Singapore's Life Insurance Slated for $43b Premiums in 2029
Singapore's Life Insurance Slated for $43b Premiums in 2029
The sector is forecast to expand by 3.0% in 2025, recovering from a decline in 2024 attributed to global economic uncertainty, inflation, and volatile markets. Due to the ageing population, health awareness, and consumer spending.
由於人口老齡化、健康意識和消費者支出。
The life insurance sector in Singapore is forecast to bag $43.6b in gross written premiums (GWP) by 2029, possibly recording a compound annual growth rate (CAGR) of 4.0% beginning 2025, according to GlobalData.
根據GlobalData的數據，預計到2029年，新加坡的人壽保險業總承保保費（GWP）將達到436億美元，從2025年開始，複合年增長率（CAGR）可能達到4.0％。
This growth is expected to be driven by an ageing population, increased health awareness, and a rebound in consumer spending.
預計這種增長將受到人口老齡化、健康意識提高和消費者支出的反彈的推動。
The sector is forecast to expand by 3.0% in 2025, recovering from a decline in 2024 attributed to global economic uncertainty, inflation, and volatile markets.
預計該行業將在2025年增長3.0％，從2024年的下降中恢復過來，這歸因於全球經濟的不確定性、通貨膨脹和市場波動。
"The industry is expected to gain momentum in 2025, supported by changing demographics and increasing health awareness that will drive the demand for personal accident and health (PA&H), and whole life insurance policies," analyst from GlobalData, Manogna Vangari, said in the report.
GlobalData分析師Manogna Vangari在報告中表示：「在人口結構變化和健康意識提高的支持下，該行業預計將在2025年獲得動力，這將推動對人身意外和健康（PA＆H）以及終身壽險保單的需求。」
Whole life insurance is the largest segment, accounting for an estimated 44.0% of GWP in 2024.
終身壽險是最大的細分市場，估計佔2024年全球總產值的44.0％。
Although demand is expected to decline by 4.1% in 2024 due to inflation and rising interest rates, the segment is predicted to rebound with a 2.1% growth in 2025 and achieve a 3.1% CAGR over 2025 to 2029.
儘管由於通貨膨脹和利率上升，預計2024年的需求將下降4.1％，但預計該細分市場將在2025年反彈，增長2.1％，並在2025年至2029年期間實現3.1％的複合年增長率。
This growth will be supported by Singapore's ageing population, which is projected to make up 18.0% of the total population by 2030.
這一增長將得到新加坡人口老齡化的支持，預計到2030年新加坡人口將佔總人口的18.0％。
Endowment insurance, the second-largest segment, is expected to account for 32.8% of GWP in 2024 and grow at a 3.7% CAGR through 2029, driven by rising interest rates and a shift toward wealth-focused products.
受利率上升和向財富產品轉變的推動，第二大細分市場捐贈保險預計將在2024年佔GWP的32.8％，到2029年將以3.7％的複合年增長率增長。
PA&H insurance, which is projected to hold a 14.2% market share in 2024, is expected to grow at a CAGR of 6.6% over the same period due to increasing healthcare costs and heightened health awareness.
PA＆H保險預計將在2024年佔有14.2％的市場份額，由於醫療成本增加和健康意識的提高，預計同期將以6.6％的複合年增長率增長。
The remaining 8.9% of the market in 2024 will comprise term life, general annuity, and other insurance products.
2024年剩餘的8.9％的市場份額將包括定期壽險、普通年金和其他保險產品。
"The life insurance industry growth in Singapore is largely attributed to demographic shifts, bolstering demand for life and health insurance products, particularly amongst an increasingly affluent population," Vangari said.
萬加里說：「新加坡人壽保險業的增長在很大程度上歸因於人口結構的變化，增加了對人壽和健康保險產品的需求，尤其是在日益富裕的人口中。」
"The development of products tailored to the needs of the rapidly ageing demographic is expected to be a significant area of focus for the insurers over the next five years," concluded Vangari.
Vangari總結說：「針對快速老齡化人口需求量身定製的產品的開發預計將成爲保險公司未來五年關注的重要領域。」
