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 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
Insurance Market Reports (Non-Life)
Insurance Market Reports (Life & Benefits)
Employee Benefits Reports
Regulatory Alerts
Market Profiles
Insight
Insight EB
Compliance Point
Clinical Trials
| Time-zone Capital city Currency Population Real GDP growth (%) Inflation (%) Total GWP (USD) Insurance Penetration (%) |
GMT +8 Singapore SGD 5.90 mn 339,733.57 0.74% 28,649.15 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.
