGR of 1.19%. This indicates a trend of gradual increases, with a total growth rate over the next five years standing at 6.08%.
Future trends to watch include the impact of regulatory changes, technological advancements in risk assessment and claims processing, and macroeconomic conditions affecting maritime trade. The evolving needs of the shipping industry and emerging risks also warrant close observation for their potential impact on insurance premiums.
