Insurance businesses in Singapore are benefiting from strong demand for vehicle, property, health, and other insurances across the country. Customers across insurance segments are being encouraged by rising life expectancy, tax incentives on insurance products, and favourable savings connected with insurance.
General Insurance Association of Singapore (GIA)
Life Insurance Association Singapore (LIA)
The Life Insurance Group Singapore (LIA) is a non-profit trade association established in Singapore that represents life insurance product and reinsurance providers. It is registered with the Monetary Authority of Singapore (MAS). Its role is: to express members’ interest and to deal with industry issues by involving stakeholders – regulators, other industries and consumers; to uphold the professionalism and integrity of members; to cooperate with members in developing and implementing industry guidelines and codes of practise; to build consensus between members and coordinate projects across the industry for mutual benefit.
During the forecast period, the insurance market in Singapore is expected to increase at a CAGR of around 5%. For the first four quarters of 2019, Singapore’s insurance market generated SGD 4.3 billion in weighted new business premiums, up 0.4 percent from the same period last year. In Singapore, important market drivers include economic growth, rising government spending, technology breakthroughs, and increased consumer awareness of insurance products. The government’s policy of covering the uninsured has pushed up insurance penetration and the number of insurance schemes in Singapore.
As the number of digital distribution channels grows, insurers will have an easier time obtaining insurance coverage. Insurtech, messaging platforms, and internet sales channels are all helping to shape the country’s insurance market.