Insurance in Singapore is a constantly growing market and insurance companies in Singapore constantly compete with each other. The insurance market in Singapore has become more accessible to the public with insurance being offered not only by insurance companies but also insurance agents.
The insurance in Singapore is regulated under the Monetary Authority of Singapore. Foreign insurance companies are required to have a local insurance agent or insurance company as a joint venture partner before they can offer insurance policies in Singapore.
Here are the best insurance companies in Singapore that are offering insurance in Singapore to people looking for insurance coverage.
1. OCBC
OCBC has been awarded the Best Insurance in Singapore as well as Southeast Asia at the Corporate Vision Magazine Honors 2017 for its outstanding management of insurance funds and capabilities in distributing insurance-related products. They provide insurance services such as life insurance, vehicle insurance, and commercial insurance.
2. AIA Singapore
They offer insurance and investment products to individuals, businesses, associations, institutional investors including AIA’s partners. They are the number one life insurer in Singapore by assets.
3. Aviva Singapore
The insurance company offers insurance and investment products to individuals, businesses, associations, and institutional investors including AIA’s partners.
4. NTUC Income
NTUC Income is a leading insurer in Singapore offering protection insurance products to individuals and business owners, asset management services to institutional investors including Central Provident Fund savings members, as well as general insurance products for all policyholders. They are part of NTUC’s social enterprises, meaning that any profits they generate are channeled back into the community through social and transformation initiatives.
5. Great Eastern
Great Eastern is a leading insurance group in Singapore offering protection products for individuals as well as business owners, investment solutions for institutional investors including Central Provident Fund members, and general insurance products.
6. Manulife
Manulife is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. They have been in Singapore for more than 30 years in the areas of protection, savings, and investment.
7. Tokio Marine
Tokio Marine offers insurance protection solutions in Singapore for individuals and businesses, retirement savings solutions in the form of pension plans, investment products for institutional investors including Central Provident Fund members.
8. NTUC Income
NTUC Income is a leading insurer in Singapore offering protection insurance products to individuals and business owners, asset management services to institutional investors including Central Provident Fund savings members, as well as general insurance products for all policyholders. They are part of NTUC’s social enterprises, meaning that any profits they generate are channeled back into the community through social and transformation initiatives.
9. AXA Singapore
AXA is a global leader in financial protection providing life insurance, savings, and asset management solutions to individuals and businesses. They believe in turning challenges into opportunities and uncertainty into growth.
10. Prudential
Prudential is a leading financial services group with operations in life insurance, savings, investments, and asset management with a presence in more than 35 countries worldwide including Singapore. They offer protection solutions for individuals and businesses, retirement savings plans for employers and employees, savings and investment solutions for institutional investors.
Conclusion
The insurance industry in Singapore is thriving because of the economic development and a higher standard of living. With insurance agents, brokers, and insurance companies available to insurance customers, it’s no surprise that insurance sales are at an all-time high for Singaporeans.