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Etiqa projects 20% revenue growth with HDB fire insurance deal
Singapore Business Review|Issue 110
The company is banking I on the city-state's 1.11 million flats to boost fire insurance sales.
Etiqa projects 20% revenue growth with HDB fire insurance deal

Etiqa Insurance expects revenues from the residential fire segment to increase by as much as 120% after it was appointed as the official insurer of Singapore's Housing Development Board (HDB).

The unit of the Kuala Lumpur-headquartered insurer is banking on the existing 1.11 million HDB flats and a state plan to build 100,000 more until 2025 to boost growth in the coming years. Last year, Etiqa Insurance Singapore's revenue from fire insurance jumped 40.9% year-on-year (YoY) to $2.1m (RM9m).

Fire insurance is mandatory for HDB flat buyers and homeowners with mortgages, creating a steady demand.

Given that more than three-quarters of Singapore's population lives in HDB flats, this provides a solid foundation for growth in the sector.

"The strategic launch of new flats makes the potential for take-up in the next five years very promising," Jazzreal Wong, head of Direct Business at Etiqa Insurance Singapore, told Singapore Business Review.

This story is from the Issue 110 edition of Singapore Business Review.

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This story is from the Issue 110 edition of Singapore Business Review.

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