Life and Non Life Insurance Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Singapore Insurance Market Analysis

The Singapore Life and Non-Life Insurance Market size in terms of net written premiums value is expected to grow from USD 59.68 billion in 2023 to USD 95.89 billion by 2028, at a CAGR of 9.95% during the forecast period (2023-2028).

The stringent lockdown measures imposed by the government to curb the spread of the COVID-19 pandemic resulted in a decline of economic activity in the country. As a result, Singapore's economy was down by 13.2% in the second quarter of 2020 compared to the same period the previous year. Subsequently, the life insurance business, which recorded SGD 1.66 billion (USD 1.24 billion) in weighted new business premiums during H12020, declined by 13% compared to the same period in 2019.

Singapore's life insurance industry recorded a total of SGD 4.38 billion (USD 3.27 billion) in weighted new business premiums for year-to-date 4Q2020, a positive 3% growth, compared to 2019. There was a rebound in the second half of the year after the initial fallout from COVID-19, which affected policy uptake significantly in the second quarter of the year. The uptake of new policies purchased online saw a significant increase to 206,679 in 2020 compared to 9,971 in 2019. The life insurance industry will continue to accelerate its digital transformation efforts and upskill the future workforce.

Overall, the industry recorded a total of SGD 2.99 billion in weighted new business premiums for year-to-date 3Q2020, a decline of 2% from the same period in 2019. However, there was a notable 90.6% increase in new business premiums recorded in 3Q2020 compared to 2Q2020. In 2020, motor insurance gross premiums written amounted to SGD 1.13 billion (USD 0.84 billion). The COVID-19 pandemic heightened the awareness about adequate protection and compelled consumers to prioritize health insurance even more during the pandemic. The health insurance segment recorded SGD 692.7 million (USD 517.6 million) in gross written premiums for the financial year, a 3.9% increase compared to the previous year, with underwriting profit at SGD 17.9 million (USD 13.4 million). Property insurance observed a 10% increase, or SGD 591.8 million (USD 442.2 million), in gross written premiums and recorded an underwriting profit of SGD 43.7 million in 2020. In 2019, the segment saw SGD 538 million (USD 401.1 million) in gross written premiums and noted an underwriting loss of SGD 22.4 million (USD 16.7 million). On overall total life insurance gross written premiums is increased from SGD 40,888 million (USD 30,550.9 million) in 2020 to SGD 48,141 million (USD 37,950.3 million) in 2021 and same increase carried in non-life gross written premiums from SGD 4,364 million (USD 3,260.7 million) to SGD 4,712 million (USD 3,520.7 million). Figures reported by the sector can be attributed to downward adjustments in market capacity and the impact of changing rates.

Singapore Insurance Market Trends

This section covers the major market trends shaping the Singapore Life & Non-Life Insurance Market according to our research experts:

Increase in GDP Per Capita of the Finance and Insurance Industry is Anticipated to Drive the Market

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Singapore Insurance Industry Segmentation

A complete background analysis of the market, which includes emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report. The report also features a qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry's value chain.The Life and Non-Life Insurance Market in Singapore is segmented by Insurance Type (Life and Non-life) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The Life Insurance segment is further segmented into individual and group insurance. The Non-life Insurance Type segment is categorized into home, motor, and other insurance. The report offers market size and forecasts for Singapore Life and Non-Life Insurance Market in value (USD Million) for all the above segments.

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