Singapore Life & Non-Life Insurance Market Grow with a CAGR of 9.91% through 2030F

The Singapore Life & Non-Life Insurance market is driven by rising disposable incomes, growing awareness of financial protection, aging population, regulatory support, and technological advancements in insurance services.

According to TechSci Research report, “Singapore Life & Non-Life Insurance Market – By Region, Competition, Forecast & Opportunities, 2030F”, the Singapore Life & Non-Life Insurance market stood at USD 71.34 Billion in 2024 and is anticipated to grow USD 113.03 Billion by 2030 with a CAGR 9.91% during forecast period owing to the country’s strong economic growth, rising disposable incomes, and increasing financial awareness among consumers. As the population ages, there is a growing demand for life insurance, particularly in areas such as retirement planning, wealth accumulation, and long-term care. Government initiatives like the Central Provident Fund (CPF) and MediShield Life further encourage supplementary private insurance coverage, boosting market growth. In the non-life segment, growing concerns over health, property, and motor vehicle risks, coupled with the rise in natural disasters, have led to increased demand for insurance products. Additionally, technological advancements in digital platforms and telematics are transforming the insurance landscape, providing consumers with more convenient, customizable, and affordable options, further driving market growth.

The Singapore Life & Non-Life Insurance market is being driven by a combination of demographic shifts, economic stability, and increasing consumer awareness. With an aging population and longer life expectancy, there is a growing focus on life insurance, especially for retirement planning, wealth transfer, and critical illness coverage. As people seek to secure their financial future, life insurance products such as investment-linked plans and annuities have seen a rise in demand. On the non-life side, increased concerns about health, property protection, and vehicle risks are pushing demand for coverage. With urbanization and rising property values, home insurance has gained importance, and the growing number of vehicles on the road has boosted motor insurance uptake.

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The Singapore Life & Non-Life Insurance market is segmented into type, provider and region.

Based on the type, the non-life insurance segment is the fastest growing in the Singapore Life & Non-Life Insurance market, driven by rising consumer awareness and an increased focus on risk management. With growing concerns over health, property, and motor vehicle risks, more individuals and businesses are seeking comprehensive non-life insurance coverage. The rising incidence of health-related issues, coupled with a growing aging population, has led to greater demand for health and critical illness insurance. In the motor insurance segment, an increase in the number of vehicles on the road and a higher frequency of accidents have further accelerated demand. Additionally, the growing value of properties and concerns over potential damage from natural disasters have driven up home insurance demand. The non-life insurance segment benefits both individual policyholders and businesses seeking protection against unforeseen events. As awareness of the importance of insurance coverage continues to rise, the non-life insurance market in Singapore is expected to maintain its rapid growth trajectory.

Based on the region, Central is the fastest-growing region in the Singapore Life & Non-Life Insurance market, driven by economic growth, urbanization, and strong government support. As the heart of Singapore’s business and financial districts, the Central region attracts a diverse population, including both locals and expatriates, increasing the demand for life and non-life insurance. Government initiatives such as the Central Provident Fund (CPF) and MediShield Life further support the need for supplementary private insurance. Additionally, the region’s urban development, rising disposable incomes, and growing awareness of financial protection have accelerated the uptake of insurance products, contributing to its rapid growth in the market.

Major companies operating in the Singapore Life & Non-Life Insurance market are:

• Prudential Assurance Company Singapore (Pte) Ltd
• Life Insurance Corporation (Singapore) Pte Ltd
• Sun Life Assurance Company of Canada
• FWD Singapore Pte. Ltd
• Income Insurance Limited
• Great Eastern Life Assurance Singapore
• Chubb
• Etiqa Insurance Pte. Ltd.
• MSIG Insurance (Singapore) Pte. Ltd
• HL Assurance

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“The Singapore Life & Non-Life Insurance market is expected to grow in the future due to strong government support and urban development initiatives. Singapore’s central area, which includes key business districts like the Central Business District (CBD), attracts both local and expatriate populations, driving demand for life and non-life insurance. The government’s proactive policies, such as the Central Provident Fund (CPF) for retirement savings and MediShield Life for health coverage, encourage residents to seek additional private insurance. Also, economic growth and rising disposable incomes in this region contribute to a greater need for financial security and risk protection. Urbanization, coupled with the region’s focus on infrastructural improvements, boosts demand for home, motor, and commercial insurance. As a result, the Central region’s continued development and strong government backing drive its dominance and rapid growth in the insurance market., said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"Singapore Life & Non-Life Insurance Market By Type (Life Insurance, Non-Life Insurance), By Provider (Direct, Agency, Banks, Others), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Singapore Life & Non-Life Insurance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Singapore Life & Non-Life Insurance market.

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