It is projected to post a 9.7% CAGR from 2024 to 2030.

Staff Reporter

, Singapore

It is projected to station a 9.7% CAGR from 2024 to 2030.

Singapore’s life and non-life security marketplace is projected to scope $146.62b (US$115.45b) by 2030, according to Research and Markets.

The marketplace was estimated astatine $84.34b (US$66.41b) successful 2024. The study projects a compound yearly maturation complaint of 9.7% from 2024 to 2030.

Growth is attributed to rising user consciousness and a robust economy. Life security remains nan ascendant segment, driven by status planning, wellness sum and wealthiness guidance solutions.

Non-life insurance, including property, casualty and centrifugal coverage, has besides seen rising demand. The study links this to protection needs against accidents and earthy disasters.

The marketplace is segmented by security type, distribution transmission and region wrong Singapore. Distribution channels see direct, agency and slope channels, whilst location segmentation covers Central, North-East, East, West and North Singapore.

($1.00 = US$0.79)
 

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