Life insurance and general insurance premiums collectively drove insurance segment growth within Singapore's finance and insurance sector in 2025.

Market Overview

Singapore’s insurance industry recorded a decisive recovery in 2024, with gross premiums rising 10.67% year-on-year, reversing a 9% contraction in 2023 when softer demand for life insurance and a preference for fixed deposits weighed on premiums amid elevated interest rates. Data compiled by the Monetary Authority of Singapore and published in the Top 50 Insurance 2024 rankings showed life insurance premiums climbing 10.93% while general insurance premiums rose 1.61%. This dual-segment expansion established the foundation for sustained growth entering 2025.

The combined momentum of life and general lines has made insurance a meaningful contributor to Singapore’s broader finance and insurance sector. The Singapore life and non-life insurance market was valued at USD 6.23 billion in 2025, according to Mordor Intelligence, and is estimated to grow from USD 6.88 billion in 2026 to USD 11.3 billion by 2031, representing a compound annual growth rate of 10.44%. Market participants attribute this trajectory to rising mandatory health coverage, rapid digitalisation, and sustained wealth accumulation among high-net-worth residents.

Life Insurance: Wealth and Retirement Products Drive Premiums

Investment-linked plans were the primary catalyst for life insurance expansion in 2024, according to the Life Insurance Association of Singapore. Insurers have moved beyond traditional protection products into wealth, investment, and retirement solutions, tapping demand from an ageing population and an expanding high-net-worth segment.

Great Eastern Life Assurance Co. Ltd. held the top position in the 2024 rankings after booking SGD 13.2 billion in premiums. Group CEO Greg Hingston attributed the performance to steady growth in core product lines. The life insurance industry paid out SGD 18.1 billion to policyholders and beneficiaries in 2024, a 33.4% increase year-on-year, reflecting higher claims and maturing policies.

Life products are projected to deliver an 11.54% CAGR to 2031, making them the primary engine of future growth in the Singapore life and non-life insurance market, per Mordor Intelligence projections. Life insurance continues to dominate overall market share, with Statista data indicating that the life segment accounts for the largest projected market volume by gross written premium.

General Insurance: Broad-Based Gains Across Lines

Singapore’s general insurance industry posted a record high of SGD 6.09 billion in gross written premiums for the domestic segment, according to the General Insurance Association of Singapore. Combined domestic and offshore gross written premiums rose 3.7% to SGD 11.2 billion. Underwriting profit improved 32% to SGD 289 million, from SGD 219 million in 2024, reflecting market resilience.

Motor insurance remained the largest domestic segment, with premiums rising 5.2% to SGD 1.28 billion. Despite premium growth and a slight improvement in underwriting performance, the segment recorded a loss of SGD 6.9 million in 2025, as net incurred claims rose 11% despite stable accident rates, suggesting increasing severity of accidents.

Health insurance premiums rose 7.4% to SGD 1.24 billion, supported by rising healthcare use and an ageing population. Approximately 72% of the Singapore population holds Integrated Shield Plans as of H1 2025. The personal accident and health line, the largest general insurance segment, is expected to account for 24.7% of general insurance GWP in 2025 and grew at a robust CAGR of 15.7% during 2021–2025.

Property insurance premiums increased 4.1% to SGD 864.1 million in 2025, while travel insurance premiums grew 8.6% to SGD 336.7 million, supported by approximately 10.6 million outbound trips by Singapore residents in 2025, up from 10.3 million in 2024.

Gross Written Premiums (SGD million) (SGD million)Source: Orionmano Industries

GlobalData forecasts the general insurance industry will grow at a CAGR of 6.3%, from SGD 6.7 billion in 2026 to SGD 8.6 billion in 2030, driven by economic expansion, rising demand for health products, rising auto premiums, and resilient property values. Personal accident and health, motor, property, and liability insurance are expected to account for 81.3% of general insurance GWP in 2025.

Structural Drivers and Competitive Dynamics

Rising healthcare spending and an ageing population underpin health insurance demand. Motor insurance premiums are expected to rise due to elevated claims costs, while resilient property prices and infrastructure investment support the property segment. The SME segment is forecast to grow at 8.41% annually, aided by regulatory compliance thresholds, cyber-risk awareness, and government enterprise incentives. Approximately 75% of self-employed persons now make timely MediSave contributions, a proxy for insurance engagement.

The Monetary Authority of Singapore’s tighter capital rules are elevating compliance costs, prompting consolidation among incumbents even as insurtech entrants use regulatory sandboxes to scale. The market comprised 18 life insurers, 30 general insurers, and two life reinsurers in the 2024 rankings, underscoring the breadth and diversity of the city-state’s insurance market.

Outlook

The insurance segment is positioned to remain a growth driver within Singapore’s finance and insurance sector through 2030. Life insurance, led by wealth-accumulation and retirement products, will likely maintain its dominant share, while general insurance benefits from structural demand across motor, health, and property lines. The combined trajectory of both segments ensures that insurance will continue to play a pivotal role in Singapore’s financial services landscape.