Life and Non-Life Insurance Market in Singapore - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

• The Life and Non-Life insurance market in Singapore are estimated to grow at a CAGR of approximately 5% during the forecast period.
• The life insurance industry in Singapore recorded a total of SGD 4.3 billion in weighted new business premiums for YTD 4Q2019, an increase of 0.4% from the corresponding period in 2018. Total sum assured for new business continued to increase, recording a 7% growth year-on-year, amounting to SGD 149.5 billion. The industry’s continued growth is set against the backdrop of the nation’s muted economic growth for the year 2019 which was the slowest in a decade. The industry continued to make headway in narrowing the protection gap in Singapore with an increase in uptake of annual premium policies which recorded a seven percent increase from the same period last year. This amounted to SGD 3 billion in total weighted annual premiums. Non-life insurance Gross written premium (GWP) was up by 3.4% amounted to SGD 3.8 billion in 2018, In 2018 Motor insurance premiums decreased to SGD 1.11 billion, health insurance increased to SGD 583.3 million.

Scope of the Report

This report aims to provide a detailed analysis of the Life and Non-Life insurance market in Singapore. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Life and Non-Life insurance market in Singapore.

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Key Market Trends

Increase in GDP Per Capita:

GDP per capita is a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and expected to continue. In 2019, Growth in the finance & insurance sector came in at 5.2% year-on-year, faster than the 3.2% expansion in the previous quarter. The sector’s strong performance was largely due to expansions in fund management, foreign exchange trading, and other segments. On a quarter-on-quarter seasonally-adjusted annualized basis, the finance and insurance sector grew by 7.6%, accelerating from the 4.9% growth in the first quarter.

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