In 2023, the gross written premium value of motor insurance in Singapore amounted to about 1.09 billion Singapore dollars. This value ranked first among the different types of insurance. Health insurance followed in second place with a gross written premium value of 0.96 billion Singapore dollars.
Motor insurance in Singapore
For motor vehicle owners in Singapore, it is mandatory to purchase insurance with a licensed insurer to cover death or injury to any person while driving the vehicle. In addition, comprehensive policies can be purchased to cover damage to the vehicle or personal injury. In Singapore, about 39 thousand motor vehicles were sold in 2023. The total motor vehicle population reached about 996 thousand units during the same year.
Life insurance in Singapore
The life insurance penetration rate stood at 7.4 percent in Singapore, with life premiums amounting to 27.4 billion Singapore dollars in 2023. The domestic market leaders are Great Eastern Life, Prudential Assurance, AIA Singapore, ManuLife, and NTUC Income Insurance. Compared to the previous year, the number of enforced new life insurance policies increased significantly. Additionally, health insurance companies recorded the highest underwriting profit among life insurance companies.
Value of gross premiums written in the insurance industry of Singapore in 2023, by type
(in million Singapore dollars)
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GIA. (March 13, 2024). Value of gross premiums written in the insurance industry of Singapore in 2023, by type (in million Singapore dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA. "Value of gross premiums written in the insurance industry of Singapore in 2023, by type (in million Singapore dollars)." Chart. March 13, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA. (2024). Value of gross premiums written in the insurance industry of Singapore in 2023, by type (in million Singapore dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA. "Value of Gross Premiums Written in The Insurance Industry of Singapore in 2023, by Type (in Million Singapore Dollars)." Statista, Statista Inc., 13 Mar 2024, https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA, Value of gross premiums written in the insurance industry of Singapore in 2023, by type (in million Singapore dollars) Statista, https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/ (last visited November 22, 2024)
Value of gross premiums written in the insurance industry of Singapore in 2023, by type (in million Singapore dollars) [Graph], GIA, March 13, 2024. [Online]. Available: https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
