What's Happening?
Singapore's property insurance market is projected to grow by 6.3% in 2026, driven by rising home prices and steady development activity. According to GlobalData Plc, gross written premiums are expected to increase annually, reaching $1.2 billion by 2030.
The demand for Housing and Development Board resale flats and private home upgrades is expected to continue, increasing the sums insured and widening coverage needs. The market is also seeing growth in high-end property transactions, which is driving demand for higher-limit home policies. Regulatory changes, such as extended property holding periods and increased seller's stamp duty, are influencing insurance demand, while digital distribution is gaining traction.
Why It's Important?
The growth in Singapore's property insurance market reflects broader economic trends, including rising property values and increased demand for comprehensive insurance coverage. This trend is significant for insurers, as it presents opportunities for growth in a competitive market. The shift towards digital distribution and embedded insurance products indicates a transformation in how insurance is marketed and sold, potentially increasing accessibility and convenience for consumers. Additionally, the regulatory changes and rising risk awareness among homeowners highlight the evolving landscape of property insurance, which insurers must navigate to remain competitive.
