General insurance segment drives growth with 6.4% expansion in 2025, led by health and motor lines.

Market Size and Growth Trajectory

Singapore's insurance segment revenue reached SGD 25.9 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.2% from 2020 to 2025, according to industry data. The market is forecast to expand at a 5.8% CAGR through 2030, reaching SGD 34.4 billion, underpinned by demographic tailwinds, regulatory reforms, and deepening digital distribution.

Within the broader segment, general insurance gross written premiums (GWP) stood at an estimated SGD 6.0 billion in 2024, with projections indicating a 6.2% CAGR to SGD 8.1 billion by 2029, per GlobalData. The general insurance segment alone is expected to register 6.4% growth in 2025, fueled by rising demand for private health coverage, economic expansion, and supportive monetary policy measures from the Monetary Authority of Singapore (MAS).

Segment Breakdown: General Insurance Lines

Personal Accident & Health (PA&H) insurance remains the largest general insurance line, commanding a 23.8% share of GWP in 2025. The segment grew 7.6% in 2025, driven by rising medical costs, increased tourism, and an ageing population. GlobalData forecasts a CAGR of 6.8% for PA&H from 2025 to 2029, supported by the demographic shift—individuals aged 65 and above are expected to constitute 24.1% of Singapore's population by 2030.

Motor insurance is the second-largest line, accounting for 19.8% of GWP in 2025. It grew 6.2% in 2025, buoyed by a 30% increase in new vehicle registrations from January to October 2024 compared to the same period in 2023. Growth in the electric vehicle (EV) sector and government plans to phase out diesel buses by 2040 further support motor insurance expansion, which is forecast to grow at a more moderate 3.6% CAGR from 2025 to 2029.

Property insurance holds a 17.9% share of GWP in 2025, growing 5.1% on the back of increased construction demand and new public infrastructure projects. The line is projected to grow at a 7% CAGR over the next five years, outpacing motor insurance in pace.

Domestic general insurance GWP rose 8.4% year-on-year to SGD 6.1 billion in 2025, according to data from the General Insurance Association (GIA) of Singapore. Underwriting profit surged 32% to SGD 289 million, demonstrating resilient profitability despite rising claims. Net incurred claims for domestic general insurance increased 8.7% year-on-year to SGD 1.8 billion, driven primarily by motor and property segments. Motor claims rose 11% year-on-year even as accident numbers remained stable, attributed to higher accident severity, with road traffic fatalities reaching a 10-year high. Property claims also climbed as fire incidents increased 3% year-on-year to 2,050 cases, alongside several large-scale property losses.

CAGR (%) (%)Source: Orionmano Industries

%Source: Orionmano Industries

Drivers of Growth: Demographics, Regulation, and Digitization

Three structural forces underpin the trajectory toward SGD 34.4 billion in insurance segment revenue by 2030.

Demographic tailwinds are most pronounced in health insurance. With 72% of the population holding Integrated Shield Plans as of the first half of 2025, according to the Life Insurance Association of Singapore, the foundation for continued health insurance penetration is already laid. The share of residents aged 65 and above, projected to hit 24.1% of the population by 2030, will sustain demand for both acute care and long-term care coverage. Life insurance new business premiums rose 23.5% year-on-year in the first nine months of 2024, with annual premium policies up 24.8%, underscoring broader consumer appetite for long-term financial protection.

Regulatory reforms have accelerated market efficiency. MAS introduced a streamlined insurance product approval process in November 2024, reducing time-to-market for new offerings. The Cybersecurity (Amendment) Bill, passed in May 2024, strengthens operational resilience requirements. In July 2024, MAS issued updated Fit and Proper Criteria guidelines to ensure competence and integrity across the sector. The agency's broader regulatory posture—combining consumer protection with market facilitation—has contributed to the general insurance industry's combined ratio of 86% in 2024, indicating disciplined underwriting.

Digitization is reshaping distribution. Renewal business generated 57.02% of premiums in 2025, reflecting strong customer retention and predictable cash flows. However, the fastest growth channel is direct online and insurtech platforms, which recorded a 16.98% CAGR. Consumers increasingly favour instant quotes, e-KYC, and electronic policy issuance for motor, travel, and term-life lines. AIA's annualised new premiums spiked 52% to USD 897 million in 2024, and its bancassurance tie-up with Citibank illustrates how incumbents combine bank partnerships with digital upgrades to capture affluent clients. Captive and exclusive agents still held 37.45% of premiums in 2025, underscoring the enduring role of face-to-face advice for complex policies, but the digital shift is accelerating.

MAS grants and a supportive fintech ecosystem continue to fuel online-distribution expansion, ensuring that Singapore's insurance market remains one of Asia's most dynamic and well-regulated.