Insurance assets rose 3.6% to S$456.4 billion in 2024, part of a broader financial sector expansion that saw AUM exceed S$6 trillion and banking assets grow at a 6.8% CAGR.

Insurance Assets Cross S$456 Billion in 2024

Total insurance industry assets in Singapore reached S$456.4 billion in 2024, representing a 3.6% increase from the prior year, according to data released by the Monetary Authority of Singapore (MAS) at its Annual Report media conference for the 2024–2025 period. The figure marks another record for the sector, which has grown steadily as Singapore consolidates its position as a leading Asian insurance hub. The 3.6% year-on-year growth rate, while modest compared to some prior years, reflects both premium inflows and investment appreciation across life and non-life portfolios.

Broad-Based Financial Sector Growth

The insurance asset expansion occurred within a wider surge across Singapore’s financial services sector, which grew 6.8% in 2024—more than double the 3.1% growth recorded in 2023, as reported by The Business Times. Banking sector total assets rose at a 6.8% compound annual growth rate over the 2021–2024 period, while assets under management (AUM) in Singapore exceeded S$6 trillion for the first time, climbing 12.2% year-on-year to S$6.07 trillion as of 31 December 2024, per the Singapore Asset Management Survey 2024. AUM growth was driven by strong market performance and larger net inflows compared with 2023, with the traditional sector growing 16% and alternatives—including private equity, venture capital, hedge funds, and real estate—rising 14%.

Corporate debt issuance increased more than 30% from the previous year to exceed S$300 billion in 2024, while Singapore’s foreign exchange average daily traded volume surpassed S$1.5 trillion, reinforcing the city-state’s status as Asia’s leading FX hub.

Share of GDP (%) (%)Source: Orionmano Industries

Insurance assets as a share of GDP have trended upward over the past decade, climbing from 41.6% in 2016 to 63.7% in 2020 according to World Bank data via FRED, underscoring the sector’s deepening role in the domestic economy.

Life Insurance Premiums and Claims Reflect Strong Demand

Life insurance performance metrics from the Singapore Fintech Report 2025 indicate robust policyholder demand and claims activity. Total weighted new business premiums amounted to S$5.87 billion in 2024, reflecting strong sales momentum across both regular-premium and single-premium products. Investment-linked plan premiums surged 33.4% from 2023 to S$2.25 billion, as investors sought market-linked savings vehicles amid elevated equity and alternative asset returns.

Life insurance claims payouts reached S$18.12 billion in 2024, encompassing death, maturity, surrender, and critical-illness benefits. This payout volume highlights the scale of the industry’s role in household financial security. Cash value plans and annuities continue to benefit from an aging demographic structure; CareShield Life monthly payouts stood at USD 480.3 per month in 2024 and escalate annually by 2%, per Mordor Intelligence data, though industry participants note these remain insufficient to cover all medical contingencies, driving supplementary demand for whole-life and endowment products.

Structural Drivers and Regulatory Environment

Long-term demand fundamentals remain supportive of further insurance asset growth. By 2030, one in four Singapore residents will be aged 65 or older, according to Mordor Intelligence, intensifying demand for retirement-income products, critical-illness covers, and long-term-care insurance. The rapid proliferation of family offices—from 400 in 2020 to 1,650 by 2024—amplifies demand for capital-efficient single-premium insurance solutions suited to wealth transfer and estate planning.

Singapore’s stable regulatory environment and strategic location as a financial hub continue to attract international insurers, as noted by Statista. The government has actively supported digitalization and ESG (Environmental, Social, and Governance) investing within the insurance sector, creating a conducive environment for product innovation and operational efficiency improvements. Underlying macroeconomic factors, including robust economic growth and rising affluence, underpin insurance penetration.

Looking ahead, MAS Managing Director Chia Der Jiun has cautioned that the pace of financial sector growth is unlikely to continue at recent levels amid global trade uncertainties, including the impact of US tariffs. "You can't expect the pace of the last few years to continue," he stated at the MAS Annual Report media conference. However, structural demographic trends—aging population, expanding family office ecosystem, and rising household wealth—will continue to support insurance demand and asset accumulation over the medium to long term.