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% |
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 of Great Britain and Northern Ireland 10.5% compare
- 6 Denmark 8.3% compare
- 8 Luxembourg 7.5% compare
- 9 Republic of Korea 6.2% compare
- 10 Sweden 5.8% compare
More financial sector data for Singapore
- Net domestic credit (current LCU), per capita 123,291 current LCU per person (2020)
- Net domestic credit (current LCU), per unit of GDP 2 current LCU per US$ of GDP (2020)
- Net domestic credit (current LCU), annual growth rate 3.72 % change on previous year (2020)
- Gold reserves at 35 SDRs per ounce 217.81 million SDR (2025)
- Gold reserves at market value 19.85 billion SDR (2025)
- Reserves excluding gold, foreign exchange 289.89 billion SDR (2025)
- Reserves excluding gold 295.68 billion SDR (2025)
- Total reserves (gold at market value) 315.53 billion SDR (2025)
- Total reserves (gold at national valuation) 298.85 billion SDR (2025)
- Total reserves (gold at national valuation) (SDR), per capita 48,902 SDR per person (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.
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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.