Singapore’s insurance market is mature and limited due to the narrow land and small population but is expected to continue to grow steadily for years to come due to continuous immigration inflow and increase of insurance penetration rate.

In the report Insurance in Singapore: Market and IT overview, Celent looks at insurance business trends in Singapore, and estimates spending on the nation’s insurance technology systems.Celent estimates that IT spending in the Indonesian insurance market will reach US$210 million in 2015, representing a CAGR of 4.7% from 2010 to 2015.

“With the increased new requirements such as the upgrade of CRM, the enhancement of the online insurance, the Singaporean insurance industry has a number of business opportunities for both insurers and IT vendors,” says KyongSun Kong, Analyst with Celent’s Asian Financial Services Group, “the market, however, is limited so insurers and vendors should take strategic approach for future growth.”

This report also includes recommendations for financial institutions and vendors that are considering expanding their business in the Singaporean insurance market.

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