Singapore's insurance industry recorded gross written premiums of S$47.8 billion in 2024, with life insurance accounting for S$39.1 billion and general insurance S$8.7 billion.

Market Overview

Singapore's insurance sector posted a decisive recovery in 2024, with gross written premiums reaching S$47.8 billion—a 10.67% year-on-year increase that reversed the 9% contraction experienced in 2023. The rebound was driven by both segments: life insurance premiums climbed 10.93% to S$39.1 billion, while general insurance premiums rose 1.61% to S$8.7 billion, according to data compiled by the Asian Business Review from Monetary Authority of Singapore (MAS) filings.

The recovery comes after a challenging 2023, when softer demand for life insurance and a preference for fixed deposits weighed on premiums amid elevated interest rates. The Monetary Authority of Singapore's annual insurance statistics confirm the industry data for 2021-2024 period, providing the regulatory basis for these figures.

Life Insurance Segment

Life insurers dominated the rankings. Great Eastern Life Assurance Co. Ltd. held the top position after booking S$13.2 billion in premiums in 2024. Group CEO Greg Hingston attributed the solid performance to steady growth in core product lines and noted that the company has "broadened our product offerings in 2024, introducing customer-centric propositions to address the growing demand for wealth management," adding that shorter-term single premium plans performed well.

Prudential Plc ranked second, with gross premiums surging 31% to S$9.6 billion, marking one of the strongest growth rates among major players. AIA Singapore Pte. Ltd., Manulife (Singapore) Pte. Ltd., and Singapore Life Holdings Pte. (Singlife) all placed in the top tier. Manulife Singapore CEO Benoit Meslet said the insurer's standing was reinforced by enhancements to its whole-life solutions.

Total weighted new business premiums—a rough measure of new sales—grew 19.7% year-on-year to S$5.87 billion in 2024, according to figures from the Life Insurance Association (LIA) Singapore. This reverses the 3.9% dip posted in 2023. LIA attributed the growth primarily to sales of investment-linked plans (ILPs), which jumped 41% year-on-year to S$2.3 billion from S$1.6 billion in 2023.

Non-participating products grew 19.2% to S$2.19 billion, while the participating plan business dipped slightly by 2.7%. Individual health insurance premiums hit S$624.8 million in 2024, with a 103% rise in the fourth quarter alone. Integrated Shield Plans (IPs) and IP riders, constituting 89% of individual health insurance premiums, saw new business surge 49.1% to S$556.6 million.

The life insurance industry paid S$18.1 billion to policyholders and beneficiaries in 2024, up 33.4% compared with 2023. Most of this amount was for policies that had matured, while S$1.9 billion was for death, total and permanent disability, as well as critical illness claims.

Premiums (S$ billion) (S$ billion)Source: Orionmano Industries

General Insurance Segment

Gross written premiums in Singapore's domestic general insurance sector reached S$6.09 billion in 2025, marking an 8.4% year-on-year increase and pushing the sector past the S$6 billion mark for the first time, the General Insurance Association of Singapore (GIA) noted. However, the 2024 general insurance figure of S$8.7 billion reported in aggregate industry data includes both domestic and international business segments.

Motor insurance continued as the largest domestic segment, with gross written premiums rising 5.2% to S$1.28 billion. Health insurance premiums rose 7.4% to S$1.24 billion. Property insurance premiums increased 4.1% to S$864.1 million. Travel insurance grew 8.6% to S$336.7 million, supported by continued growth in overseas travel—Singapore residents made approximately 10.6 million outbound trips in 2025, up from 10.3 million in 2024.

Despite stable accident rates, motor insurance claims increased 11% year-on-year. Net incurred claims for the domestic segment were up 8.7% at S$1.8 billion. However, domestic underwriting profit improved 32% to S$289 million, reflecting what GIA described as the "resilience of Singapore's general insurance market." The employer's liability insurance segment booked a double-digit improvement in underwriting performance, reaching S$94.4 million, attributed to sustained emphasis by employers on workplace safety.

Market Structure and Outlook

The annual MAS-based rankings comprised 18 life insurers, 30 general insurers, and two life reinsurers. Financial advisers contributed 40.7% of the growth in total sum assured, while tied agents accounted for 33.3%. About 40,000 more Singaporeans and permanent residents were covered by Integrated Shield Plans at end-2024 compared with a year earlier, bringing total coverage to 2.97 million lives—approximately 71% of Singapore residents.

The total sum assured in Singapore increased 3.6% year-on-year. About 40,000 more Singaporeans and permanent residents were covered by Integrated Shield Plans.

Industry forecasts project Singapore's gross written premium to climb to approximately S$80 billion by 2028, up from S$62 billion in 2023, marking a steady annual growth rate of 4%. Since 2009, the country's insurance sector has seen an 8.8% year-on-year increase. Despite substantial growth, Singapore ranked eighth globally in 2023 by premium volume, with Switzerland surpassing it.

The structural shift toward wealth management and retirement solutions, combined with rising demand for health and travel coverage, positions Singapore's insurance market for continued expansion. Broader product offerings, digital distribution, and regulatory support from MAS underpin the sector's medium-term trajectory.