In 2022, the gross written premium value of motor insurance in Singapore amounted to about 1.07 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 0.88 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 43 thousand motor vehicles were sold in 2022. The total motor vehicle population reached about 995.75 thousand units during the same year.
Life insurance in Singapore
The life insurance penetration rate stood at 7.6 percent in 2020 in Singapore, with gross health premiums amounting to 888.2 million Singapore dollars in 2022. 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 2022, by type
(in million Singapore dollars)
Characteristic
Value in million Singapore dollars
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
GIA. (March 15, 2023). Value of gross premiums written in the insurance industry of Singapore in 2022, by type (in million Singapore dollars) [Graph]. In Statista. Retrieved July 03, 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 2022, by type (in million Singapore dollars)." Chart. March 15, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA. (2023). Value of gross premiums written in the insurance industry of Singapore in 2022, by type (in million Singapore dollars). Statista. Statista Inc.. Accessed: July 03, 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 2022, by Type (in Million Singapore Dollars)." Statista, Statista Inc., 15 Mar 2023, https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/
GIA, Value of gross premiums written in the insurance industry of Singapore in 2022, by type (in million Singapore dollars) Statista, https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/ (last visited July 03, 2024)
Value of gross premiums written in the insurance industry of Singapore in 2022, by type (in million Singapore dollars) [Graph], GIA, March 15, 2023. [Online]. Available: https://www.statista.com/statistics/1015248/singapore-insurance-gross-premium-written/