Singapore Life Insurance – Key Trends and Opportunities to 2025
The Singapore life insurance market size was $36.28 billion in 2021. The market is expected to grow at a CAGR of more than 8% from 2020 to 2025.
The Singapore life insurance market research report provides a detailed outlook by product category for Singapore’s life insurance segment. It provides values for key performance indicators such as gross written premium, paid claims, insurance penetration, and premium accepted and ceded during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Singapore’s economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.
Singapore Life Insurance Market Overview
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What are the key Singapore life insurance market trends?
The MAS and Disclosure Insight Action (Carbon Disclosure Project – CDP) jointly signed a Memorandum of Understanding (MOU) to promote sustainability disclosures and access to quality environmental, social, and governance (ESG) data across the financial sector and real economy. The MOU enables financial institutions to better measure and monitors their ESG performance and impact. The collaboration will allow the implementation of capacity-building programs for financial institutions on climate disclosures and explore the exchange of information between CDP’s disclosure system and MAS’s Project Greenprint to enhance financial institutions’ access to ESG data.
Swiss Re, in collaboration with the leading mental health platform Wysa, has created an insurance-specific application that helps consumers to better track their mental well-being. The app’s artificial intelligence (AI) guided listening and self-management mental wellbeing support modules are especially effective for depression, stress, and anxiety, where most disability claims arise.
NTUC Income launched the industry’s first micro investment-linked plan on the SNACK by Income mobile application, known as SNACK Investment. It allows consumers to build their investment portfolios with smaller premiums while providing insurance coverage for accidental death.
What are the key lines of business in the Singapore life insurance market?
The key lines of business in the Singapore life insurance market are whole life, endowment, life PA&H, term life, general annuity, and other life insurance. Whole life has the highest share in the Singapore life insurance industry followed by endowment and life PA&H.
Whole life insurance market in Singapore
The insurance penetration of whole life insurance is expected to remain consistent over the forecast period. In addition, insurers must develop products related to under-protected persons such as young professionals and female earners with digital distribution capabilities and as per consumers’ lifestyles and needs, which will drive the growth of this line in the future.
Endowment insurance market in Singapore
The growth in the endowment line in 2020 was due to an increase in new policies purchased online related to non-participating endowment plans, including product enhancements related to endowment plans launched by the top insurers in the country.
Life PA&H insurance market in Singapore
PA&H in Singapore has shown immense growth in recent years, as the regulatory body has been taking productive steps towards regulations and digital transformation in this line.
Singapore Life Insurance Market Analysis by Lines of Business
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Which are the leading companies in the Singapore life insurance market?
The leading life insurance companies in Singapore are The Great Eastern Life Assurance Co Ltd, Prudential Assurance Company Singapore Pte. Ltd, AIA Singapore Pvt Ltd, Manulife (Singapore) Pte. Ltd, NTUC Income Insurance Co-operative Ltd, Aviva Ltd, Etiqa Insurance Pte. Ltd, AXA Insurance Pte. Ltd, Singapore Life Pte. Ltd, and Tokio Marine Life Insurance Singapore Ltd. The Great Eastern Life Assurance Co Ltd was the largest life insurer in 2020.
Singapore Life Insurance Market Analysis by Companies
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Market Report Scope
| Market size (2021) | $36.28 billion |
| CAGR (2020 – 2025) | >8% |
| Key lines of business | Whole Life, Endowment, Life PA&H, Term Life, General Annuity, and Other Life Insurance |
| Leading companies | The Great Eastern Life Assurance Co Ltd, Prudential Assurance Company Singapore Pte. Ltd, AIA Singapore Pvt Ltd, Manulife (Singapore) Pte. Ltd, NTUC Income Insurance Co-operative Ltd, Aviva Ltd, Etiqa Insurance Pte. Ltd, AXA Insurance Pte. Ltd, Singapore Life Pte. Ltd, and Tokio Marine Life Insurance Singapore Ltd |
Scope
This report provides a comprehensive analysis of the life insurance segment in Singapore –
- It provides historical values for the Singaporean life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Singapore and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Singaporean life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Singaporean life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The life insurance market in Singapore was valued at $36.28 billion in 2021.
The life insurance market in Singapore is expected to grow at a CAGR of more than 8% from 2020 to 2025.
The key lines of businesses in the Singapore life insurance market are whole life, endowment, life PA&H, term life, general annuity, and other life insurance.
The leading companies in the life insurance industry in Singapore are The Great Eastern Life Assurance Co Ltd, Prudential Assurance Company Singapore Pte. Ltd, AIA Singapore Pvt Ltd, Manulife (Singapore) Pte. Ltd, NTUC Income Insurance Co-operative Ltd, Aviva Ltd, Etiqa Insurance Pte. Ltd, AXA Insurance Pte. Ltd, Singapore Life Pte. Ltd, and Tokio Marine Life Insurance Singapore Ltd.
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