The expenditure on life insurance in Singapore saw varied trends over the years. From 2013 to 2019, the growth was relatively stable with minor fluctuations, peaking at 6.1 thousand US dollars in 2019. However, 2020 witnessed a significant drop of 15.6%, followed by a robust recovery in 2021 with a 16.32% increase. By 2023, the expenditure reached 6.5 thousand US dollars with a modest year-on-year growth of 1.51% and a 5-year CAGR of 1.63%.
Looking ahead, forecasted data suggests continuous growth with the expenditure expected to reach 6.99 thousand US dollars by 2028, implying a 5-year CAGR of 1.2% and an overall 5-year growth rate of 6.13%. Observers should keep an eye on economic stability and regulatory changes which may influence future expenditure trends in the life insurance sector in Singapore.
