Singapore’s general insurance market is forecast to contract by 1.9% in 2020, compared to the 6.7% growth registered in 2019, according to GlobalData.
GlobalData has revised Singapore’s general insurance forecast in the aftermath of the COVID-19 outbreak. As per the latest data, Singapore’s general insurance business is forecast to grow at a compound annual growth rate (CAGR) of 1.7% during 2019-2023 against the 2.5% growth as per pre-COVID-19 estimates, primarily due to the economic uncertainty following the pandemic.
Sangharsan Biswas, insurance analyst at GlobalData, commented: “According to the Singapore’s Ministry of Trade and Industry, the economy is expected to contract by 6-6.5% in 2020. Consumer spending has declined by 14% year-on-year during January to August 2020, which will lead to a decline in premiums for general insurers.”
