Insurance gross premiums value Singapore 2022, by type

In 2022, the gross written premium value of motor insurance in Singapore amounted to about 1.07 billion Singapore dollars. This value ranked first among the different types of insurance. Health insurance followed in second place with a gross written premium value of 0.88 billion Singapore dollars.

Motor insurance in Singapore

  For motor vehicle owners in Singapore, it is mandatory to purchase insurance with a licensed insurer to cover death or injury to any person while driving the vehicle. In addition, comprehensive policies can be purchased to cover damage to the vehicle or personal injury. In Singapore, about 43 thousand motor vehicles were sold in 2022. The total motor vehicle population reached about 995.75 thousand units during the same year.

Life insurance in Singapore

The life insurance penetration rate stood at 7.6 percent in 2020 in Singapore, with gross health premiums amounting to 888.2 million Singapore dollars in 2022. The domestic market leaders are Great Eastern Life, Prudential Assurance, AIA Singapore, ManuLife, and NTUC Income Insurance. Compared to the previous year, the number of enforced new life insurance policies increased significantly. Additionally, health insurance companies recorded the highest underwriting profit among life insurance companies.