Insurance market to soar $146.62b by 2030 on rising consumer awareness, strong economy

It is projected to post a 9.7% CAGR from 2024 to 2030.

Singapore’s life and non-life insurance market is projected to reach $146.62b (US$115.45b) by 2030, according to Research and Markets.

The market was estimated at $84.34b (US$66.41b) in 2024. The report projects a compound annual growth rate of 9.7% from 2024 to 2030.

Growth is attributed to rising consumer awareness and a robust economy. Life insurance remains the dominant segment, driven by retirement planning, health coverage and wealth management solutions.

Non-life insurance, including property, casualty and motor coverage, has also seen rising demand. The report links this to protection needs against accidents and natural disasters.

The market is segmented by insurance type, distribution channel and region within Singapore. Distribution channels include direct, agency and bank channels, whilst regional segmentation covers Central, North-East, East, West and North Singapore.

($1.00 = US$0.79)