From 2013 to 2018, insurance and financial services exports in Singapore showed a general growth trend, with varied year-on-year fluctuations. There were notable increases in 2016 and 2017, followed by a slight dip in 2019, but a significant rebound in 2020. However, 2021 and 2022 experienced notable declines.
In 2023, the actual value of exports stood at 16.53 units, representing a modest recovery with a year-on-year increase of 1.9%. Looking at a five-year CAGR calculation, the average annual variation decreased by -2.4% from 2018 to 2023.
The forecast from 2024 to 2028 suggests a steady recovery with an expected 5-year CAGR of 1.26% pointing towards moderate growth and a cumulative forecast growth rate of 6.48% by 2028.
Future trends to watch for:
- Regulatory changes in global insurance and finance sectors
- Technological advancements in fintech driving efficiency
- Global economic conditions impacting trade partnerships and policies
- Shifts in demand for international insurance and financial services
