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Insurance market to grow at annualized rate of 7.2%: Report

Posted On: Nov. 17, 2022 9:16 AM CST

U.K.-based data analytics firm GlobalData PLC predicts that Singapore’s general insurance market will be worth $6.6 billion Singaporean ($5.1 billion) in 2026, in terms of gross written premiums, up from SGD4.7 billion in 2021, Reinsurance News reported. This projected annualized growth rate of 7.2% over the next five years is expected to be driven by increased demand for property insurance from large infrastructure projects and growth in private health insurance market.