Singapore Motor Insurance Market is Segmented by Policy Type (Comprehensive, Third-Party Fire and Theft, Usage Based and More), Vehicle Type (Private Passenger Car, Motorcycles, and Scooters, and More), Distribution Channel (Agents and Brokers, Direct, Online Price Aggregators, Bancassurance and Automotive Dealerships), and End Users (Personal, Commercial). The Market Forecasts are Provided in Terms of Value (USD)

In 2025, Singapore had *** insurance companies, including ** captive insurers and ** direct insurers, which represented the two largest subcategories within the sector.

Singapore General Insurance Claims: Motor Vehicles data was reported at 638.600 SGD mn in 2016. This records a decrease from the previous number of 651.400 SGD mn for 2015. Singapore General Insurance Claims: Motor Vehicles data is updated yearly, averaging 158.200 SGD mn from Dec 1965 (Median) to 2016, with 52 observations. The data reached an all-time high of 693.400 SGD mn in 2012 and a record low of 8.100 SGD mn in 1965. Singapore General Insurance Claims: Motor Vehicles data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.Z012: General Insurance Statistics.

In 2023, Singapore's gross premium written by insurance companies amounted to about **** billion Singapore dollars. This is a slight increase from the previous year, when the figure amounted to **** million Singapore dollars.

In 2023, the gross premium written value by travel insurance companies in Singapore amounted to ***** million Singapore dollars. This rebound follows a sharp decline since 2019, with the impact of Covid-19 significantly reducing travel activities.

In 2023, Singapore's gross premium value by health insurance companies amounted to *** million Singapore dollars. This represents an increase compared to the previous year, and a steady rise since 2017.

Singapore General Insurance Premium: Total data was reported at 2,669.200 SGD mn in 2016. This records an increase from the previous number of 2,649.500 SGD mn for 2015. Singapore General Insurance Premium: Total data is updated yearly, averaging 721.450 SGD mn from Dec 1965 (Median) to 2016, with 52 observations. The data reached an all-time high of 2,936.100 SGD mn in 2014 and a record low of 35.900 SGD mn in 1965. Singapore General Insurance Premium: Total data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.Z012: General Insurance Statistics.

In 2023, the gross written premium value of motor insurance in Singapore amounted to about **** 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 **** 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 39 thousand motor vehicles were sold in 2023. The total motor vehicle population reached about *** thousand units during the same year. Life insurance in Singapore The life insurance penetration rate stood at *** percent in Singapore, with life premiums amounting to **** billion Singapore dollars in 2023. 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.

In 2023, Singapore Travel Insurance Market reached a value of USD 143.2 million, and it is projected to surge to USD 646.7 million by 2030

According to the customer satisfaction index of Singapore in 2022, **** percent of the respondents preferred to purchase their insurance from non-digital channels, declining from ** percent in 2020. The preference to purchase similar policies from digital channels rose from ** percent to **** percent.

According to the Singapore Customer Satisfaction Index in 2022, the highest satisfaction score among insurance companies was from Great Eastern, with a score of **. It was followed by AIA and Income Insurance, with scores of **** and ** respectively.

Singapore General Insurance Premium: Motor Vehicles data was reported at 950.800 SGD mn in 2016. This records an increase from the previous number of 943.000 SGD mn for 2015. Singapore General Insurance Premium: Motor Vehicles data is updated yearly, averaging 306.850 SGD mn from Dec 1965 (Median) to 2016, with 52 observations. The data reached an all-time high of 1,182.500 SGD mn in 2012 and a record low of 15.400 SGD mn in 1966. Singapore General Insurance Premium: Motor Vehicles data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.Z012: General Insurance Statistics.

Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_abcfd12381e7f8d175280d999cdb2dea/view

In 2023, the gross domestic product (GDP) of the finance and insurance industry in Singapore amounted to approximately ***** billion Singapore dollars. In that year, the GDP from services producing industries amounted to around ****** billion Singapore dollars.

In 2022, the assets of insurance companies in Singapore amounted to approximately *** billion U.S. dollars. This value slightly decreased compared to the previous year.

In 2023, the underwriting profit of health insurers in Singapore decreased to a minus of **** million Singapore dollars. This follows a plus of **** million Singapore dollars in the previous year.

Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_88ecfee25dff217289d1e588eb8c2649/view

Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_74edc21bac7b0aa8c4253b227a7540c3/view

In 2023, the underwriting profit of general insurers in Singapore increased to ***** million Singapore dollars. This is a slight decrease from the previous year and a recovery from the 2019 decline.

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Singapore (DDDI10SGA156NWDB) from 1992 to 2020 about premium, Singapore, life, insurance, and GDP.