Life Insurance in Singapore - Market Summary, Competitive Analysis and Forecast to 2025

Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
The Singaporean life insurance market had total gross written premiums of $25.8bn in 2020, representing a compound annual growth rate (CAGR) of 10.1% between 2016 and 2020.
The Life Insurance segment was the market's most lucrative in 2020, with total gross written premiums of $21.1bn, equivalent to 81.7% of the market's overall value.
Life insurance companies in Singapore are increasingly adopting new technologies in their product offering, a trend which has been accelerated by the COVID-19 pandemic as nationwide lockdowns and social distancing measures have restricted consumers’ ability to consult insurance firms in person.

Scope

Save time carrying out entry-level research by identifying the size, growth, and leading players in the life insurance market in Singapore
Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Singapore
Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
Add weight to presentations and pitches by understanding the future growth prospects of the Singapore life insurance market with five year forecasts by both value and volume

Reasons to Buy

What was the size of the Singapore life insurance market by value in 2020?
What will be the size of the Singapore life insurance market in 2025?
What factors are affecting the strength of competition in the Singapore life insurance market?
How has the market performed over the last five years?
Who are the top competitors in Singapore's life insurance market?

Frequently Asked Questions about the Singaporean Life Insurance Market

What is the estimated value of the Singaporean Life Insurance Market?

The Singaporean Life Insurance Market was estimated to be valued at $25.84 Billion in 2020.

What is the growth rate of the Singaporean Life Insurance Market?

The growth rate of the Singaporean Life Insurance Market is 5.1%, with an estimated value of $33.27 Billion by 2025.

What is the forecasted size of the Singaporean Life Insurance Market?

The Singaporean Life Insurance Market is estimated to be worth $33.27 Billion by 2025.

Who are the key companies in the Singaporean Life Insurance Market?

Key companies in the Singaporean Life Insurance Market include The Great Eastern Life Assurance Company Ltd, Manulife (Singapore) Pte Ltd, Prudential Plc and AIA Group Ltd.

Report Attribute	Details
No. of Pages	41
Published	October 2021
Forecast Period	2020 - 2025
Estimated Market Value ( USD ) in 2020	$ 25.84 Billion
Forecasted Market Value ( USD ) by 2025	$ 33.27 Billion
Compound Annual Growth Rate	5.1%
Regions Covered	Singapore

1 Executive Summary

1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive Landscape

2 Market Overview

2.1. Market definition
2.2. Market analysis

3 Market Data

3.1. Market value

4 Market Segmentation

4.1. Category segmentation
4.2. Geography segmentation

5 Market Outlook

5.1. Market value forecast

6 Five Forces Analysis

6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry

7 Competitive Landscape

7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?

8 Company Profiles

8.1. The Great Eastern Life Assurance Company Ltd
8.2. Manulife (Singapore) Pte Ltd
8.3. Prudential Plc
8.4. AIA Group Ltd

9 Macroeconomic Indicators

9.1. Country data

10 Appendix

10.1. Methodology
10.2. Industry associations
10.3. Related Research
10.4. About the Author

List of Tables

Table 1: Singapore life insurance market value: $ billion, 2016-20
Table 2: Singapore life insurance market category segmentation: $ billion, 2020
Table 3: Singapore life insurance market geography segmentation: $ billion, 2020
Table 4: Singapore life insurance market value forecast: $ billion, 2020-25
Table 5: Singapore life insurance market share: % share, by value, 2020
Table 6: The Great Eastern Life Assurance Company Ltd: key facts
Table 7: The Great Eastern Life Assurance Company Ltd: Key Employees
Table 8: Manulife (Singapore) Pte Ltd: key facts
Table 9: Manulife (Singapore) Pte Ltd: Key Employees
Table 10: Prudential Plc: key facts
Table 11: Prudential Plc: Annual Financial Ratios
Table 12: Prudential Plc: Key Employees
Table 13: AIA Group Ltd: key facts
Table 14: AIA Group Ltd: Annual Financial Ratios
Table 15: AIA Group Ltd: Key Employees
Table 16: AIA Group Ltd: Key Employees Continued
Table 17: Singapore size of population (million), 2016-20
Table 18: Singapore gdp (constant 2005 prices, $ billion), 2016-20
Table 19: Singapore gdp (current prices, $ billion), 2016-20
Table 20: Singapore inflation, 2016-20
Table 21: Singapore consumer price index (absolute), 2016-20
Table 22: Singapore exchange rate, 2016-20

List of Figures

Figure 1: Singapore life insurance market value: $ billion, 2016-20
Figure 2: Singapore life insurance market category segmentation: % share, by value, 2020
Figure 3: Singapore life insurance market geography segmentation: % share, by value, 2020
Figure 4: Singapore life insurance market value forecast: $ billion, 2020-25
Figure 5: Forces driving competition in the life insurance market in Singapore, 2020
Figure 6: Drivers of buyer power in the life insurance market in Singapore, 2020
Figure 7: Drivers of supplier power in the life insurance market in Singapore, 2020
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Singapore, 2020
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Singapore, 2020
Figure 10: Drivers of degree of rivalry in the life insurance market in Singapore, 2020
Figure 11: Singapore life insurance market share: % share, by value, 2020