24th May 2023

Singapore property insurers will remain profitable in 2023 with adequate reinsurance coverage-GlobalData

The Singapore property insurers are expected to remain profitable in 2023 due to disciplined underwriting, adequate reinsurance coverage, and growing premiums from compulsory fire insurance.
According to GlobalData, Singapore’s property insurance industry, in terms of gross written premiums, is projected to grow at a compound annual growth rate(CAGR) of 8.7% from SGD1bn($0.7bn) in 2022 to SGD1.5bn($1.1bn) in 2027. The growth of property insurance in Singapore is driven by fire insurance, which is compulsory when purchasing houses from the Housing and Development Board(HDB) and taking home loans. According to HDB, more than 75% of the Singapore resident population lives in flats sold by HDB.
GlobalData’s Insurance Database reveals that the underwriting profit of property insurers in Singapore stood at 28.5% in 2021, and it is expected to remain above 25% in 2022 and 2023.

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