The net premium of hull and liability direct insurance in Singapore stood at 172.02 million USD in 2023. Over the last two years, the year-on-year variation in percentage was 7.1% for 2022 and 1.68% for 2023. This reflects a strong recovery from a decline in 2020. The Compound Annual Growth Rate (CAGR) over the last five years was 1.82%, suggesting modest but steady growth despite some fluctuations.
While the market has shown resilience and gradual growth from 2013 to 2023, projected future trends indicate a continued but slight increase in net premiums with a CAGR of 1.32% over the next five years, reaching 186.4 million USD by 2028. The forecasted 5-year growth rate is 6.79%, signaling steady sector performance.
Future trends to watch for include potential economic developments, regulatory changes, and technological advancements in insurance products and services, which could impact premium rates and market dynamics.
