The life insurance market in Singapore is projected to grow from SGD64.6 billion ($48.9 billion) in 2026 to SGD83.9 billion ($63.5 billion) in 2030, registering a compound annual growth rate (CAGR) of 6.8% in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company.
GlobalData’s Global Insurance Database reveals that the Singapore life insurance market is estimated to grow by 8.3% in 2025, supported by resilient consumer demand for protection and wealth accumulation solutions. In 2025, whole life, endowment, and life personal accident and health (PA&H) policies combined are expected to account for 92.1% of the life insurance GWP.
Katam Prasanth, Senior Insurance Analyst at GlobalData, comments: “Life insurance growth momentum in Singapore will be underpinned by a rapidly aging population, which is elevating the need for long-term protection and retirement income−a trend already pushing up health and life insurance uptake among seniors.”
Whole life insurance remains a cornerstone of the Singapore life insurance market and is expected to account for 53.5% of the GWP in 2025. This segment’s growth is largely attributed to the aging population’s need for long-term protection and retirement income. According to the National Population and Talent Division, the number of residents aged 80 and older rose by nearly 60% from 2015 to 2025. This aging profile is prompting insurers to retool portfolios and underwriting for older risk cohorts.
Prasanth adds: “At the same time, consumer preferences are shifting toward value-oriented, personalized coverage, creating opportunities for tailored products and higher-value policies that support premium growth and coverage adequacy. Together, these shifts position life insurers for faster, more durable growth from 2026 onward.”
GlobalData expects endowment policies to capture a 24.8% share of the GWP in 2025. These policies are increasingly popular among consumers looking for dual benefits of savings and insurance. Rising interest in investment-linked policies (ILPs) and comprehensive protection is supporting policy uptake. ILPs remain a key engine of growth: new business premiums from ILPs rose 31.3% during H1 2025 compared to H1 2024, accounting for 43% of all new business premiums, according to Singapore’s Life Insurance Association (LIA).
Prasanth continues: “The shift toward recurring‐premium protection products and ILPs supports more stable premium streams and increases the value of new business.”
The life PA&H insurance segment is expected to represent 13.8% of GWP in 2025. Growth in this segment will be driven by the increasing uptake of health and life insurance among seniors seeking comprehensive protection. Notably, integrated shield plans (IPs), which supplement the government’s MediShield Life, have seen a remarkable surge.
According to LIA, individual health new business premiums increased by 69.3% during H1 2025. IPs and riders contributed 89.9% of total individual health insurance premiums, highlighting their critical role in the market.
Health-focused life solutions—such as critical illness riders, medical-linked ILPs, and long-term care riders—along with employer-sponsored programs, are expected to remain key growth levers. However, rising medical inflation and aging risks have increased the risk exposure of insurers.
Furthermore, technology−from AI-enabled underwriting and claims to embedded and online distribution−will further streamline access and personalization, widening the addressable market and sustaining premium growth. Advice-led channels are expected to continue anchoring higher-margin life insurance sales, while embedded and digital partnerships expand reach to SME and retail markets.
Prasanth concludes: “Looking ahead, Singapore’s life insurance industry is poised for robust growth through 2030, supported by technological advancements and a strong focus on consumer needs. As the market evolves, insurers are expected to implement prudent underwriting and claims management to mitigate the risks of medical inflation and aging population.”
