Singapore insurers handled SGD 25.9 billion in claims in 2022, with a claims ratio of 68.4%, while underwriting profit margins and health approval speeds move in very different directions across the industry. From IP enrolment at 68% of the population to motor own damage averaging SGD 4,200 per claim and fraudulent claims detected at SGD 28 million, the patterns are anything but uniform. Let’s look at how premiums, reserves, turnaround times, and losses are shaping Singapore’s insurance performance.
Key Takeaways
- In 2022, total insurance claims paid in Singapore amounted to SGD 25.9 billion, with a claims ratio of 68.4%.
- General insurance incurred claims were SGD 4.5 billion, up 5.2% YoY in 2022 Singapore.
- Life insurance claims settlement ratio was 97.8% within 30 days in Singapore 2022.
- In 2022, health and medical insurance claims in Singapore amounted to SGD 3.4 billion, up 12% YoY due to rising healthcare costs.
- Integrated Shield Plan (IP) enrolment reached 68% of Singapore population in 2022.
- MediShield Life claims payouts totaled SGD 1.2 billion for 1.1 million claims in 2022 Singapore.
- In 2022, Singapore's life insurance industry recorded total annual premium equivalent (APE) of SGD 12.4 billion, reflecting a 8.2% year-on-year growth driven by single premium policies.
- The number of life insurance policies in force in Singapore reached 28.5 million in 2022, up 4.1% from 2021, with whole life policies comprising 45% of the total.
- Singapore life insurers paid out SGD 18.7 billion in claims in 2022, a 6.5% increase, with death claims accounting for 32% of total payouts.
- Total insurance industry gross premiums in Singapore reached SGD 58.3 billion in 2022, growing 6.1% YoY.
- Insurance sector contributed 4.8% to Singapore's GDP in 2022.
- Number of licensed insurers operating in Singapore was 242 in 2022.
- In 2022, general insurance gross written premiums (GWP) in Singapore totaled SGD 7.2 billion, up 4.8% from 2021.
- Motor insurance accounted for 38% of total general premiums in Singapore in 2022, at SGD 2.74 billion.
- Property damage claims in general insurance paid SGD 1.1 billion in Singapore 2022.
In 2022, Singapore’s insurance paid out SGD 25.9 billion and improved losses to a 65.2% ratio.
Related reading
01 · Category
Claims and Underwriting23 stats
01
In 2022, total insurance claims paid in Singapore amounted to SGD 25.9 billion, with a claims ratio of 68.4%.
02
General insurance incurred claims were SGD 4.5 billion, up 5.2% YoY in 2022 Singapore.
03
Life insurance claims settlement ratio was 97.8% within 30 days in Singapore 2022.
04
Motor own damage claims averaged SGD 4,200 per claim in Singapore 2022.
05
Fraudulent claims detected totaled SGD 28 million, saving 1.2% of claims in 2022.
06
Health claims processing time averaged 7.5 days for IP claims in Singapore 2022.
07
Underwriting profit margin for life sector was 8.2% in Singapore 2022.
08
Catastrophe claims from floods paid SGD 65 million by general insurers 2022.
09
Loss adjustment expenses were SGD 320 million in general insurance Singapore 2022.
10
Disability claims under life policies totaled SGD 450 million in 2022 Singapore.
11
General insurance earned premiums net of reinsurance SGD 6.1 billion 2022.
12
Claims outstanding reserves held SGD 3.8 billion end-2022 Singapore insurers.
13
Work injury claims numbered 45,000 paying SGD 380 million in 2022.
14
Reinsurance recoverables on claims were SGD 2.1 billion in 2022 Singapore.
15
Average motor total loss claim payout SGD 28,500 in Singapore 2022.
16
Life claims denial rate was 1.3% primarily due to non-disclosure in 2022.
17
Property claims frequency increased 8% due to weather events in 2022 Singapore.
18
Incurred but not reported (IBNR) reserves SGD 1.4 billion in general 2022.
19
Critical illness claims average SGD 120,000 per payout in Singapore 2022.
20
Underwriting cycle index for general insurance at 105 in Singapore 2022.
21
Marine hull claims paid SGD 180 million with severity up 11% in 2022.
22
Overall industry loss ratio improved to 65.2% in Singapore insurance 2022.
23
Personal lines claims dominated 55% of general claims volume in 2022 Singapore.
Interpretation
Claims and Underwriting Interpretation
Singapore's insurance industry demonstrated a robust, albeit costly, efficiency in 2022, swiftly settling the vast majority of life claims while paying out a staggering SGD 25.9 billion, yet it remained vigilant in battling fraud and weather-related losses to protect its 8.2% underwriting profit.
02 · Category
Health and Medical Insurance27 stats
01
In 2022, health and medical insurance claims in Singapore amounted to SGD 3.4 billion, up 12% YoY due to rising healthcare costs.
02
Integrated Shield Plan (IP) enrolment reached 68% of Singapore population in 2022.
03
MediShield Life claims payouts totaled SGD 1.2 billion for 1.1 million claims in 2022 Singapore.
04
Private IP premiums averaged SGD 1,250 annually per policyholder in Singapore 2022.
05
Hospitalisation claims under health insurance numbered 850,000 in Singapore 2022.
06
Critical illness insurance premiums grew 9.5% to SGD 950 million in 2022 Singapore.
07
Outpatient health insurance coverage extended to 2.5 million lives in Singapore 2022.
08
Health insurance density per capita was SGD 620 in Singapore 2022.
09
IP claims approval rate was 92.5% for MediShield-linked plans in Singapore 2022.
10
Cancer claims under health policies totaled SGD 780 million in Singapore 2022.
11
Group health premiums for corporates reached SGD 1.1 billion in 2022 Singapore.
12
Dental insurance riders claims paid SGD 120 million in Singapore health sector 2022.
13
Health policy penetration among seniors (65+) was 82% in Singapore 2022.
14
Maternity claims under health insurance averaged SGD 8,500 per case in 2022 Singapore.
15
Telemedicine claims reimbursed SGD 45 million via health policies in 2022 Singapore.
16
Riders for IP plans covered 95% of IP policyholders in Singapore 2022.
17
Chronic disease management claims hit SGD 560 million in health insurance 2022 Singapore.
18
Health insurers' loss ratio was 78.3% in Singapore general health segment 2022.
19
Wellness benefits claims under corporate health plans totaled SGD 90 million 2022.
20
Pediatric health insurance policies numbered 450,000 in Singapore 2022.
21
Surgical claims average payout was SGD 15,200 per claim in Singapore health 2022.
22
Mental health coverage claims grew 28% to SGD 35 million in 2022 Singapore.
23
IP premium rebates issued totaled SGD 220 million to policyholders in 2022.
24
Preventive health screening claims reimbursed SGD 150 million in 2022 Singapore.
25
Health insurance new business policies issued 1.2 million in Singapore 2022.
26
Total direct health insurance premiums written SGD 4.8 billion in Singapore 2022.
27
Overseas medical treatment claims under health policies SGD 210 million 2022.
Interpretation
Health and Medical Insurance Interpretation
Singaporeans are paying more to be insured more than ever, yet the relentless rise in claims—from SGD 3.4 billion in health payouts to soaring critical illness premiums—paints a stark picture of a population locked in a financially draining race between advancing medical costs and the desperate need for coverage.
03 · Category
Life Insurance Sector30 stats
01
In 2022, Singapore's life insurance industry recorded total annual premium equivalent (APE) of SGD 12.4 billion, reflecting a 8.2% year-on-year growth driven by single premium policies.
02
The number of life insurance policies in force in Singapore reached 28.5 million in 2022, up 4.1% from 2021, with whole life policies comprising 45% of the total.
03
Singapore life insurers paid out SGD 18.7 billion in claims in 2022, a 6.5% increase, with death claims accounting for 32% of total payouts.
04
Investment assets held by life insurers in Singapore totaled SGD 285 billion as of end-2022, with 55% invested in bonds and fixed income securities.
05
The life insurance penetration rate in Singapore stood at 14.2% of GDP in 2022, one of the highest in Asia-Pacific region.
06
Single premium life policies contributed 42% of total APE in Singapore in 2022, amounting to SGD 5.2 billion.
07
Singapore's life insurance density reached SGD 4,120 per capita in 2022, up from SGD 3,890 in 2021.
08
Participating life policies in Singapore grew by 3.8% to 12.1 million in force in 2022.
09
Life insurers' profit after tax in Singapore was SGD 2.9 billion in 2022, boosted by investment income of SGD 7.1 billion.
10
Term life insurance new business APE surged 15% to SGD 1.8 billion in Singapore in 2022.
11
Endowment policies represented 28% of life insurance policies in force in Singapore at end-2022.
12
Life insurance surrender values paid out totaled SGD 4.2 billion in Singapore in 2022, up 9% YoY.
13
Foreign life insurers hold 65% market share by premiums in Singapore as of 2022.
14
Critical illness coverage under life policies covered 4.2 million lives in Singapore in 2022.
15
Life insurers' expense ratio averaged 12.5% of premiums in Singapore in 2022.
16
Annuity sales in Singapore's life sector reached SGD 1.1 billion APE in 2022.
17
Group life insurance premiums grew 7.2% to SGD 850 million in Singapore in 2022.
18
Life policy lapse ratio in Singapore was 5.8% in 2022, down from 6.2% in 2021.
19
Investment yield for life insurers in Singapore averaged 3.4% in 2022.
20
Universal life policies in force numbered 1.2 million in Singapore end-2022.
21
Life insurance new business annualised premium grew 10.3% to SGD 8.9 billion in 2022.
22
Maturity claims paid by life insurers totaled SGD 5.6 billion in Singapore 2022.
23
Local life insurers' market share by APE was 35% in Singapore 2022.
24
Disability income riders attached to 2.8 million life policies in Singapore 2022.
25
Life insurers' equity capital stood at SGD 25.4 billion end-2022 in Singapore.
26
Whole life APE new business was SGD 3.1 billion in Singapore 2022.
27
Life insurance bonuses declared totaled SGD 4.8 billion for policyholders in 2022.
28
Online life policy sales channel grew 22% in premium volume in Singapore 2022.
29
Life sector combined ratio was 95.2% for Singapore insurers in 2022.
30
Retirement-linked life products APE hit SGD 2.3 billion in Singapore 2022.
Interpretation
Life Insurance Sector Interpretation
Despite Singaporeans' prudent focus on securing their financial future—evident in record premiums and one of Asia's highest penetration rates—the industry's robust health is ultimately measured by the quiet, relentless drumbeat of SGD 18.7 billion in claims being paid out, proving that all this careful planning is, in the end, profoundly human.
More related reading
04 · Category
Market Overview and Growth23 stats
01
Total insurance industry gross premiums in Singapore reached SGD 58.3 billion in 2022, growing 6.1% YoY.
02
Insurance sector contributed 4.8% to Singapore's GDP in 2022.
03
Number of licensed insurers operating in Singapore was 242 in 2022.
04
Insurance density in Singapore was SGD 10,450 per capita in 2022, highest in SEA.
05
Total insurance penetration rate was 18.3% of GDP in Singapore 2022.
06
Direct business premiums grew 5.7% to SGD 42.1 billion in Singapore insurance 2022.
07
Reinsurance premiums accepted by Singapore firms totaled SGD 15.6 billion in 2022.
08
Insurance industry assets under management hit SGD 450 billion end-2022 Singapore.
09
Profit after tax for entire insurance sector was SGD 4.2 billion in 2022 Singapore.
10
Digital insurance platforms handled 28% of new policies in Singapore 2022.
11
ESG-linked insurance products premiums reached SGD 2.1 billion in 2022 Singapore.
12
Insurance employment totaled 45,000 jobs in Singapore as of 2022.
13
Foreign investment in Singapore insurance firms was SGD 120 billion 2022.
14
Projected CAGR for Singapore insurance market 2023-2027 is 5.8%.
15
Insurtech startups in Singapore numbered 85 in 2022.
16
Total claims paid across all insurance lines SGD 25.9 billion in 2022 Singapore.
17
Market concentration: top 5 insurers hold 55% of total premiums in 2022.
18
Insurance exports (premiums from overseas) SGD 18.4 billion in 2022 Singapore.
19
Regulatory capital adequacy ratio averaged 220% for insurers in 2022.
20
Cyber risk insurance market size SGD 120 million growing 40% in 2022 Singapore.
21
Pandemic-related claims recovery completed 98% by end-2022 Singapore insurers.
22
Green insurance policies issued 150,000 in Singapore 2022.
23
Total new business premiums across sectors SGD 35.6 billion in 2022 Singapore.
Interpretation
Market Overview and Growth Interpretation
Despite impressive growth and digital strides, with nearly a fifth of the economy and the region's highest per-capita spend, Singapore's insurance industry remains a robust, well-regulated fortress, though one still firmly guarded by a handful of dominant players.
05 · Category
Non-Life Insurance Sector26 stats
01
In 2022, general insurance gross written premiums (GWP) in Singapore totaled SGD 7.2 billion, up 4.8% from 2021.
02
Motor insurance accounted for 38% of total general premiums in Singapore in 2022, at SGD 2.74 billion.
03
Property damage claims in general insurance paid SGD 1.1 billion in Singapore 2022.
04
Number of general insurance policies in force reached 15.3 million in Singapore end-2022.
05
Work injury compensation premiums were SGD 650 million in Singapore general sector 2022.
06
General insurers' underwriting profit was SGD 420 million in Singapore 2022.
07
Fire insurance GWP grew 6.2% to SGD 890 million in Singapore 2022.
08
Marine cargo premiums totaled SGD 510 million, 7% of general GWP in Singapore 2022.
09
General insurance claims ratio averaged 62.4% in Singapore 2022.
10
Liability insurance policies covered 450,000 businesses in Singapore 2022.
11
Travel insurance premiums rebounded 25% to SGD 180 million post-COVID in 2022 Singapore.
12
General insurers' investment income was SGD 1.2 billion in Singapore 2022.
13
Personal accident premiums stood at SGD 420 million in Singapore general market 2022.
14
Motor third-party premiums were SGD 1.45 billion, 53% of motor total in 2022 Singapore.
15
General insurance density per capita was SGD 1,280 in Singapore 2022.
16
Engineering insurance GWP reached SGD 320 million in Singapore 2022.
17
Expense ratio for general insurers averaged 28.5% in Singapore 2022.
18
Number of motor policies in force hit 1.8 million in Singapore end-2022.
19
Miscellaneous accident claims paid SGD 250 million in Singapore general insurance 2022.
20
General insurance penetration rate was 4.1% of GDP in Singapore 2022.
21
Health insurance premiums within general sector totaled SGD 1.9 billion in Singapore 2022.
22
Combined ratio for general insurance improved to 92.3% in Singapore 2022.
23
Foreign general insurers hold 72% market share by GWP in Singapore 2022.
24
Cyber insurance premiums grew 35% to SGD 45 million in Singapore 2022.
25
General policy lapse rate was 4.2% in Singapore insurance industry 2022.
26
Property all risks premiums were SGD 1.2 billion in Singapore 2022.
Interpretation
Non-Life Insurance Sector Interpretation
Singapore's insurance industry demonstrates its resilience with a healthy 4.8% premium growth, a disciplined 92.3% combined ratio, and a hefty 62.4% payout in claims, proving it's a sector that dutifully absorbs the nation's bumps, bruises, and business risks while still turning a tidy underwriting profit.
06 · Category
Policyholders and Penetration21 stats
01
Number of unique policyholders in Singapore insurance reached 7.2 million in 2022.
02
Insurance coverage penetration among households was 92% in Singapore 2022.
03
Average number of policies per insured individual was 4.1 in Singapore 2022.
04
Low-income group (<SGD 2,000/month) insurance uptake 78% in 2022 Singapore.
05
Women policyholders comprised 52% of total in Singapore insurance 2022.
06
Senior citizens (65+) held 18% of all policies despite 15% population share 2022.
07
Bancassurance channel distributed 42% of new policies in Singapore 2022.
08
Youth (under 30) penetration rate rose to 65% from 58% in 2021 Singapore.
09
CPF-linked insurance schemes covered 85% of workforce in 2022 Singapore.
10
Expatriate policyholders numbered 650,000 in Singapore 2022.
11
Multi-policy households averaged 5.2 policies in Singapore 2022.
12
Digital-first policyholders grew to 3.1 million users in 2022 Singapore.
13
SME insurance penetration 88% among 220,000 SMEs in Singapore 2022.
14
Protection gap for death coverage estimated at SGD 1.2 trillion in 2022.
15
Agents sold 35% of policies while direct online 25% in Singapore 2022.
16
Gig economy workers insured under group schemes 420,000 in 2022.
17
Policy persistence rate 1st year averaged 85.3% across lines 2022.
18
High-net-worth individuals (>SGD 1m assets) 95% insured in Singapore 2022.
19
Family floater health policies covered 1.8 million in Singapore 2022.
20
Rural area penetration lagged at 82% vs urban 94% in Singapore 2022.
21
New policyholders added 850,000 net in Singapore insurance 2022.
Interpretation
Policyholders and Penetration Interpretation
Singapore has achieved a remarkably thorough and democratic saturation of insurance, where nearly every household is covered, the average person holds over four policies, and even our low-income groups and youth are actively participating, yet the sobering trillion-dollar protection gap reminds us that universal coverage does not equate to financial security.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Marcus Engström. (2026, February 13). Singapore Insurance Industry Statistics. Gitnux. https://gitnux.org/singapore-insurance-industry-statistics
MLA
Marcus Engström. "Singapore Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/singapore-insurance-industry-statistics.
Chicago
Marcus Engström. 2026. "Singapore Insurance Industry Statistics." Gitnux. https://gitnux.org/singapore-insurance-industry-statistics.
Sources & references
14 datasets cited across this report · attribution is report-level