The Singaporean life insurance industry experienced a 16.7% dip in weighted new business premiums in H1 2023, making it a total of S$2.2bn ($1.9bn). This decline was driven by ongoing economic uncertainty, with a rise in inflation and living expenses crisis. Life Insurance Association (LIA) Singapore president, Dennis Tan, emphasized the importance of the industry’s agility and to actively listen and cater to the ever-changing demands of consumers.
In response to these changing demands, many insurance companies in Singapore are adapting their products and services. According to Capco’s Singapore 2023 insurance survey, consumers favor more personalized products and are willing to share additional personal data with insurers to secure benefits, including an enhanced claims process and cheaper premiums.
As you explore the best insurance companies in Singapore, it is crucial to consider your personal needs and preferences. By doing thorough research on insurance providers and keeping an eye on industry trends, you can confidently choose an insurance company that aligns with your requirements and offers personalized solutions in today’s volatile economic landscape.
Criteria for Selection
Financial Stability
Financial stability is a crucial aspect to consider when selecting an insurance company. It gives you confidence that the company will be able to fulfill its obligations and pay claims when needed. To assess the financial strength of an insurance company, you may check their credit ratings from reputable rating agencies. Higher ratings indicate a strong financial position, while lower ratings may signal potential risks.
Years in the Industry
Experience in the insurance industry can be an essential factor when selecting a company for your financial protection. Companies with a long history in the market usually have an established track record of providing reliable coverage and handling claims efficiently. Furthermore, insurance providers with a significant presence in Singapore, such as Great Easter, indicate their commitment to providing quality services to the local market.
Reviews
Customer reviews and testimonials can provide valuable insights into the quality of service offered by an insurance company. You may consult online review platforms or ask friends and colleagues about experiences with a particular insurer. Remember that customer satisfaction varies between individuals, and one negative review should not determine your decision. Instead, look for trends in feedback, such as consistent issues with claims processing or exceptional customer service experiences.
When evaluating the best insurance company for your needs, take your time to research and consider these criteria. Keep your financial goals and future protection in mind, as well-set priorities will lead you to the most suitable choice.
5 Top Insurance Companies in Singapore
|
Insurance Company |
Best for |
Example Premium |
|---|---|---|
|
FWD Insurance |
Travel Insurance |
Approx. S$220.50/1st year for Term Life Plus plan |
|
Prudential |
Health Insurance |
Starting at $257.38 for PRUShield (ages 26-30) |
|
HL Assurance |
Extensive General Insurance |
From S$1,336.15 for Car Protect360 |
|
Tiq by Etiqa |
Travel Insurance |
Approx. S$1,279 annually for a specific Term Life plan |
|
Great Eastern Life |
Life Insurance |
Approx. S$221.30 annually for GREAT Term |
1. FWD Insurance
FWD Insurance is a prominent insurance company in Singapore, offering a range of life and general insurance products to cater to your diverse needs. This insurance company initially catered to corporate customers for employee benefits insurance but has long since expanded into direct-to-consumer business in September 2016.
Offering comprehensive life insurance plans and general insurance products, they have earned a reputation for providing innovative, customer-focused solutions and excellent customer experience. Leveraging their easy-to-use direct-to-customer platform, you can purchase various insurance plans directly from their website.
Top 3 Highlights
- A wide array of insurance products, including popular plans such as the Big 3 Critical Illness plan, which provides 100% payout for cancer, heart attack, and stroke, and the Term Life Plus plan with coverage up to S$1.5 million.
- Large network of financial advisors, providing you with professional advice and personalized solutions to meet your financial needs.
- Complimentary cyber cover as part of their property insurance policies. This feature provides you with financial protection against potential losses resulting from online fraudulent activities, ensuring peace of mind in the digital age.
Premium: The premium varies depending on the insurance policy. Consider this example: For the Term Life Plus plan with a coverage of up to S$1,000,000, a 36-year-old male, who is a non-smoker will pay approximately S$220.50 in the first year.
For FWD Life-Term Insurance, you can check out their online price calculator here.
Reviews: 4.5 star rating on Google Reviews
Contact Info
- Address: 6 Temasek Blvd, #18-01 Suntec Tower 4, Singapore 038986
- Website: https://www.fwd.com.sg/
- Social Media
2. Prudential
Prudential Singapore is one of the top life insurance companies that provide a wide range of insurance and protection plans to cater to the needs of individuals and families. Established in 1931, the company has grown to become one of the top insurance providers in the country. Prudential focuses on offering comprehensive insurance solutions tailored to each life stage, ensuring financial security for you and your loved ones.
Top 3 Highlights
- Wide range of products, including life insurance, health insurance, savings plans, and investment-linked policies.
- Prudential also has investment-linked plans, such as the Wealth Accumulation Plan, that help you grow your wealth and achieve your life goals.
- Prudential Singapore is renowned for its commitment to providing exceptional customer service. The company offers a user-friendly online platform, making it easy for you to manage your policies, make claims, and access important information.
Premium: The premium varies depending on the insurance policy. For Prudential’s PRUShield, premiums start at $257.38 for ages 26 to 30, $340.15 for ages 31 to 40, and $692.41 for ages 41 to 50.
Reviews: 4 star rating on Google Reviews
Contact Info
- Address: 7 Straits View #06-01, Marina One East Tower, Singapore 018936
- Website: https://www.prudential.com.sg/
- Social Media
3. HL Assurance
HL Assurance, a member of the General Insurance Association in Singapore and belongs to the Hong Leong Group, is a leading online insurance provider in Singapore. They offer a comprehensive range of insurance products to cater to the diverse needs of their customers.
It covers a lot of potential unfortunate scenarios, such as accidents, fire, critical illnesses, and more. Plus, they also help business owners who are in need of financial assistance due to fraud, damages, and other perils.
Top 3 Highlights
- HL Assurance offers an extensive suite of general insurance products such as Travel, Car, Critical Illness, Home, Maid, and Personal Accident insurance. This allows you to choose the best insurance coverage that suits your specific needs.
- Their insurance plans, such as their Car Protect360 (starts from S$1,336.15) and Travel Insurance (starts at S$34.80 for 1-week ASEAN Basic), are known for offering competitive rates without compromising on comprehensive coverage.
- With a large network of financial advisors and an easy-to-use online platform, this insurance company ensures that you receive excellent customer support throughout your insurance journey.
Premium: The premium varies depending on the insurance policy. Check with the provider. Here’s an example:
- Car Protect360 (starts from S$1,336.15)
- Travel Insurance (starts at S$34.80 for 1-week ASEAN Basic)
Contact Info
- Address: 11 Keppel Rd, #11-01 ABI Plaza, Singapore 089057
- Website: https://www.hlas.com.sg/
- Social Media
4. Tiq by Etiqa
Tiq by Etiqa Singapore is a digital insurance channel that emphasizes a customer-centric approach, offering a wide array of comprehensive and flexible insurance solutions designed to meet the evolving needs of individuals and businesses. By leveraging advanced technology, this insurance company provides an intuitive, user-friendly online platform where customers can effortlessly explore, purchase, and manage their insurance policies, ranging from life and general insurance to bespoke offerings that cater to specific client needs.
Etiqa places a strong emphasis on delivering swift and hassle-free customer experiences, ensuring that protective assurance is straightforward, accessible, and in harmony with the dynamic lifestyles of its diverse clientele.
Top 3 Highlights
- Its direct-to-customer (DTC) platform allows you to purchase insurance directly from their website. This makes it easier and more convenient for you to tailor and choose the right insurance plan, giving you control throughout the entire process.
- Wide suite of insurance products for various aspects of life. From travel, home, motor, maid, health, and life insurance, they ensure that you are well-covered according to your specific needs.
- Promotions like 40% off and a chance to win $3,000 cash for each Tiq Travel Insurance purchased.
Premium: The premium varies depending on the insurance policy. Check with the provider.
For example: For a Term Life and Disability plan with a coverage of up to S$999,000, a 36-year-old male, who is a non-smoker will pay approximately S$1,279 annually.
Reviews: 3.9 star rating on Google Reviews
Contact Info
- Address: One Raffles Quay, #22-01 North Tower, Singapore 048583
- Website: https://www.tiq.com.sg/
- Social Media
5. Great Eastern Life
Great Eastern Life is a Singaporean multinational insurance company and a subsidiary of OCBC Bank. Founded in 1908, it has grown to become the largest and oldest life insurance company in Singapore and Malaysia. With a strong presence in the Southeast Asia region, Great Eastern Life offers a wide range of insurance products and services catered to various needs.
Top 3 Highlights
- Offers an extensive selection of insurance products, including life and medical insurance, personal accident insurance, wealth accumulation, and lifestyle coverage such as travel, home, and motor insurance.
- As a leading insurer, Great Eastern Life has a dedicated prestige series for high net worth clients, providing them with tailored solutions and exclusive benefits. These products include wealth accumulation and retirement income plans, delivering substantial financial growth and protection for you and your loved ones.
- Great Eastern Life has made it convenient for you to purchase insurance plans online. This user-friendly platform enables you to easily compare and select from a range of options, giving you the flexibility to get the coverage you need on your time.
Premium: The premium varies depending on the insurance policy. Check with the provider.
For example: For a GREAT Term life insurance plan with a coverage period of up to 66 years old and a coverage amount of S$100,000, a 36-year-old male and who is a non-smoker will pay approximately S$221.30 annually.
Reviews: 3.9 star rating on Google Reviews
Contact Info
- Address: 1 Pickering St, #01-01 Great Eastern Centre, Singapore 048659
- Website: https://www.greateasternlife.com/sg/
- Social Media
Read Also: Best Travel Insurance 2023
Final Word
Based on the analysis and comparison of various insurance companies in Singapore, selecting the best one for your needs might require thorough research. It is essential to consider factors such as coverage options, client reviews, and the company’s overall reputation.
Key Takeaways
- Consider comparing different insurance companies in Singapore, like FWD Insurance and Great Eastern, as there are unique offerings that may better suit your requirements.
- To gauge the credibility and quality of their services, take into account customer reviews and ratings
- Define what kind of insurance coverage you require, such as health, life, travel, or car insurance, and tailor your search accordingly to make an informed decision.
Are you in need of quick cash assistance? Bugis Credit offers the best personal loan with low interest and flexible repayment terms. Request a quote today and enjoy a quick and hassle-free loan application.
