Singapore: Health and wealth to drive growth for life insurers
Source: Asia Insurance Review | Nov 2026
S&P Global Ratings forecasts robust real GDP growth of 5.2% for Singapore’s life insurance sector in 2026, with strong fundamentals to support the growth trajectory through 2027.
The ratings agency expects growth for premiums to normalise at a high level and from a solid base as momentum continues for health-related and wealth management services. The sector’s performance is also likely to remain stable because of strong capitalisation and healthy profitability.
S&P Global Ratings forecasts robust real GDP growth of 5.2% for 2026, which will support growth of disposable income among consumers. At the same time, Singapore is considered the world’s second most competitive international wealth management centre, according to Deloitte International Wealth Management Center Rankings 2024. Overseas funds and family offices are gravitating to the country for private banking, and this is providing opportunities for life insurers in the high net worth and ultrahigh net worth segments.
The ratings agency sees growth in premiums of 13% to 17% for the full year in 2026. According to the Life Insurance Association of Singapore, total new business weighted premiums rose 21.4% year-on-year to S$3.6bn in 1H2026.
In 2027, it foresees growth moderating to a more sustainable 7% to 9% as the market normalises against high base effects and aligns with Singapore’s real GDP growth expectations.
The ratings agency believes that the Singapore life insurance industry will remain one of the stronger markets in the region.
Premium growth will derive from sustained mass market demand on protection, health, and wealth accumulation. Competition will intensify in the high- and ultra-high-net-worth segment. Insurers with stronger capitalisation, wide cross-border networks, and access to global investment capabilities and expertise will be in a better position to capture the growth opportunities in this segment. A