The latest regional report from GlobalData;
The Singaporean life insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 4.0% over 2025-29, with gross written premiums (GWP) rising from SGD50.9 billion ($37.3 billion) in 2025 to SGD59.5 billion ($43.6 billion) in 2029, driven by an aging population, increasing health awareness, and a revival in consumer spending, according to GlobalData, a leading data and analytics company.
GlobalData’s Insurance Database reveals that the Singapore life insurance industry is projected to expand by 3.0% in 2025, fueled by an economic resurgence that is anticipated to stimulate consumer spending. This growth will be further supported by the nation’s demographic shift towards an aging population, coupled with a consistent demand from customers seeking to safeguard their financial well-being.
Manogna Vangari, Insurance Analyst at GlobalData, comments: “The life insurance industry in Singapore is anticipated to continue its decline in 2024, following a persistent downturn over the past two years. This decline can be attributed to the uncertainty in the global macroeconomic environment, sustained economic volatility, and rising inflation. The industry is expected to gain momentum in 2025, supported by changing demographics and increasing health awareness that will drive the demand for personal accident and health (PA&H), and whole life insurance policies.”
Whole life insurance is the leading line, which is expected to account for 44.0% share of the GWP in 2024. Whole life insurance is expected to decline by 4.1% in 2024, due to high inflation and rising interest rates that have led to a decline in its demand. The inflationary pressure is expected to persist over the short-term. However, it is expected to rebound and grow by 2.1% in 2025, attributed to the country’s aging population coupled with an increasing life expectancy.
Whole life insurance offers permanent coverage that persists until the policyholder’s demise or until they reach a specified advanced age. This enduring protection makes it a preferred choice among the nation’s older demographic. As per GlobalData forecasts, the elderly population in Singapore will constitute 18.0% of the total population by 2030. Whole life insurance is expected to grow at a CAGR of 3.1% over 2025-29.
Vangari adds: “A significant portion of whole-life insurance premiums in Singapore are attributed to single-premium policies, a trend fueled by the country’s substantial affluent demographic.”
Endowment insurance is the second leading line of business which is expected to account for a 32.8% share in total life insurance GWP in 2024. It will grow at a 3.7% CAGR (2025-29), driven by rising interest rates and shifting demand toward wealth-focused products.
PA&H insurance is projected to represent a 14.2% share of the GWP in the life insurance industry in 2024. Escalating healthcare expenses and heightened health consciousness have spurred the demand for private health insurance. PA&H insurance is anticipated to grow at a CAGR of 6.6% over 2025-29.
Term life, general annuity, and other life insurance products are expected to account for the remaining 8.9% share of GWP in 2024.
Vangari concludes: “The life insurance industry growth in Singapore is largely attributed to demographic shifts, bolstering demand for life and health insurance products, particularly among an increasingly affluent population. The development of products tailored to the needs of the rapidly aging demographic is expected to be a significant area of focus for the insurers over the next five years.”
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