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 due to continuous immigration inflow and an increase in its insurance penetration rate.

In the report Insurance in Singapore: Market and IT overview, Celent looks at insurance business trends and estimates spending on IT systems.

Celent estimates that IT spending in the Singaporean insurance market will reach US$210 million in 2015, representing a CAGR of 4.7% from 2010 to 2015.

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

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