The number of lives insured with Group Insurance Plans in Singapore shows a slight upward trend from 2013 to 2023, with a value standing at 5.1586 million in 2023. The year-on-year variation over the last two years indicates a consistent but modest increase of around 0.48% annually. The most significant increase was observed in 2022 with a 5.76% rise, recovering from the declines noted in 2020.
Moving forward to forecasted data from 2024, a steady growth trajectory can be observed with a projected 5-year CAGR of 0.38%, leading to a growth rate of 1.94% by 2028. This suggests a continuous but modest expansion in the number of lives insured under group insurance plans in the coming years.
Future trends to watch for include the impact of demographic changes and economic conditions on group insurance uptake, innovations in insurance offerings, and potential regulatory changes that could affect market dynamics.
