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Life insurance - Singapore

Singapore
  • The Life insurance market market in Singapore is expected to reach a projected market size (gross written premium) of US$46.95bn in 2025.
  • Furthermore, the average spending per capita in the Life insurance market market is anticipated to amount to US$7.71k in the same year.
  • It is projected that the gross written premium will display an annual growth rate (CAGR 2025-2029) of 5.67%, resulting in a market volume of US$58.53bn by 2029.
  • In comparison to other countries worldwide, the United States is expected to generate the highest gross written premium of US$1.3tn in 2025.
  • Singapore's life insurance market is thriving due to its high economic growth, robust regulatory framework, and strong consumer demand for protection products.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.
In-Scope
  • Death benefit insurance
  • Endowment insurance
  • Disability insurance
  • Dowry insurance
  • Birth insurance
  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Burial insurance
  • Other types of life insurance
Out-Of-Scope
  • Health Insurance
  • All non-life insurance types
  • Reinsurance
Insurances
Insurances
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Life Insurance: market data & analysis - Cover

Market Insights report

Life Insurance: market data & analysis
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    methodology
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    Gross Written Premium

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Gross Claim Payments

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Loss Ratio

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Analyst Opinion

    The Life insurance market in Singapore has been experiencing steady growth and development in recent years.

    Customer preferences:     Customers in Singapore have shown a growing interest in life insurance products that offer not only financial protection but also investment opportunities. They are increasingly looking for policies that provide comprehensive coverage and flexibility to adapt to their changing needs over time.

    Trends in the market:     One notable trend in the Singaporean life insurance market is the increasing popularity of digital insurance platforms. Insurers are leveraging technology to offer more convenient and accessible services to customers, such as online policy purchases and claims processing. Additionally, there is a growing demand for customizable insurance products that cater to specific lifestyle and health needs of individuals in Singapore.

    Local special circumstances:     Singapore's strategic position as a financial hub in Asia has attracted numerous global insurance companies to establish their presence in the country. This has led to a highly competitive market environment where insurers are constantly innovating and differentiating their offerings to attract and retain customers. Moreover, the government's initiatives to promote financial literacy and planning have also contributed to the growing awareness and uptake of life insurance among Singaporeans.

    Underlying macroeconomic factors:     The stable economic growth and increasing affluence in Singapore have played a significant role in driving the demand for life insurance products. As individuals seek to safeguard their wealth and ensure financial security for their families, the need for comprehensive life insurance coverage has become more pronounced. Additionally, the aging population in Singapore has led to a greater emphasis on retirement planning and long-term financial security, further fueling the growth of the life insurance market in the country.

    Users

    MOST_RECENT_UPDATE: Sep 2024

    SOURCE: Statista Market Insights

    Methodology

    Data coverage:

    Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

    Modeling approach / Market size:

    Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

    Additional Notes:

    The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

    Finance

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    Life Insurance: market data & analysis - BackgroundLife Insurance: market data & analysis - Cover

    Key Market Indicators

    NOTES: Based on data from IMF, World Bank, UN and Eurostat

    MOST_RECENT_UPDATE: Jan 2025

    SOURCE: Statista Market Insights

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    Life insurance - statistics & facts

    The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.
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    Largest global life insurer by market cap
    United Health
    Leading life insurance market worldwide
    United States
    Share of insurance premiums written in the U.S.
    44.9%

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