Market Trends of Life and Non-Life Insurance Industry in Singapore
This section covers the major market trends shaping the Singapore Life & Non-Life Insurance Market according to our research experts:
Increase in GDP Per Capita of the Finance and Insurance Industry is Anticipated to Drive the Market
GDP per capita is a very important indicator of the economic strength of a country, and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and is expected to continue during the forecast period. In 2021, growth in the finance and insurance sector was 4% Y-o-Y. The sector's strong performance was largely due to healthy expansions in the banking and insurance segments.
Recovery in Underwriting Profit in Motor Vehicle Insurance
In 2020, motor insurers made a stunning turnaround to record an underwriting profit of almost USD 77.55 million, up from a loss of USD 12.94 million. Motor and travel claims decreased in 2020 following an improvement in the overall road traffic situation during the COVID-19 pandemic and the suspension of key activities in air travel. In 2021, motor insurance recorded an underwriting profit of USD 36.88 million, from USD 77.55 million in 2020. Although it posted a 2.7% year-on-year increase in gross written premiums to USD 0.85 billion in 2021, total claims paid out also rose 8.3% as more activities resumed and injuries due to road accidents increased.
