Life insurance premium volume to GDP (%) in Singapore
Singapore: Life insurance premium volume to GDP (%) was 8.1% in 2020. ▲ Rising
Life insurance premium volume to GDP in Singapore, 1993–2020
Source: Sigma Reports, Swiss Re. Measured in %.
Analysis
In 2020, life insurance premium volume to gdp in Singapore stood at 8.1%.
The figure is up 35.0% on the previous year and up 96.7% over ten years.
Over the whole period, life insurance premium volume to gdp in Singapore peaked at 9.0% in 2001 and was at its lowest, 1.7%, in 1993.
Singapore ranks 7th of 162 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 28 years of available data.
Life insurance premium volume to GDP (%) in Singapore, year by year
| Year | % | Change |
|---|---|---|
| 1993 | 1.7% | — |
| 1994 | 2.2% | +32.3% |
| 1995 | 2.4% | +7.1% |
| 1996 | 2.5% | +7.5% |
| 1997 | 2.8% | +8.7% |
| 1998 | 3.0% | +10.0% |
| 1999 | 4.4% | +46.8% |
| 2000 | 5.1% | +15.4% |
| 2001 | 9.0% | +74.7% |
| 2002 | 7.0% | -22.3% |
| 2003 | 5.9% | -16.0% |
| 2004 | 6.0% | +1.7% |
| 2005 | 5.3% | -11.7% |
| 2006 | 5.6% | +5.7% |
| 2007 | 5.7% | +2.4% |
| 2008 | 5.4% | -4.6% |
| 2009 | 4.4% | -18.9% |
| 2010 | 4.1% | -6.8% |
| 2011 | 4.3% | +5.6% |
| 2012 | 4.2% | -3.2% |
| 2013 | 4.6% | +9.8% |
| 2014 | 5.1% | +11.5% |
| 2015 | 5.3% | +3.0% |
| 2016 | 5.5% | +4.3% |
| 2017 | 6.3% | +13.7% |
| 2018 | 6.0% | -4.4% |
| 2019 | 6.0% | -0.3% |
| 2020 | 8.1% | +35.0% |
Singapore compared with similar countries
- Singapore's 8.1% is above the median for high income countries, which is 1.6%, 5.0× the median. (59 countries reporting)
- Singapore's 8.1% is above the median for East Asia & Pacific, which is 1.4%, 5.8× the median. (20 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 2.7% | 1.7% | 4.4% | 7 |
| 2000s | 5.9% | 4.4% | 9.0% | 10 |
| 2010s | 5.1% | 4.1% | 6.3% | 10 |
| 2020s | 8.1% | 8.1% | 8.1% | 1 |
Countries ranked near Singapore
- 4 South Africa 10.8% compare
- 5 United Kingdom 10.5% compare
- 6 Denmark 8.3% compare
- 8 Luxembourg 7.5% compare
- 9 Korea 6.2% compare
- 10 Sweden 5.8% compare
More financial sector data for Singapore
- Reserve position in the IMF, US dollar, annual growth rate 8.93 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0023 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 230.78 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 3.73 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0017 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 168.51 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 8.93 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0023 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 230.78 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 3.73 % change on previous year (2025)
Frequently asked questions
- What is life insurance premium volume to gdp in Singapore?
- Life insurance premium volume to gdp in Singapore was 8.1% in 2020, according to Sigma Reports, Swiss Re.
- What is the highest life insurance premium volume to gdp recorded in Singapore?
- The highest recorded value was 9.0% in 2001.
- What is the lowest life insurance premium volume to gdp recorded in Singapore?
- The lowest recorded value was 1.7% in 1993.
- How does Singapore rank for life insurance premium volume to gdp?
- Singapore ranks 7th out of 162 countries with data for 2020.
- Is life insurance premium volume to gdp rising or falling in Singapore?
- Over the last ten years it is up 96.7%. The long-run trend across the full record is rising.
- Where does this Singapore data come from?
- The figures come from Sigma Reports, Swiss Re, published as part of Life insurance premium volume to GDP (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 28 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Premium data is taken from various issues of Sigma reports (Swiss Re). Data on GDP in US dollars is from the electronic version of the World Development Indicators.