Singapore’s general insurance sector is on track to reach SG$8.6 billion (US$6.5 billion) in gross written premiums by 2030, according to projections from GlobalData. The industry is expected to grow at a compound annual growth rate (CAGR) of 6.3% between 2026 and 2030, up from an estimated SG$6.7 billion (US$5.1 billion) in 2026.
Data from GlobalData’s Global Insurance Database indicates that the market will likely see a 6.7% increase in gross written premiums in 2025.
This growth is attributed to several factors, including overall economic expansion, heightened demand for health insurance, rising premiums in the motor segment, and stable property values.
Together, personal accident and health (PA&H), motor, property, and liability insurance are projected to account for more than 80% of the sector’s GWP in 2025.
Swarup Kumar Sahoo, senior insurance analyst at GlobalData, said expansion in Singapore’s general insurance market is being driven by increased demand in key business segments.
“Motor insurance premiums are expected to rise due to elevated claims costs. While medical inflation, an aging population, and the launch of new products such as embedded health insurance plans and youth-focused accident cover will boost PA&H demand, resilient property prices and ongoing infrastructure investment will keep the growth of property insurance upward during 2026–2030,” he said.
Personal accident and health insurance is anticipated to remain the largest contributor to general insurance premiums, with a projected 24.7% share in 2025.
The segment experienced a CAGR of 15.7% between 2021 and 2025, driven by increased healthcare expenditures and demographic changes.
The Life Insurance Association of Singapore reports that, as of the first half of 2025 (H1 2025), approximately 72% of Singapore’s population is covered by Integrated Shield Plans.
Medical inflation, which reached 10.1% in 2024 according to the Department of Statistics Singapore, is a significant factor influencing the market.
The adoption of advanced medical technologies, limited cost-sharing, and pharmaceutical developments have contributed to rising costs.
These trends are prompting employers and insurers to enhance group health insurance offerings.
Singapore’s aging population is another factor shaping the market. The National Population and Talent Division notes that the proportion of residents aged 65 and above has grown from 13.1% in 2005 to 20.7% in 2025. By the end of 2025, one in five Singaporeans will be 65 or older.
This demographic shift is expected to support continued growth in PA&H insurance, which is forecast to expand at a CAGR of 7.7% from 2026 to 2030.
Sahoo commented: “Embedded and behaviour-linked health insurance is gaining popularity. Such insurance products have an improved risk selection approach and have the potential to lower claims volume and value through healthier behaviour.”
Motor insurance is projected to be the second-largest segment, accounting for 20.6% of GWP in 2025. The line is expected to see steady growth, with premiums rising by 6.7% in 2025 and 6.2% in 2026. The increase is supported by higher premium rates and a surge in vehicle sales.
Between January and September 2025, vehicle sales rose by 25% compared to the same period in 2024, with demand for battery electric vehicles boosted by government incentives.
Property insurance, the third-largest segment, is estimated to represent 19.1% of GWP in 2025.
The sector is also set to benefit from ongoing public infrastructure projects and a resilient housing market, with growth rates of 7.5% in 2025 and 6.3% in 2026.
Major projects include the planned expansion of Singapore’s rail network and several new road corridors.
Lines such as liability, financial, and marine, aviation, and transit (MAT) insurance are expected to make up the remaining 34.8% of general insurance premiums in 2025.
Looking ahead, Sahoo said: “The general insurance market in Singapore is expected to register strong growth during 2026-30. With economic tailwinds and targeted product innovation across consumer, commercial, and specialty lines, Singapore’s general insurers are well placed to accelerate premium growth while closing protection gaps and strengthening risk management disciplines.”
