In 2023, the life insurance policy volume in Singapore stood at 14.363 million. Over the last decade, the market faced fluctuations with notable highs and lows. A significant drop of 16.45% occurred in 2020 due to economic disruptions, likely attributed to the global pandemic. Recovery followed in subsequent years with a healthy YoY increase of 15.2% in 2021 and 5.93% in 2022. The average annual variation per year over the last five years (CAGR) was modest at 0.65%. Forecasts up to 2028 predict a gradual growth with a CAGR of 0.51%, reaching approximately 14.779 million by 2028, a total projected increase of 2.57% from 2023.
Future trends to watch for:
- Digital transformation in insurance services
- Increasing demand for flexible and personalized policies
- Potential market volatility amidst economic uncertainties
- Adoption of advanced data analytics for risk assessment and premium calculation
- Enhanced customer engagement through AI and machine learning
