Top Insurance Companies in Singapore

The Insurance sector in Singapore comprises two main segments: Life Insurance and General Insurance. As at 31 December 2020, Singapore’s total insurance industry assets amounted to SGD 407 billion, representing a compound annual growth rate (CAGR) of 16% in the 2016-2020 period.

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Company	Headcount	Contact	Description
AIA SINGAPORE	2,769	+65 1800 248 8000 groupcorpcomms@aia.com	AIA Singapore is part of the AIA Group, which is the largest independent publicly listed pan-Asian life insurance group in the world and the second largest life insurance company in the world by market capitalisation. As a leading company in Singapore, AIA Singapore takes a leadership role in contributing to the nation’s social and economic progress by enabling families to live healthier, longer, better lives. Together with one of Singapore’s biggest and most committed team of AIA Financial Services Consultants, our dedicated staff are united in continually pursuing this goal. With a focus on providing excellent service to our customers, we partner with individuals, families and corporates in Singapore for a brighter and more prosperous future for all. Committed to the vision of being the pre-eminent life insurer in the country, admired for excellent service and best practices, AIA Singapore conducts our business according to an operating philosophy of “Doing the Right Thing, in the Right Way, with the Right People.Any personal information supplied by you in connection with your use of this social media platform may be collected, stored, handled, used and deleted in accordance with the AIA Singapore Privacy Policy available at http://www.aia.com.sg/en/index/personal-data-policy.html
INCOME	2,379	+65 6789 5000 motor@income.com.sg	Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being. For more information, please visit www.income.com.sg
PRUDENTIAL INDONESIA (PT PRUDENTIAL LIFE ASSURANCE)	10,928	+62 1 500 085 customer.idn@prudential.co.id	Listening. Understanding. Delivering.At Prudential Indonesia we deliver excellence by consistently innovating, creating new opportunities and growing our business to cater all of our customers needs.With a vision of becoming truly world class, Prudential Indonesia provides quality services and proven track record of market leadership in the country.Working at Prudential Indonesia gives you many opportunities to develop yourself and explore what you’re really capable of, as well as the perfect environment to collaborate, listen and care for others.Ask around. The more you find out about us, the more you’ll learn that we’re an insurance company that understands you.We are here to listen.
SCOR	3,985	+65 6517 7500 investorrelations@scor.com	SCOR, one of the worlds largest reinsurers, provides its clients with a diversified and innovative range of solutions to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health as well as in P&C.The reinsurance industry is about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need expert judgments and human experience to correctly underwrite. This is what we call the art of underwriting. Reinsurance is a knowledge industry. Expertise is an accumulation variable. The most advanced tool will never replace the intuition of a seasoned underwriter facing a complex risk. Because at the end of the day, you have to make a decision, to sign, to underwrite. And what we have underwritten, we cannot overwrite - our word is our bond, as is our signature. This dimension of our business, linked to the art of underwriting, is more important than some observers would have people believe. One way to acquire this art is to share experiences – both good and bad – and to share doubts and questions. Artists always belong to a school, from which they learn their craft. Like artists, we have to learn, imitate, mimic, and then innovate, in order to find our own style and create our own distinctive work.
REINSURANCE GROUP OF AMERICA, INCORPORATED	3,426	+65 6692 9380 rga_singaporedpo@rgare.com	Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortunes Worlds Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com.
MUNICH RE	17,773	+65 6220 1768 dpo_sg@munichre.com	Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. We are globally active and operate in all lines of the insurance business. Since our founding in 1880, we’ve been known for our unrivaled risk-related expertise and sound financial position. We offer customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. We possess outstanding innovative strength, which enables us to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks, or pandemics.We’re also playing a key role in driving forward the digital transformation of the insurance industry, and in doing so have further expanded our ability to assess risks and the range of services that we offer. Our tailor-made solutions and close proximity to our customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.Munich Re Imprint: www.munichre.com/en/service/imprint/index.htmlMunich Re Legal Notice: https://www.munichre.com/en/service/legal-notice/index.htmlMunich Re Privacy Policy: https://www.munichre.com/en/service/privacy-statement/index.htmlBy accessing the Munich Re LinkedIn page, you agree to LinkedIns terms and conditions and its data use policy: www.linkedin.com/legal/privacy-policy© 2000–2018Münchener Rückversicherungs-GesellschaftGroup Communications
FWD INSURANCE	7,946	+65 6820 8888 group.dpo@fwd.com	FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
IGLOO	179	+65 6920 5134 careers@iglooinsure.com	Igloo is a full stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams and optimise and enhance existing products.
PRUDENTIAL LIFE ASSURANCE PUBLIC COMPANY LTD. (THAILAND)	542	+66 81 815 2011 hotline@prudential.co.th	Prudential Life Assurance Public Company Ltd. (Thailand) (Prudential Thailand) is a subsidiary of UK-based Prudential plc and started its operations in Thailand in 1995. We have worked consistently to grow the company as well as provide the people of Thailand with opportunities to protect and secure their financial futures. Prudential Corporation Asia is one of Asia’s leading insurance companies with more than 14 million customers in 12 countries. The company offers a wide range of life insurance, protection, savings and retirement products and services. With a long heritage in Asia, the company has 500,000 financial consultants who live up to the promise every day to be “Always Listening. Always Understanding. Eastspring Investments is the asset management operation and serves both retail and institutional investors. It is one of Asias largest retail asset managers with operations in 10 regional markets plus offices in North America, the UAE, and the Europe.
CHARLES TAYLOR	1,541	+61 456 658 666 bobby.gracey@charlestaylor.com	Charles Taylor provides an unrivalled and growing range of insurance services, claims and technology solutions across the globe, with a specialism in complex situations requiring distinctive technical expertise and technology. We aim to build long-term client relationships spanning multiple value-creating solutions, and to consistently delight our clients with the quality and responsiveness of our people and delivery.We have 3,000+ experts based around the globe in more than 120 locations spread across 30 countries in the UK & Europe, the Americas, Asia Pacific, the Middle East and Africa.Visit our website for more information.
SWISS RE	14,208	+65 6428 1817 investor_relations@swissre.com	The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 70 offices globally and is rated AA- by Standard & Poors, Aa3 by Moodys and A+ by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the Main Standard on the SIX Swiss Exchange and trade under the symbol SREN. Were smarter together.For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe
PRUDENTIAL ASSURANCE MALAYSIA BERHAD	5,294	+60 3-2771 0228 customer.mys@prudential.com.my	Our purpose is to help people get the most out of life. We make healthcare affordable and accessible, we protect people’s wealth and grow their assets, and we empower our customers to save for their goals.Our brand commitment “Listening. Understanding. Delivering.” reinforces our purpose of helping customers progress in life, meeting their evolving needs in a highly digital, interconnected world. By putting innovation at the core for our customers, Prudential continues to be as relevant today as it has been for more than 99 years.Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924 and is a subsidiary of Prudential plc, which was founded in London in 1848. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa. Our financial strength, heritage, prudence and focus on our customers’ long-term needs ensure that people continue to turn to us to help them plan for today and tomorrow.
STARR INSURANCE COMPANIES	2,528	+65 6636 0380 philip.finley@starrcompanies.com	Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.Starr has the global knowledge, vision and relationships to help your company succeed, anywhere you do business.
DOCDOC PTE. LTD.	64	+65 6602 8035 support@docdoc.com	DocDoc is the world’s first patient intelligence company. Our vision is to empower patients to make data-driven healthcare decisions which are safe, transparent, and fair. We use technology in conjunction with medically trained professionals to optimise healthcare outcomes and cost, and enhance the patient’s end-to-end healthcare journey. DocDoc combines AI-powered doctor discovery, telemedicine, and digital Third Party Administrator services onto a single platform. With this platform, DocDoc enables insurance companies to offer a differentiated product in a crowded market, employers to attract and retain world-class employees, and governments to improve accessibility and affordability of healthcare services for their citizens.DocDoc is an independent company with deep expertise in healthcare quality. We seek physicians, clinics, and hospitals with excellent outcomes who believe they are the best at what they do. We then spend hours with each doctor, investigating quality of care and documenting procedures and conditions where the physician excels. We review national records to confirm credentials and discover any legal action. Then, we enter information from multiple sources into a sophisticated system that finds a best match between a unique patient need and unique physician experience.Our model is that everyone wins. The patient finds a highly qualified doctor to treat their condition. The physician, who excels in specific treatments and procedures, has a company validate their expertise and send select patients to them so they can focus on clinical care. The insurance firms, knowing that happy policyholders maintain memberships and employers knowing that healthy employees are more productive, pay us a modest fee to assure their patients make informed medical decisions. The service is free of charge to providers to ensure transparency and avoid conflict of interest.
PARTNERRE	1,304	+65 6538 2066 james.beedle@partnerre.com	At PartnerRe, we are a community of curious, intelligent industry experts, united by a drive to outperform. As an international reinsurer with a robust capital base, we are a market leader with a reputation of financial stability and strength, and a commitment to rebuilding businesses and communities after risk events around the world.
TOKIO MARINE INSURANCE GROUP (ASIA)	1,507	+65 6221 6111 info@tokiomarineasia.com	Welcome to the official page of Tokio Marine in Asia.More than 140 years ago, we were established as the first Insurance company in Japan. Our network now spans across 45 countries, and we have never lost sight of conducting business with integrity, passion and quality. Doing good, being good means profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group. WHO WE ARE Established in the year 1879 as the first insurance company in Japan, TOKIO MARINE has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world’s most globally diversified and financially secure insurance groups. Today, as Japan’s largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever-ready to partner with you to continuously realise more achievements.
LIFEPAL	208	+62 21 31116121 support@lifepal.co.id	Established in 2018, Lifepal is one of the largest insurance marketplaces in Indonesia with a mission to provide access to personal finance information and insurance protection for everyone. Here, Lifepal will help you understand the improtance of insurance to protect employees and businesses against the risk of unforeseeable events. Lifepal is a part of PT. Anugrah Atma Adiguna (Triple A), an insurance broker registered and supervised by Otoritas Jasa Keuangan (OJK) KEP-018/KMK.17/1992 and part of APPARINDO 60-2001/APPARINDO/2019.●Didirikan pada tahun 2018, Lifepal merupakan salah satu perusahaan asuransi marketplace terbesar di Indonesia dengan misi untuk memberikan akses informasi finansial dan perlindungan asuransi untuk semua orang.Di sini, Lifepal akan membantumu memahami pentingnya asuransi untuk melindungi karyawan dan bisnis dari risiko finansial yang tidak terduga.Lifepal adalah mitra resmi dari PT. Anugrah Atma Adiguna (Triple A) yang merupakan pialang asuransi terdaftar dan diawasi oleh OJK sesuai KEP-018/KMK.17/1992 dan anggota APPARINDO 60-2001/APPARINDO/2019.●Ikuti kami di media sosial untuk lihat tips asuransi dan keuangan menarik!📌 https://www.instagram.com/lifepal/📌 https://www.facebook.com/lifepal/Yuk, gabung jadian bagian dari Lifepal!👩🏻💻 https://bit.ly/belifepalsales👩🏻💻 https://bit.ly/belifepalagent👩🏻💻 https://bit.ly/asuransikaryawanlifepal
ALLIANZ TRADE	4,345	+65 6589 3794 compliance@allianz-trade.com	Allianz Trade is the trademark used to designate a range of services provided by Euler Hermes.We are the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. For over a century, we have been helping businesses like yours anticipate risks, act with speed, make informed decisions and grow securely.Headquartered in Paris, we are present in more than 50 countries with 5,500 employees. In 2021, our global business transactions represented 931 billion Euro in exposure. As a member of the Allianz Group, we are a strong global community committed to a culture where both people and performance matter.We truly care for our employees and their individual needs and aspirations. We all shape an environment in which everyone has the confidence to dream, to explore and to grow. Let’s take control of tomorrow, together. For more information, please visit allianz-trade.com or follow us on Twitter and Instagram @AllianzTrade.
ALLIANZ GLOBAL CORPORATE & SPECIALTY (AGCS)	4,553	+65 6395 3769 nalossruns@agcs.allianz.com	Whether youre a multinational or a specialist SME, Allianz Global Corporate & Specialty (AGCS) is your partner to manage the fast evolving risks of today and tomorrow. Our teams work with companies worldwide to create insurance solutions designed for specific industries and business challenges, supporting customers as diverse as the worlds largest consumer brands, tech companies and the global aviation and shipping industry, but also floating wind parks, private pilots or Hollywood film actors.With a worldwide network in more than 200 countries and territories, we exclusively focus on the needs of corporate and specialist clients. But whats more, as part of Allianz Group, we can help you find smart answers to all your business risks and opportunities, from asset management to life and health insurance as well as traditional property-casualty insurance and alternative risk transfer.
PACIFIC PRIME	476	+66 2 656 0180 liz@pacificprime.com	Pacific Prime was founded in 2000 by Neil Raymond to simplify insurance for international clients looking for health insurance coverage. Fast forward, and over two decades later, we are now the 3rd largest employee benefits broker in the Asia Pacific region after acquiring CXA Group’s brokerage arms in Hong Kong and Singapore in 2021. Globally, we are internationally recognized as one of the largest employee benefits and insurance brokers. We have a broad portfolio of clients, including expats, families, international schools, professional services firms, and more.Our global operations in 15 strategic locations (Hong Kong, Shanghai, Beijing, Singapore, Dubai, Bangkok, London, New York, Miami, Los Angeles, Mexico City, Cebu, Kuala Lumpur, Guangzhou, Shenzhen) allow us to offer a wide range of cross-border and compliant insurance solutions. Collectively, we manage over USD $700 million in premiums and cover more than 1,500,000 lives. Moreover, our team of over 1,000 professional insurance experts and staff, speaking more than 28 different languages, helps foster strong, long-term relationships with clients and stakeholders. We are also a leading distributor for over 60 insurance companies, including BUPA, Allianz, Cigna, AXA, Aetna, CHUBB, and many more. In partnership with networks such as the Worldwide Broker Network (WBN), we strive to extend our reach and provide dedicated support and solutions to individuals and companies across various industries.If youre interested in learning more about our insurance solutions, please email us at corporate@pacificprime.com or visit our website: https://www.pacificprime.com/.

Top Insurance Companies in Singapore

Overview

Singapore Insurance industry remains robust, with growing contribution to GDP

In 2020, the Domestic Premium income represented 10% of the gross domestic product (GDP) of Singapore (7% in 2019), with Domestic Life Premiums accounting for 9% of GDP (6% in 2019) and Domestic General Premiums representing 1% of GDP (1% in 2019) during the period. Further, at end-2020, Domestic Life Fund Assets represented 64% of Singapore’s GDP, while Domestic General Fund Assets represented 2% of the country’s GDP.

The Singapore Insurance Sector was identified as having one of the highest Total Insurance Premiums per capita in the world, with a per capita expense of SGD 11,108 during 2020, with the life insurance per capita expense representing 90% of the total insurance expense.

The Singapore life insurance industry remained highly concentrated, with the top 10 insurers constituting approximately 95% of the market share for Gross Written Premiums (GWP) in 2020. However, the Singapore general insurance industry remained fragmented, and is expected to stay the same mainly owing to the economy recovering from the COVID-19 pandemic.

Key Trends

Sector rebound expected over next five years, led by life insurance segment

Fitch expects a healthy growth in the Singapore insurance sector, with the life insurance segment set to outpace the general insurance segment over the 2021 to 2026 period. The insurance sector experienced subdued market dynamics in 2020, primarily due to the COVID-19 pandemic. However, data for the nine months ended September 2021 suggests a healthy rebound in the Singapore Life Insurance sector.

Furthermore, Fitch opines that organizations will continue to invest in product innovation, niche cover upselling strategies, and digital sales and delivery streams in both the domestic Singaporean market and the larger ASEAN region, to expand the premium base and achieve growth.

General Insurance GWP to grow at 5% CAGR, reaching SGD 5.6 billion in 2025, driven by post-pandemic economic recovery

According to GlobalData, Singapore’s general insurance GWP healthcare market is expected to grow from SGD 4.4 billion in 2020, to SGD 5.6 billion by 2025, accounting for a 5% CAGR.

The envisaged growth is driven by the following factors:

Resumption of economic activities,
Successful COVID-19 vaccination programs with a more than 90% fully vaccinated eligible population as at February 2022, and
Relaxation of travel restrictions with a gradual reopening of international travel.

The data and analytics company expects a strong recovery in economic activity in Singapore, with a forecasted real GDP growth of 7% in 2021, compared to a negative GDP growth of 5.4% in 2020. Further, the general insurance industry is expected to return to positive growth in 2021, in line with the recovery of economic activity, compared to a flat growth of 0.2% during 2020.

Motor insurance remains Singapore’s largest general insurance line, with a GWP share of 25.8% in 2020. The total GWP of the segment is estimated to have grown by 1.2% YoY in 2021, largely supported by an increase in motor vehicle sales during the period, with a 127% increase in electric car sales during the period ended January – November 2021. Motor insurance GWP rose a slight 0.9% YoY in 2020, negatively impacted by restrictive traffic movements and lower vehicle sales, resulting in a lower premium collection during 2020.

However, GlobalData expects a drop in profitability for Motor insurers during the year 2021, driven by a rise in claims, mainly attributable to an increase in road accidents and insurance frauds. Further, accident-related fatalities rose 11%, while injuries registered a growth of 15% during January-September 2021, compared to the same period in 2020. Consequently, it is expected that the Singapore motor insurance industry combined ratio, which improved from 103% in 2019 to 88% in 2020, would increase in 2021.

The personal accident and health insurance segment was the second largest general insurance segment in Singapore, accounting for 19% of total GWP in 2020. The segment is expected to grow 3% YoY in 2021, followed by a growth of 4% in 2022, on the back of demand for the popular Singapore hospitalization insurance plan Integrated Shield Plan (IP), which offers many more facilities compared to the universal government scheme MediShield Life. At present, approximately 67% of the population has an IP insurance plan, which is offered by seven insurance companies.

Market share consolidation among top 10 life insurers continues owing to vibrant M&A atmosphere

Singapore’s life insurance sector remains highly concentrated with the top 10 insurers’ market share rising from 88% in 2017 to 95% in 2020, as per data compiled by GlobalData. Great Eastern Life maintained the position of leading life insurer in Singapore, with its market share rising to 25.5% in 2020 compared to 21.2% in 2019.

GlobalData notes that mergers in the life insurance industry will further concentrate market share within the top 10 insurers in the future while ensuring further stability in the Singapore life insurance industry. The merger of Singapore Life with Aviva will increase the market share of the combined organization to 9.0% in 2021.

Further, the acquisition of AXA Insurance by HSBC will increase the market share of the acquiring entity to 3.6%, and improve HSBC’s ranking from the 11th largest life insurer in 2020 to 7th largest insurer in 2021. Consequently, this will result in a situation where 11 insurers compete for the remaining market share in 2021.

Leading insurers will be expected to retain their market share in 2021, supported by a large customer base, diversity in products and economies of scale. However, the above conditions will lead to small insurers’ profitability declining, mainly due to market consolidation, and may prompt an increased premium rate in the short term.

Key Statistics

As of 2020, 26 life insurers and 61 general insurers were registered to business under the Monetary Authority of Singapore
As of end-2020, the total number of life insurance policies in force was 16 million, amounting to a total sum insured of SGD 1.5 trillion and annual premiums of SGD 23.7 billion. Further, total life insurance assets including reinsurance assets amounted to SGD 301.8 billion as at end-2020
As of end-2020, the total domestic gross premiums for the general insurance industry of Singapore amounted to SGD 4.3 billion, while total assets amounted to SGD 11.5 billion
In 2020, Life insurance benefit payments amounted to SGD 22.5 billion, representing 54.9% of total net premiums for the year (compared to 57.1% in 2020), while the domestic general insurance incurred-loss ratio improved to 54.0% (compared to 59.9% in 2020).

Top Singapore MNCs in Insurance Sector

PARTNER REINSURANCE ASIA PTE. LTD.

Singapore-based Partner Reinsurance Asia Pte. Ltd. was incorporated in 1990. It is a subsidiary of PartnerRe Ltd., an international reinsurer, headquartered in Bermuda. Partner Reinsurance Asia assesses, rates, and manages risk to reduce volatility for insurers and the insured, and match risk for third-party capital providers. Partner Reinsurance Asia is actively managing the physical risks posed by climate change which affect overall non-life property risk. Climate change has the potential to alter the risk quantification in other lines of business, and the firm recently made efforts to better understand this risk in its most vulnerable Specialty lines, and Life and Health sectors.

SWISS RE ASIA PTE. LTD.

Established in Singapore in 2017, Swiss Re Asia Pte. Ltd. is a subsidiary of The Swiss Re Group. Headquartered in Switzerland, The Swiss Re Group’s Reinsurance Business Unit covers both Property and Casualty as well as Life and Health. It provides Commercial Insurance, Digital Insurance, and other forms of insurance-based risk transfer. Swiss Re Asia recently teamed up with NTUC Income, a Singapore-based composite insurer. This partnership will help empower customers to achieve better financial well-being by providing relevant savings and retirement solutions.

HSBC INSURANCE (SINGAPORE) PTE. LIMITED

HSBC Insurance (Singapore) Pte. Limited was founded in Singapore in 1954. It is a subsidiary of HSBC Insurance Holdings Limited which is headquartered in Hong Kong. It has been rebranded as HSBC Life and offers a range of insurance solutions including Term Life and Critical Illness Plans, Investment-Linked Plans, and more. AXA Insurance Pte. Limited (AXA Singapore) was acquired by HSBC recently, merging the HSBC Life and AXA Singapore businesses. The Insurance Asia Award 2020 went to HSBC Insurance (Singapore) for its HSBC Life Variable Annuity, which was selected as New Insurance Product of the Year.

PRUDENTIAL ASSURANCE COMPANY SINGAPORE (PTE) LIMITED

Established in Singapore in 1990, Prudential Assurance Company Singapore Pte. Ltd. is a subsidiary of UK-based M&G plc. It is a life and health insurance, as well as asset management company, which offers a variety of products in the areas of protection, savings, retirement, and investment-linked plans. This suite of product offerings is for services that include Legacy Planning - helping preserve and protect clients' wealth for them and their next generation; Health Protection - helping clients manage medical costs in case of accidents and critical illness; Wealth Accumulation Services; and Life Protection - providing financial security in cases of unforeseen death or disability.

MANULIFE (SINGAPORE) PTE. LTD.

Hong Kong-based Manulife International Holdings Limited is the parent company of Manulife (Singapore) Pte. Ltd. which has provided insurance, retirement, and wealth management solutions since 1980. Customers can readily access Manulife's solutions through its extensive multi-channel distribution network. In addition to its established agency force, Manulife Singapore distributes its products through several specialist partners, including banks and financial advisory firms. Among the recent accolades conferred on the firm, Manulife Singapore received the Inspire Award at the Institute of Banking and Finance (IBF) Awards 2021, and the Parents World award for Best Maternity Insurance Plan for Mother and Child 2022.

SCOR REINSURANCE ASIA-PACIFIC PTE LTD

SCOR SE is a French reinsurance company with three business units that offer a wide range of innovative reinsurance solutions: Property & Casualty, Life & Health, and Investments. It is the parent company of SCOR Reinsurance Asia-Pacific Pte. Ltd. which was established in 1990 as a regional hub, and it serves as the headquarters of the company’s Asia-Pacific and South Asia operations. At the Asia Insurance Industry Awards 2018, SCOR Reinsurance Asia-Pacific was honoured in the main category with the General Reinsurer of the Year Award.

AIA SINGAPORE PRIVATE LIMITED

AIA Singapore Private Limited, which was established in 1931, is a wholly-owned subsidiary of the Hong Kong-based AIA Group Limited. AIA Singapore offers a range of products and services to serve people's long-term savings and protection needs, including life insurance, accident and health insurance, and savings programmes. Corporate clients can make use of the Group's employee benefits, credit life, and pension services islandwide. The Singapore Business Review Technology Excellence Award for Digital Life Insurance was recently awarded to AIA Singapore.

LIBERTY INSURANCE PTE LTD

Established in 1990, Liberty Insurance Pte. Ltd. is a Singapore-based subsidiary of Liberty Mutual Insurance Group. Liberty Mutual is a global insurer, headquartered in the USA. Home, property, liability, vehicle, personal accident, medical, employee benefits, work injury compensation, bonds, and maritime cargo are some of the personal and business insurance products offered by Liberty Insurance Singapore. It was ranked as the sixth-largest insurer in Singapore in 2010. In addition, the Liberty House building, owned by the company, was given a comprehensive makeover in the same year.

TOKIO MARINE LIFE INSURANCE SINGAPORE LTD.

Japanese insurance company Tokio Marine Holdings, Inc. is the parent company of Tokio Marine Life Insurance Singapore Ltd., which was incorporated in 1948. From financial security and investment to legacy planning, Tokio Marine Life Insurance Singapore prioritizes the fundamental financial needs of individuals through an all-inclusive suite of insurance plans. Tokio Marine Life Insurance Singapore was recently honoured at the Superbrands Awards 2021, when it was voted as one of the favourite brands of Singaporean consumers within the Health and Life Insurance category.

MUNICH RE SYNDICATE SINGAPORE PRIVATE LIMITED

Munich Re Syndicate Singapore Private Limited is a subsidiary of the UK’s Munich Re Specialty Group Limited, which has been managing Syndicate 457 at Lloyd's since 1999. Munich Re Syndicate Singapore is one of Lloyd's of London's Marine and Specialty Insurance underwriters, and is well-known in the industry for its underwriting and claims management expertise. Financial Lines, Engineering, Marine Cargo, Project Cargo, Energy, Marine Liability, Terrorism & Political Violence, Contingency, Trade Credit, Cyber, and Remotely Operated Vehicles are among the specialist insurance product lines offered by Munich Re Syndicate Singapore.

Top Singapore Large Local Enterprises in Insurance Sector

THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED

Repeated Company as per client.

RAFFLES HEALTH INSURANCE PTE. LTD.

Raffles Health Insurance Pte. Ltd. Was founded in 2004 as a general insurer, and later became a life insurer under the supervision of the Singapore Monetary Authority. Raffles Health Insurance is a wholly-owned subsidiary of Raffles Medical Group, which has an extensive network of family medical clinics and Raffles Hospital, a tertiary care private hospital, which delivers completely integrated and coordinated healthcare for its policyholders and members. Raffles Health Insurance is a renowned healthcare financing solutions provider that caters to healthcare needs in Singapore.

UNITED OVERSEAS INSURANCE LIMITED

Established in 1971, United Overseas Insurance Limited is a local general insurance company in Singapore. The company’s main line of business is general insurance and reinsurance underwriting. General accident, motor, fire, marine, engineering, and liability are all covered under general insurance. United Overseas Insurance operates a representative office in Myanmar, in addition to its headquarters in Singapore. United Overseas Insurance received the Best Risk Management Award (Silver) for firms with a market capitalization of between $300 million and $1 billion (as of 31 December 2018), at the Singapore Corporate Awards 2019.

SINGAPORE LIFE LTD.

Since 1970, Singlife has been an independent Singaporean firm, fully approved as a life insurance company by the Monetary Authority of Singapore. Aviva Singapore, which was founded in 2000, was the first insurer to use its digital platform to offer online car insurance in 2010. It later became the exclusive group life insurance provider for Public Officers’ Government Insurance Scheme. Its critical illness plan won recognition at Health Asia Awards in 2019. In 2020, Singlife announced a merger with Aviva Singapore. And as of January 2022, Singlife with Aviva became known as Singapore Life Ltd.

ACCLAIM INSURANCE BROKERS PTE. LTD.

Established in 1983, Acclaim Insurance Brokers Pte. Ltd. Is one of Singapore’s major risk, insurance, and reinsurance brokerage firms. Acclaim handles multinational clients across the region in industries with complex risks such as transportation, agriculture, and aquaculture. The firm is owned and controlled by Singaporean stakeholders, and is recognized not only locally and regionally but also globally, as its international network extends to over 140 countries, with more than 200 offices. Among the recent accolades achieved by Acclaim is recognition at the Enterprise 50 Awards 2021.

SINGAPORE REINSURANCE CORPORATION LIMITED

Singapore Reinsurance Corporation Limited (Singapore Re) was founded in 1973, and is one of the domestically incorporated reinsurers in Singapore. Singapore Re is actively involved in non-life reinsurance underwriting of all classes. Outside of Singapore, the company has expanded its operations to include the Indian Subcontinent, the Pacific, the Middle East, and Africa. Through its early years, the company has consistently developed, with total assets and shareholder funds exceeding $250 million and $900 million, respectively. Recently, Fairfax Holdings, a publicly-traded business located in Toronto, Canada, acquired Singapore Re as a subsidiary of Fairfax Asia Limited.

EQ INSURANCE COMPANY LTD.

Since February 2007, EQ Insurance Company Limited has been a Singapore-based general insurer. The firm began dealing in the construction and motor sectors, and has since expanded to underwrite many types of non-life insurances, including property, casualty, trade credit, professional indemnity, marine, and accident and health insurance, for a wide range of personal and commercial clients. EQ Insurance teamed with AirAsia in 2011 to offer comprehensive travel insurance to travellers. The company had successfully created e-portals for travel and automobiles. By the end of 2015, EQ Insurance’s total assets had surpassed $100 million, reaching just over $108 million.

ECICS LIMITED

ECICS Limited began in 1975 by underwriting bonds and guarantees, as well as providing credit insurance. In 2003, IFS Capital Limited acquired ECICS as a wholly-owned subsidiary. PhillipCapital Group, one of Singapore’s leading financial companies, is the main shareholder of ECICS, through IFS Capital. ECICS was approved to enter into a comprehensive reinsurance arrangement with Nippon Export and Investment Insurance (NEXI) to provide trade insurance to Japanese companies in Singapore. The Monetary Authority of Singapore approved ECICS as a fully licensed general insurer in 2013. This enabled the company to insure a broad range of general insurance product lines.

NTUC INCOME INSURANCE CO-OPERATIVE LTD

Established in 1970, NTUC Income Insurance Co-operative Ltd. Is Singapore’s largest compound insurer, providing products and services to meet the protection, savings, and investment needs of people from across the social strata, at all phases of their lives. NTUC Income provides life, health, and general insurance, and is known for its cutting-edge digital and multi-channel offerings. Through OrangeAid, the company donates 1% of its annual insurance operating income to community development projects. NTUC Income managed $45.8 billion in assets by year-end 2020.

BOLTTECH DIGITAL BROKERAGE SINGAPORE PTE. LTD.

Launched in early 2020, bolttech digital brokerage Singapore Pte. Ltd. Is an international insurtech connecting insurers, distribution partners, and customers, making it easier and more efficient to buy and sell insurance. Bolttech is in 30 markets, with global headquarters in Singapore, three tech hubs, and four regional offices. A renowned insurance exchange in North America, bolt is part of the bolttech family. With bolttech’s award-winning digital insurance and protection capabilities in Asia and Europe, its exchange concept is expanding globally.

Top Singapore SMEs in Insurance Sector

ASIA REINSURANCE BROKERS PTE. LTD.

Asia Reinsurance Brokers Pte. Ltd., headquartered in Singapore, has been engaged in reinsurance, insurance risk solutions, risk management mitigation, analytics, and cyber risk management since 2000. Asia Reinsurance Brokers offers its clients bespoke services matching their requirements across various industries, including insurance, financial services, telecommunications, and real estate, among others. The firm is approved by the Monetary Authority of Singapore. The products offered by Asia Reinsurance Brokers include Treaty reinsurance, Facultative reinsurance, Retakaful with affinity group schemes, and Trade and Financial insurance schemes.

INSURANCE MARKET PTE. LTD.

Insurance Market Pte. Ltd. is a licensed online insurance broker regulated by the Monetary Authority of Singapore. Insurance Market offers a wide range of general insurance products online such as travel insurance, maid insurance, pet insurance, and more. In addition, the firm provides life insurance through personal advice. Singapore’s first completely online and automated insurance platform, Insurance Market moved ahead by forming a new group business recently called "Inmediate," which will promote the development of blockchain-based insurance products. Blockchain and smart contracts provide a more accessible and more transparent way of buying and managing insurance.

THE WISE TRAVELLER PTE. LTD.

Founded in 2011 in Singapore, The Wise Traveller Pte. Ltd. is a travel insurance provider that offers a wide range of travel-related products and services. The firm's travel cover offers yearly multi trips and global cover with many benefits, including access to various global car rental companies and availing discounts on their services, and access to The Wise Traveller’s private hotel discount portal worldwide. In addition, it provides airport services, global roaming options, expatriate health and medical insurance, and more. At the Singapore Business Awards, The Wise Traveller was honoured as the Travel Insurance Provider of the Year 2022.

NEXASSURE GROUP PTE. LTD.

Headquartered in Singapore, NexAssure Group Pte. Ltd. was incorporated in 2015. NexAssure Group provides specialist lines of business with reinsurance capacity, policy and claims administration solutions, and advisory services. NexAssure Agency, NexAssure Management, and NexAssure Solutions are among the organizations that provide these services, which include extended warranties, health, financial, and specialty services. Other than Singapore, NexAssure Group is able to conduct business across Asia, the Middle East, as well as in the European region since it has offices in London, Hong Kong, and Malaysia.

POLICYPAL TECH PTE. LTD.

PolicyPal Tech Pte. Ltd. is an insurtech company which was established in Singapore in 2016. It works in collaboration with Baoxianbaobao Pte. Ltd., a registered insurance broker and financial adviser authorised by the Monetary Authority of Singapore. This collaboration forms a platform that helps users to manage their insurance cover digitally. Both firms are wholly owned by PolicyPal Pte. Ltd. Baoxianbaobao, popularly known as 'PolicyPalFA', has partnered with over 19 insurance firms on the PolicyPal Tech platform to provide users with wider insurance coverage. This coverage includes annuity plans, critical illness plans, integrated shield plans, travel insurance, and more.

AXINAN PTE. LTD.

Igloo is a Singapore-based insurtech startup that was founded in 2016. It was formerly known as Axinan Pte. Ltd. before being rebranded as Igloo. The company now works with over 30 partners in the ecommerce, telecommunications, banking, insurance, and lifestyle industries spanning Indonesia, China, Singapore, Thailand, Vietnam, Malaysia, and Australia, to bring over 10 product lines to customers in these countries. Global Economics declared Igloo the Most Innovative InsurTech Company 2021, while Igloo was conferred the 5-star Insurance Award 2022 by Insurance Business Asia.

COMPAREXPRESS PTE. LTD.

Incorporated in 2009, CompareXpress Pte. Ltd. is a Singapore-based online platform that operates as a search engine for financial services. CompareXpress works similar to an e-retailer, allowing its registered merchants to showcase their items to customers. Products may be purchased under utmost security on a single platform, by dealing directly with Singapore's main financial institutions and brokers. The products CompareXpress showcases on its platform includes car Insurance, travel insurance, coverage of personal accident, as well as provision of home loans.

UEX PTE. LTD.

UEX Pte. Ltd. has specialized in personalizing its clients' health coverage online in Singapore, since 2016. This digitalization is done by using the dynamic UEX application. Accessing smart technology makes online insurance simple, fast, efficient, and bespoke for all consumers. Clients may optimize their health insurance premium based on their requirements and budget, thanks to UEX’s customizing tool and the flexibility of its partner APRIL. UEX also offers advisory services on Singapore’s healthcare system and what insurance plan is best suited for clients' needs.

G&M PTE. LTD.

G&M Pte. Ltd. was incorporated as General & Marine Underwriting Agents Pte. Ltd. in 1975. Singapore-based G&M has established itself as a renowned luxury automobile insurance firm in recent years. This establishment has helped G&M gain recognition as the largest general insurance agency Islandwide. The Monetary Authority of Singapore provided G&M with an insurance broker licence in 2019. G&M is also specialized in offering Cyber Insurance, Travel Insurance, Corporate Insurance, Employee Benefit Insurance, Health and Lifestyle Insurance, and so on.

ASIA RISK TRANSFER SOLUTIONS PTE. LTD.

Incorporated in Singapore in 2016, Asia Risk Transfer Solutions Pte. Ltd. or ARTS, is an insurtech firm that uses best-in-class risk analytics to help the growth of the insurance industry. ARTS collaborates extensively with the Asian insurance sector to help the local industry digitally modernize its operations. ARTS specializes in providing agriculture risk solutions, as a result of which the award-winning product - the Crop Risk Expert Suite, also known as CRES - provides agriculture insurance for millions of farmers across India. ARTS also develops risk and technology solutions for environmental catastrophes, and offers advisory solutions worldwide.

Top Singapore Fastest-Growing Companies in Insurance Sector

SCOR REINSURANCE ASIA-PACIFIC PTE LTD

SINGAPORE LIFE PTE. LTD.

ETIQA INSURANCE PTE. LTD.

Incorporated in 1961, Etiqa Insurance Pte. Ltd. is licensed by the Monetary Authority of Singapore as a life and general insurance firm. It is the appointed insurer for Singapore's Housing Development Board (HDB) Fire Insurance Scheme. Etiqa expanded its line of life insurance products to include protection, savings, and retirement, as well as legacy planning and universal life insurance. The company is currently delivering online insurance-saving plans to its clients as well. Among the recent accolades received by Etiqa is The Financial Services Award at the Singapore Business Review’s International Business Awards 2021.

AUTO & GENERAL INSURANCE (SINGAPORE) PTE. LIMITED

Incorporated in 2016 in Singapore, Auto & General Insurance (Singapore) Pte. Limited, which conducts business as Budget Direct Insurance, is the underwriter of the firm's insurance. Auto & General Insurance is licensed by the Monetary Authority of Singapore. It is an international insurance group headquartered in the United Kingdom, that provides insurance solutions for millions of policyholders islandwide as well as globally. Its range of online insurance products includes car insurance policies, motorbike insurance, and travel coverage. Auto & General Insurance (Singapore) was conferred the Feefo Platinum Trusted Service Award 2022.

LIBERTY SPECIALTY MARKETS SINGAPORE PTE. LIMITED

In 2019, Liberty International Underwriters rebranded as Liberty Specialty Markets in Asia-Pacific. The group now runs additional brands for commercial insurance and reinsurance as part of the Liberty Mutual Group, a renowned property and casualty insurer worldwide. In Singapore, its company name is Liberty Specialty Markets Singapore Pte. Limited. The firm is licensed to conduct insurance underwriting business as it had formerly done. The Monetary Authority of Singapore regulates Liberty. The insurance underwritten throughout Asia is backed by Liberty Mutual's balance sheet.

STARR INTERNATIONAL INSURANCE (SINGAPORE) PTE. LTD.

Incorporated in 2011, Starr International Insurance (Singapore) Pte. Ltd. is a non-life insurance company. It is a direct, wholly-owned subsidiary of Starr Insurance & Reinsurance Limited. Starr International Insurance Singapore is engaged in the direct insurance and reinsurance business for clients and customers in Singapore. The insurance and reinsurance products distributed include property, casualty, aviation, marine, accident and health, and political and financial risks. Starr International has implemented an ERM program to guarantee that active risk management is integrated into everyday operations.

CHINA TAIPING INSURANCE (SINGAPORE) PTE. LTD.

Established in 1938, China Taiping Insurance (Singapore) Pte. Ltd. (or CTPIS) is an insurer for both life and general insurance business in Singapore. It is a subsidiary of Hong Kong-based China Taiping Insurance Group Ltd. CTPIS received approval as a composite insurer from the Monetary Authority of Singapore in 2018, authorizing it to conduct Life Insurance business in Singapore, and provide complete one-stop financial solutions to its clients. The firm's paid-up capital has increased to $210 million as of 2021.

AIA SINGAPORE PRIVATE LIMITED

ERGO INSURANCE PTE. LTD.

Regulated by the Monetary Authority of Singapore, ERGO Insurance Pte Ltd. is a registered general insurer. ERGO is an insurance division of Munich Re, and was incorporated in 1993. It is a fully owned Singaporean subsidiary of ERGO Group AG, one of Germany's and Europe's largest insurance firms. ERGO Insurance provides personal insurance coverage ranging from private motor to travel and liability insurance, as well as commercial insurance coverage for commercial motor, work-related injuries compensation, bonds, engineering, real estate, health, corporate travel, financial lines, and marine.

HL ASSURANCE PTE. LTD.

HL Assurance Pte. Ltd., incorporated in 2012, is part of the Hong Leong Group, a global corporation with operations in Asia, Europe, North America, and Oceania.It is a registered general direct insurer in Singapore, as well as being a member of the General Insurance Association. Banking and financial services, manufacturing and distribution, property development and investment, and hotel and leisure, are all part of the company's diverse portfolio. In 2019, HL Assurance (Singapore) secured Innovator of the Year, Team of the Year and Executive of the Year awards at The Singapore Business Review Management Excellence Awards.

By Gerald Bong

Published on 07 August 2023

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