Singapore Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Singapore Life Insurance Market Report Overview

The gross written premium of Singapore life insurance market was SGD56.4 billion ($41 billion) in 2023 and is expected to achieve a CAGR of more than 6% during 2024-2028. The Singapore life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Singapore Life Insurance Market Outlook, 2023-2028 (SGD Billion)

Singapore Life Insurance Market Outlook, 2023-2028 (SGD Billion)

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The Singapore life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Singaporean economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) SGD56.4 billion ($41 billion)
CAGR (2024-2028) >6%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Whole Life

·        General Annuity

·        Endowment

·        Term Life

·        Life PA&H

·        Other Life

Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Online Aggregators

·        Financial Advisors

Leading Companies ·        Great Eastern

·        Prudential

·        Manulife

·        AIA

·        Singapore Life

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Singapore Life Insurance Market Trends

Inclusive insurance and insurtech are the recurring trends in the Singaporean life insurance market.

  • Singapore is an aging society and is expected to become a super-aged society over 2024-2028. As the median population ages, insurance companies are developing products and services designed for seniors.
  • Investments in insurtech to improve the overall insurance value chain are expected to gain traction over 2024-2028. Insurers are leveraging insurtech, such as AI, blockchain, and machine learning, to improve their processes, develop new products, and create innovative distribution models.

Singapore Life Insurance Market Segmentation by Lines of Business

Whole life accounted for the highest share of the Singapore life insurance market in 2023

The key lines of business in the Singapore life insurance industry are whole life, general annuity, endowment, term life, life PA&H, and other life. The presence of a large, affluent population drives single premium policies in Singapore. A substantial proportion of whole-life premiums in the country come from such policies

Singapore Life Insurance Market Analysis by Lines of Business, 2023 (%)

Singapore Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Singapore Life Insurance Market Segmentation by Distribution Channels

Financial advisors was the most preferred channel to purchase life insurance in 2023

A few of the key distribution channels in the Singaporean life insurance industry are financial advisors, direct from insurers, insurance brokers, banks, online aggregators, and others. Direct sales was the second most popular channel for life insurance.

Singapore Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Singapore Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Singapore Life Insurance Market - Competitive Landscape

Great Eastern accounted for the highest share of the Singapore life insurance market in 2023

A few of the leading life insurance companies in Singapore are:

  • Great Eastern
  • Prudential
  • Manulife
  • AIA
  • Singapore Life

Singapore Life Insurance Market Analysis by Companies, 2023 (%)

Singapore Life Insurance Market Analysis by Companies, 2023 (%)

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Singapore Life Insurance Market - Latest Developments

  • On November 9, 2023, the MAS published the Financial Action Task Force (FATF) statement of October 2023, mandating financial institutions (FIs) to comply with the new statements on the revised list of jurisdictions under increased monitoring to mitigate anti-money laundering or countering of terrorist financing (AML/CFT) obligations.
  • On October 31, 2023, the Inland Revenue Authority of Singapore (IRAS) updated e-tax guides outlining changes in the taxation of insurers and entities in relation to the adoption of certain financial reporting standards.

Segments Covered in the Report

Singapore Life Insurance Lines of Business Outlook (Value, SGD Billion, 2019-2028)

  • Whole Life
  • General Annuity
  • Endowment
  • Term Life
  • Life PA&H
  • Other Life

Singapore Life Insurance Distribution Channel Outlook (Value, SGD Billion, 2019-2028)

  • Direct from Insurers
  • Banks
  • Insurance Brokers
  • Online Aggregators
  • Financial Advisors

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Singapore.
  • Historical values for the Singaporean life insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top life insurance companies in Singapore and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Singapore’s life insurance segment.
  • A comprehensive overview of Singapore’s economy, government initiatives, and investment opportunities.
  • Singapore’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
  • Singapore’s life insurance segment’s market structure gives details of lines of business.
  • Singapore’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Singapore’s life insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Singapore’s life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Singapore’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Great Eastern
Prudential
Singapore Life
Manulife
AIA
Income Insurance
Etiqa
HSBC Life

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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