Singapore’s life insurance market is set to grow as premiums rise to 2030

GlobalData linked the growth outlook to Singapore’s rapidly ageing population.

Singapore’s life insurance market is set for steady expansion, with GlobalData projecting gross written premiums to grow from $64.6b in 2026 to $83.9b in 2030, a 6.8% compound annual rate, after an estimated 8.3% rise in 2025.

The market remains dominated by whole life, endowment, and life personal accident and health products, which together account for 92.1% of 2025 premiums. Whole life policies represent about 53.5% of total premiums, followed by endowment at 24.8% and life PA&H at 13.8%.

GlobalData linked the growth outlook to Singapore’s rapidly ageing population, noting that the number of residents aged 80 and above has risen by around 60% over the past decade, driving demand for long-term protection and retirement income solutions.

Investment-linked policies continue to gain traction, with new business premiums up 31.3% year on year in the first half of 2025, accounting for 43% of total new business premiums.

Health insurance is another key engine, with individual health new business premiums up 69.3%, and Integrated Shield Plans and riders accounting for 89.9% of this segment.

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