SINGAPORE – Singapore consumers’ level of trust in general insurers and their brokers declined in 2024 compared to the previous year, according to a study.

The 2024 Insurance Confidence Indicators study, commissioned by the local insurance industry to help improve trust and practices, found that consumer confidence in general insurers fell to 73 from 75 in 2023.

Consumer confidence in property insurance intermediaries has further decreased, to 62 points in 2024 compared to 68 a year earlier.

However, consumer confidence in life insurers increased to 70 points in 2024 from 68 in 2023.

Their confidence in financial agents and advisors remains unchanged at 73 points.

The study, carried out between February and April, was commissioned by the Insurance Culture and Conduct Steering Committee, which includes 11 industry stakeholders.

It was conducted by Forrester Consulting, which surveyed more than 3,000 consumers, more than 300 small and medium-sized business (SME) executives and 200 large enterprise executives in Singapore.

The annual study is part of the industry’s efforts to gauge trust levels in the sector.

The study, which will be conducted over a three-year period from 2023 to 2025, aims to identify areas where consumer and business confidence in Singapore’s insurance sector can be improved.

The aim is in line with the committee’s broader aim to elevate industry culture and standards of conduct.

When asked the reasons behind these scores, committee chairman Khoo Kah Siang said the differences could be mainly attributed to changes in trust levels among consumers in the younger group between 20 and 39 years old.

He said this consumer group represents around 40 to 50 percent of the consumer base in each segment.

In addition to consumers, the 2024 report also examines confidence levels among SMEs and large businesses.