Singapore’s life insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.8% from SGD 62.9bn ($47.2bn) in 2022 to SGD 100.4bn ($77bn) in 2027 in terms of GWP, GlobalData has said.
The country’s life insurance industry grew by 13.3% in 2022 and is projected to grow by 10.9% in 2023. The growth will be driven by increased awareness of financial planning after the pandemic.
GlobalData senior insurance analyst Shabbir Ansari said: “The Singaporean life insurance industry is expected to witness strong growth over the next five years, supported by increasing awareness for financial protection, product innovations, and a growing affluent population in the country.”