Insurtech Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers Singapore Insurtech Companies and the Market is Segmented by Types of Insurance Offered (Life and Non-Life) and by Business Model (Enabler, Carrier, and Distributor). The Report Offers Market Size and Forecasts in Value (USD) for the Above Segments.

Insurtech Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Singapore Insurtech Market Size

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Singapore Insurtech Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 155.77 Million
Market Size (2030) USD 246.78 Million
CAGR (2025 - 2030) 9.64 %
Market Concentration Medium

Major Players

Singapore Insurtech Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Singapore Insurtech Market Analysis

The Singapore Insurtech Market size in terms of investment value is expected to grow from USD 155.77 million in 2025 to USD 246.78 million by 2030, at a CAGR of 9.64% during the forecast period (2025-2030).

The market is set for significant growth, driven by the rise of innovative products and services catering to evolving consumer demands. Startups in Singapore's Insurtech sector are capitalizing on this trend, leveraging digital technologies and adapting their strategies accordingly. The market's resilience is underscored by its favorable regulatory landscape, while startups showcase their agility by introducing novel solutions to meet evolving consumer needs.

Singapore stands out as a leading Insurtech hub in the region, with over 80 companies listed on the Singapore FinTech Association's Insurtech directory. What distinguishes Singapore is its high insurance penetration, with two-thirds of its population already insured. Consequently, the focus of the Insurtech industry here lies in refining existing services, rather than solely expanding customer reach. The country's robust AI and big data ecosystem offers ample scope for enhancing services through hyper-personalization. For example, insurers are leveraging advanced analytics to glean insights from call center recordings and chatbot data, thereby enhancing customer experiences.

In this dynamic landscape, key market drivers include the growing adoption of digital technologies, a supportive regulatory environment, and the demand for tailored solutions. Insurtech startups in Singapore have a wealth of opportunities to harness AI and big data, elevate customer experiences, and streamline operations, thereby fostering growth and innovation.

Singapore Insurtech Industry Overview

The Singapore Insurtech Market is relatively consolidated compared to other markets. Companies across the world have huge investments in this segment of the market. Some of the major players in the market are PolicyPal, GrabInsure, Singapore Life, FWD, and Axinan. Adopting technological platforms and up-gradation to new technology leads to increasing Insurtech companies' revenue.

Singapore Insurtech Market Leaders

  1. PolicyPal

  2. GrabInsure

  3. FWD

  4. Singapore Life

  5. Igloo Insure

  6. *Disclaimer: Major Players sorted in no particular order
Singapore Insurtech Market Concentration
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Singapore Insurtech Market News

  • In December 2023, Surer launched the debut of Go-Helper Insurance, a completely customisable migrant domestic worker (MDW) insurance solution developed in partnership with Etiqa Insurance.
  • In March 2023, Surer, Insurtech firm and Zurich Insurance Company Ltd., one of the leading general insurers in Singapore, have partnered to provide Surer's broker and intermediary users with access to Zurich's fully digital, fast-flow offering.

Singapore Insurtech Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Industry Value Chain Analysis
  • 4.5 Porter's Five Forces Analysis
    • 4.5.1 Threat of New Entrants
    • 4.5.2 Bargaining Power of Buyers/Consumers
    • 4.5.3 Bargaining Power of Suppliers
    • 4.5.4 Threat of Substitute Products
    • 4.5.5 Intensity of Competitive Rivalry
  • 4.6 Insights of Technology Innovations in the Market
  • 4.7 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 By Business Model
    • 5.1.1 Carrier
    • 5.1.2 Enabler
    • 5.1.3 Distributor
  • 5.2 By Insurance Type
    • 5.2.1 Life Insurance
    • 5.2.2 Non-Life Insurance

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration Overview
  • 6.2 Company Profiles
    • 6.2.1 PolicyPal
    • 6.2.2 GrabInsure
    • 6.2.3 Singapore Life
    • 6.2.4 FWD
    • 6.2.5 Igloo Insure
    • 6.2.6 GoBear
    • 6.2.7 Budget Direct Insurance
    • 6.2.8 Ergo Insurance
    • 6.2.9 Sompo Insurance Singapore*
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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Singapore Insurtech Industry Segmentation

Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech powers the creation, distribution, and administration of the insurance business. 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 Singapore insurtech market is segmented by types of insurance offered and business models. By types of insurance offered the market is sub-segmented into life and non-life. By business model, the market is sub-segmented into enabler, carrier, and distributor. The report offers market size and forecasts for Singapore insurtech market in terms of transaction volume and/or revenue (USD) for all the above segments. 

By Business Model Carrier
Enabler
Distributor
By Insurance Type Life Insurance
Non-Life Insurance
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Singapore Insurtech Market Research FAQs

How big is the Singapore Insurtech Market?

The Singapore Insurtech Market size is expected to reach USD 155.77 million in 2025 and grow at a CAGR of 9.64% to reach USD 246.78 million by 2030.

What is the current Singapore Insurtech Market size?

In 2025, the Singapore Insurtech Market size is expected to reach USD 155.77 million.

Who are the key players in Singapore Insurtech Market?

PolicyPal, GrabInsure, FWD, Singapore Life and Igloo Insure are the major companies operating in the Singapore Insurtech Market.

What years does this Singapore Insurtech Market cover, and what was the market size in 2024?

In 2024, the Singapore Insurtech Market size was estimated at USD 140.75 million. The report covers the Singapore Insurtech Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Singapore Insurtech Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Singapore Insurtech Industry Report

The Singapore Insurtech Market is experiencing significant transformation and growth, fueled by the integration of technology and insurance. This dynamic market benefits from Singapore's advanced digital infrastructure, supportive regulatory framework, and a vibrant startup ecosystem, positioning it as a leading hub for insurtech innovation.

The industry reports indicate that the market size and industry trends are influenced by a variety of insurtech solutions such as digital platforms, data analytics, artificial intelligence, blockchain, and telematics. These solutions cater to diverse insurance sectors like life, health, property and casualty, and reinsurance. The market overview highlights that the market growth is driven by the adoption of AI and machine learning to enhance insurance processes, blockchain for secure transactions, and a focus on customer-centric solutions that offer personalized insurance products.

Industry analysis shows a notable increase in collaboration between traditional insurers and insurtech startups, essential for driving innovation and meeting the demands of consumers who seek more personalized and convenient digital services. The market forecast and industry outlook suggest that these collaborations and technological advancements are set to redefine traditional insurance models and significantly improve the customer experience in the insurtech sector.

For detailed market data, market value, and industry statistics, refer to comprehensive market research and industry information. The market segmentation includes various business models such as enablers, carriers, and distributors. The market leaders in this space are leveraging industry research and market review to stay ahead of the competition.

The industry sales and market predictions underscore the importance of staying updated with industry trends and market outlook. For a deeper dive into the market analysis and market review, obtaining a report example or report pdf is recommended. This industry overview provides a snapshot of the current landscape and future potential of the Singapore Insurtech Market.