Property insurance industry to hit $1.6b by 2030 on housing surge

Resilient property values and a 20% jump in luxury sales are also driving growth.

Singapore’s property insurance industry is expected to expand at a compound annual growth rate of 6.4%, with gross written premiums rising from $1.3b (US$973.2m) in 2026 to $1.6b (US$1.2b) in 2030.

The industry will register an annual growth rate of 6.3% this year on the back of resilient property values and ongoing development activity, according to a GlobalData report.

The sector’s expansion is further supported by infrastructure and housing projects, digital distribution, embedded insurance adoption, faster claims disbursement, and climate-resilient underwriting.

Residential premiums are expected to benefit from rising Housing and Development Board resale prices and upgraders, whilst the luxury segment is seeing transactions above $5m  increase by over 20% in the third quarter of 2025 compared to 2024.

Regulatory changes, including an increase in the minimum holding period and higher seller stamp duty, are expected to encourage long-term ownership and demand for comprehensive home insurance, the report added.

Meanwhile, digital distribution and product innovation are driving property insurance sales, according to Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData.

“The online insurance market is expected to grow further through 2026, with broader digitisation enabling instant policy issuance, AI-enhanced underwriting, and seamless claims capabilities,” Sahoo said.

Rising household risk awareness, including an 8.6% increase in residential building fires in 2025, is also contributing to higher demand for optional home contents coverage.

“Insurers that double down on embedded partnerships, digital distribution, and faster claims payouts, including real-time disbursements while integrating climate resilience into underwriting, will be best positioned to capture the premium growth and protect margins,” Sahoo added.