Singapore insurance, finance sector down 0.9% in first quarter

Singapore insurance, finance sector down 0.9% in first quarter | Insurance Business Asia

Insurance News

Singapore insurance, finance sector down 0.9% in first quarter

An extension from the YoY decline in Q4 2022

Insurance News

By
Kenneth Araullo

Singapore’s insurance and finance sector fell by 0.9% in the first quarter of 2023 compared to the same quarter last year, according to the latest report from the country’s Ministry of Trade and Industry.

According to the report, the decline follows the 0.3% contraction in the last quarter, which comes after declines in both the banking and insurance segments more than offset expansions in other auxiliary activities and fund management segments.

It’s worth noting that this small decline comes amidst a recent outlook by GlobalData that forecast solid growth for the property insurance line up until 2027. In particular, the sector is projected to grow at a compound annual growth rate (CAGR) of 8.7%.

Despite the shrinkage, the ministry remained bullish on the country’s economic prospects overall, with projections of growth in the 0.5% to 2.5% range for 2023.

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