Life Insurance & Pension in Singapore

Life Insurance & Pension in Singapore

Summary

Life Insurance & Pension in Singapore industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
• The Singaporean life insurance & pension market recorded gross written premiums of $30 billion in 2023, representing a compound annual growth rate (CAGR) of 6.1% between 2018 and 2023.
• The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $26 billion, equivalent to 86.5% of the market's overall value.
• The growth in the Singaporean life insurance & pension market during 2018-23 was driven by the increasing population of individuals aged 65 and above. This demographic shift fueled demand for retirement savings plans and income protection policies as people sought financial security for their post-retirement years. According to the U.S. Census Bureau, the population of individuals aged 65 and above in Singapore stood at 0.8 million in 2023, an increase of 10.0% from the previous year.

• Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in Singapore
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Singapore
• Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the Singapore life insurance & pension market with five year forecasts by both value and volume

• What was the size of the Singapore life insurance & pension market by value in 2023?
• What will be the size of the Singapore life insurance & pension market in 2028?
• What factors are affecting the strength of competition in the Singapore life insurance & pension market?
• How has the market performed over the last five years?
• Who are the top competitors in Singapore's life insurance & pension market?