Singapore Insurance Market Highlights
Market Regulation:
Supervision is conducted by the MAS. Axco’s regulatory tracking focuses on the 2026 Fair Dealing guidelines and the promotion of InsurTech innovation.
Non-Life Market Trends:
Singapore is a premier hub for Captives and Specialty lines; Axco’s benchmarking identifies GWP growth in Professional Indemnity and Cyber as key 2026 drivers.
Distribution Channels:
The commercial market is heavily broker-led; Axco analysis reveals a sophisticated digital-first retail landscape that is among the most advanced in Asia.
Key Risks & Outlook:
Singapore acts as a global "test-bed" for AI; however, Axco’s outlook notes that insurers face continued pressure from rising international reinsurance costs.
Insurance Companies:
Axco Navigator details there are 82 insurance companies are authorised to write business in Singapore, of which 59 operate in non-life classes and 23 in life-classes.
Insurance Statistics:
Axco reports written premiums in 2024 increased by 5.9% to SGD 4,523 Mn with motor the largest class of business, accounting for 27% of premiums. Insurance penetration stands at 0.62%.
Insurance Intelligence
Providing expert analysis, independent market insight and company data on the insurance industry.
Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Singapore Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Singapore includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Key Benefits
- Superior market insights
- Crucial compliance information
- Risk assessment and profitability
What is the Non-Life Insurance market in Singapore?
In June 2026 the non-life market comprised 61 direct insurers for Singapore Insurance Fund (SIF/onshore) business, including nine composites, together with 38 non-life and composite reinsurers and 86 non-life and composite captive insurers.
There were also 16 service companies operating on the Lloyd's Asia platform, although the majority of Lloyd's income is derived from business emanating outside Singapore. The leading insurers of pure non-life business (excluding PA/healthcare) in 2025 were Income Insurance, AIG and Chubb.
In the Non-Life (P&C) market, Cigna Europe Insuance Co SA - NV, Singapore Branch was the market leader, recording SGD 545.40 million in written premiums and 8.36% market share in 2025. It was followed by Income Insurance Limited (SGD 529.41 million; 8.11% market share) and AIG Asia Pacific Insurance Pte Ltd (SGD 395.76 million; 6.06% market share).
Among the leading non-life insurers, Liberty Speciality Markets - Singapore reported the strongest growth, with premiums increasing 193.6% year-on-year. 59 companies are licensed for non-life business in 2025.
Who are the top non-life insurers in Singapore?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | Cigna Europe Insuance Co SA - NV, Singapore Branch | 2025 | 545.40 | 8.36 |
| 2 | Income Insurance Limited | 2025 | 529.41 | 8.11 |
| 3 | AIG Asia Pacific Insurance Pte Ltd | 2025 | 395.76 | 6.06 |
| 4 | Chubb Insurance Singapore Ltd | 2025 | 380.34 | 5.83 |
| 5 | MSIG Insurance (Singapore) Pte Ltd | 2025 | 354.78 | 5.44 |
| 6 | MS First Capital Insurance Ltd | 2025 | 298.90 | 4.58 |
| 7 | Allianz Global Corporate & Speciality AG, Singapore Branch | 2025 | 278.30 | 4.26 |
| 8 | Tokio Marine Insurance Singapore Ltd | 2025 | 274.05 | 4.20 |
| 9 | Liberty Speciality Markets - Singapore | 2025 | 246.15 | 3.77 |
| 10 | Lloyd's Asia Scheme | 2025 | 219.65 | 3.37 |
Source: Axco Navigator, Singapore Insurance Market Rankings.
What is the Life Insurance market in Singapore?
The regulator reported 16 registered direct life insurance companies in 2026, of which seven were restricted defined market segment (DMS) licensees. In addition, there were nine composites, three life reinsurers and nine composite reinsurers.
In the Life insurance market, Manulife (Singapore) Pte Ltd was the largest insurer in 2025, generating SGD 9,918.46 million in written premiums and holding 18.44% market share. It was followed by Prudential Assurance Company Singapore (Pte) Ltd (SGD 9,743.73 million; 18.11% market share) and The Great Eastern Life Assurance Company Limited (SGD 9,703.00 million; 18.04% market share).
The fastest-growing major life insurer was Fwd Bermuda. 23 companies are licensed for life business in 2025.
Who are the top life insurers in Singapore?
| Number | Local Company | Year | Written Premiums (Mn) | Market Share (%) |
|---|---|---|---|---|
| 1 | Manulife (Singapore) Pte Ltd | 2025 | 9,918.46 | 18.44 |
| 2 | Prudential Assurance Company Singapore (Pte) Ltd | 2025 | 9,743.73 | 18.11 |
| 3 | The Great Eastern Life Assurance Company Limited | 2025 | 9,703.00 | 18.04 |
| 4 | AIA Singapore Private Ltd | 2025 | 9,487.64 | 17.64 |
| 5 | Singpaore Life Pte Ltd | 2025 | 5,727.16 | 10.65 |
| 6 | Income Insurance | 2025 | 2,626.18 | 4.88 |
| 7 | HSBC Life Singapore Pte Ltd | 2025 | 2,337.00 | 4.34 |
| 8 | Etiqa Insurance Berhad, Singapore Branch | 2025 | 1,218.90 | 2.27 |
| 9 | Tokio Marine Life Insurance Singapore Ltd | 2025 | 852.85 | 1.59 |
| 10 | FWD Singapore Pte Ltd | 2025 | 782.01 | 1.45 |
Source: Axco Navigator, Singapore Insurance Market Rankings.
Country Information
| Time-zone | GMT +8 |
| Capital city | Singapore |
| Currency | SGD |
| Population | 5.90 mn |
| Total GDP (2025) | 339,733.57 |
| Inflation (%) | 0.74% |
| Total GWP (USD) | 28,649.15 |
| Insurance Penetration (%) | 7.7 |
The Republic of Singapore is a city state comprising Singapore Island and 58 smaller islands with a total area of 639 square kilometres.
The Monetary Authority of Singapore (MAS) is never far from the marketplace in some shape or form, whether by regulation or by innovation and likes to be seen as a driver. It has recently initiated two specific thrusts involving what it considers to be of immediate relevance as noted below.
Gross written non-life premium income in 2017 including personal accident (PA) and healthcare business written in the non-life account was SGD 3.96bn.
In 2019 the non-life market comprised 60 direct insurers for Singapore Insurance Fund (SIF/onshore) business, including eight composite offices. Of these, 16 offices are designated class insurers. There are also currently 20 active underwriting service companies writing for various syndicates under the Lloyd's Asia Scheme, although the majority of Lloyd's income is from offshore activities.
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