Singapore’s general insurance industry is set to experience significant growth, with projections indicating it will surpass $8b (S$8.6b) by 2030, according to GlobalData. The industry is expected to grow at a compound annual growth rate (CAGR) of 6.3%, rising from $6.2b (S$6.7b) in 2026. This growth is driven by economic expansion, increased demand for health insurance products, rising auto insurance premiums, and resilient property values.
The market’s robust growth is supported by key lines of business, including personal accident and health (PA&H), motor, property, and liability insurance, which are projected to account for 81.3% of the general insurance gross written premiums (GWP) in 2025. Swarup Kumar Sahoo, a senior insurance analyst at GlobalData, noted that “motor insurance premiums are expected to rise due to elevated claims costs,” whilst the demand for PA&H insurance will be bolstered by medical inflation and an ageing population.
PA&H insurance is anticipated to be the largest segment, accounting for 24.7% of the GWP in 2025, with a CAGR of 7.7% forecasted for 2026–30. The growth is attributed to rising healthcare spending and the prevalence of Integrated Shield Plans, covering 72% of Singapore’s population as of H1 2025.
Motor insurance, the second-largest segment, is expected to grow steadily, driven by increased vehicle sales and premium rates. Property insurance, the third-largest segment, will benefit from public infrastructure investments and housing market growth.
Sahoo concluded that Singapore’s general insurers are well-positioned to accelerate premium growth through economic tailwinds and targeted product innovation, closing protection gaps and enhancing risk management.
