Singapore Life and Non‐Life Insurance Market Expected to Reach USD 10.32 Billion by 2030, Driven by Digital Uptake & Aging Population

Mordor Intelligence has published a new report on the "Singapore Life and Non‐Life Insurance Market" offering a comprehensive analysis of trends, growth drivers, and future projections

Introduction

Singapore life and non-life insurance market is valued at USD 6.23 billion in 2025 and is projected to reach USD 10.32 billion by 2030, registering a 10.60% CAGR. The Singapore life and non-life insurance market is on a steady growth path, supported by the nation's ageing demographics, expanding healthcare needs, digital distribution adoption, and an overall rise in risk awareness. Insurers are increasingly focused on strengthening their product portfolios to cater to diversified customer needs across life, health, motor, property, and investment-linked segments. These factors are setting the stage for a robust and competitive insurance sector outlook over the coming years.

Report Overview: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-singapore?utm_source=openpr

Key Trends

Rising Healthcare and Retirement Needs

Singapore's ageing population continues to drive demand for both life and health insurance products. With a significant proportion of residents expected to cross retirement age within the next decade, there is heightened focus on retirement savings plans, whole-life policies, annuities, and critical illness cover. Policyholders are actively seeking protection solutions that supplement public healthcare schemes and provide greater security in managing long-term care costs. This shift is fostering a healthier insurance penetration rate in the country.

Digital Platforms Changing Distribution Dynamics

Digital distribution channels are gaining strong momentum in Singapore's insurance market. Consumers increasingly prefer online platforms for their ease of access, streamlined onboarding, and transparency in premium comparisons. Insurers are leveraging digital tools for policy servicing, payments, and claims processing, creating more efficient customer experiences. At the same time, traditional agents remain important, particularly for high-value policies requiring financial advisory, but digital is emerging as a powerful complementary channel.

Growing Demand for Investment-Linked Products

As low interest rates persist, customers are showing greater interest in investment-linked insurance plans (ILPs) that offer both protection and investment exposure. ILPs have become an attractive option for those looking to balance insurance needs with long-term wealth creation goals. Insurers are responding by designing flexible products with diversified fund options to suit varied risk appetites.

Stable Non-Life Insurance Market Performance

Non-life insurance continues to hold a significant share in Singapore, driven by motor, health, property, liability, and travel insurance lines. Motor insurance, in particular, benefits from steady vehicle ownership trends and the country's structured vehicle quota system. Property insurance remains stable as businesses and homeowners prioritise protection against fire, theft, and natural damage risks. Travel insurance is also recovering steadily with the reopening of international borders.

Strategic Focus on High-Net-Worth Individuals

Singapore's growing high-net-worth segment is driving insurers to offer tailored wealth planning, estate transfer solutions, and premium protection products. Family offices are expanding in the country, prompting demand for customised life insurance packages that integrate financial planning, succession, and asset protection strategies. Insurers are enhancing their advisory capabilities to address this specialised market segment effectively.

Regulatory and Capital Requirements Driving Operational Prudence

The insurance market continues to adjust to evolving regulatory frameworks and capital adequacy requirements. While this ensures market stability and protects policyholders, it also pushes insurers to optimise their product mix, streamline operations, and invest in risk management and compliance systems. Companies that adapt efficiently to these regulatory expectations are better positioned to sustain growth.

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Market Segmentation

By Insurance Type

Life insurance: Increasing adoption due to retirement planning, whole life policies, and critical illness coverage.

Non-life insurance: Dominated by motor, property, liability, and health insurance segments.

By Distribution Channel

Captive/exclusive agents: Continue to serve a major share of the market, especially for comprehensive life and investment-linked products.

Digital channels: Gaining strong traction for simple and standardised policies due to ease of purchase and servicing.

By End User

Individuals: Core segment with rising demand for health, retirement, and investment-linked policies.

Businesses/SMEs: Growing focus on group health insurance, property cover, liability protection, and employee benefit plans.

By Premium Type

New business premiums: Witnessing growth as insurers expand product portfolios to address market gaps.

Renewal premiums: Provide stability and ongoing revenue streams for insurers.

By Region

Central region: Major contributor to overall premium collections due to high business and residential density.

Other regions: Experiencing steady growth with urban development and expanded motor and property insurance penetration.

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Key Players

Singapore's insurance market includes a mix of domestic and international players. Leading companies actively offering life and non-life insurance products include:

AIA Singapore

Great Eastern Life Assurance Co. Ltd.

Prudential Assurance Company Singapore

NTUC Income Insurance Co-operative

Manulife Singapore

Singlife

FWD Group

These companies focus on enhancing customer engagement through digital services, diversifying product portfolios, and forming strategic partnerships with banks and digital platforms to expand their reach.

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Conclusion

The Singapore life and non-life insurance market is undergoing a period of transformation marked by digitalisation, product diversification, and customer-centric innovation. While regulatory compliance, low interest rates, and capital requirements pose operational challenges, insurers are proactively adapting to these dynamics. The market's growth outlook remains positive, supported by rising healthcare needs, retirement security concerns, and the evolving expectations of digitally savvy and affluent consumers. As insurers continue to refine their strategies, the sector is set to play an increasingly important role in Singapore's financial landscape by delivering protection and financial security solutions that align with the nation's socio-economic priorities.

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Industry Related Reports

Indonesia Life And Non-Life Insurance Market: The Indonesia Life and Non-Life Insurance Market is Segmented by Insurance Type (Life Insurance (Product (Term, Whole and More), Purchase Mode (Individual, Group), Non-Life Insurance (Line of Business (Motor, Health and More)), Distribution Channel (Direct, and More), Premium Type (Single, Regular), Policy Term (Short, Long), End Users (Individual and More), and Region.

Get more insights: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-indonesia?utm_source=openpr

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Get more insights: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-india?utm_source=openpr

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Source: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-australia

Get more insights: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-australia?utm_source=openpr

UAE Health And Medical Insurance Market: The UAE Health and Medical Insurance Market is Segmented by Insurance Type (Individual, Group), by Service Provider (Private Health Insurance Providers, Public/Social Health Insurance Schemes), by Distribution Channel (Direct Sales, Online Sales, Brokers/Agents, and Banks), by End-User/Customer Type (Corporate/Employer, Individual/Families, and More), and Region. The Market Forecasts are Provided in Value (USD).

Get more insights: https://www.mordorintelligence.com/industry-reports/uae-health-and-medical-insurance-market?utm_source=openpr

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