listed top 10 insurance companies in Singapore, One of the best things you can do for your finances is get your insurance portfolio in order as being a young and naïve person believing in everything working out as time passes by is just an imagination. There are over 20 different types of insurance and doing insurance when you are young and healthy is the best. The most common types of insurances young Singaporeans use is Health insurance, Life insurance and Travel insurance. Even though there are many insurance companies, and those top 10 insurance companies in Singapore has been explained for your convenience.
Top 10 Insurance Companies in Singapore
1. Manulife Financial Private Limited
One of the top insurance companies in Singapore is Manulife, established in 1980 has been providing insurance, investments, real estate, commercial banking, commercial mortgages, retirement, securities, and asset management solutions, to meet the financial needs of the customers. The company’s mission is “Decisions made easier, Lives made better.” Manulife Financial Corporation is a Canadian multinational insurance company and financial service provider that operates in Canada and Asia and services over 26 million customers worldwide and Manulife Financial Private Limited is under it. There is over 600 staff locally. The total assets is CA$705 billion back from 2015 data.
2. Prudential Assurance Company
Prudential Assurance Company is one of the top insurance companies in Singapore which was established in 1848. This insurance company is an indirect wholly owned subsidiary of UK-based Prudential Plc. The company started out as an agent for fire insurance in 1924 before it attained full branch status. They are a market leader in investment-linked plans and has 24 million clients worldwide. They manage over $7.5 billion in funds. The company provides Life Insurance, Protection Plans, Health Insurance, Saving Plans, and Investment Plans. The company’s total asset is $33.88 billion in 2016 record.
3. AXA Insurance Private Limited
AXA Insurance Private Limited is one of the top insurance companies in Singapore was established in 1816. The company is a French multinational insurance firm which is headquartered in the 8th arrondissement of Paris. Operated according to the laws and regulations of many different countries, AXA Insurance is a conglomerate of independently run businesses. The company sells products like Global insurance, Life insurance, Property insurance, Health insurance, Investment management, and Casualty insurance. . When surveying the company had 125,934 numbers of employees as of December 31, 2018. The total revenue in 2018 was €102.9 billion in 2018 and total assets was €930.7 billion in 2018.
4. Great Eastern Life
Great Eastern Life was founded in 26 August, 1908 which provides products like Banking, Insurance, and Asset management. The company is one of the top insurance companies in Singapore that is among the most established insurers in the market. It is the largest life insurance company in Singapore and Malaysia in terms of assets and market capitalism which is also the oldest insurance company in Malaysia. The company has two distribution channels- bancassurance and the tied agency force. The net income in 2017 survey was S$12.5 billion and total assets S$84.5 billion.
5. NTUC Income Insurance
NTUC Income Insurance Co-operative Limited was founded in 1970 which sells products like Life, Health and General insurance, Savings, and Investments. The company is an insurance cooperative located in Singapore which currently has seven branches and five lite branches across Singapore. In 2017, NTUC Income was named the top insurance companies in Singapore’s insurance sector. The total asset was S$36.3 billion. The company’s wide network of financial advisers and partners provide value-added financial advisory that compliments today’s digital- first landscape.
6. Etiqa Insurance
Etiqa Insurance, a digital and innovative insurer, was founded in 1961 and has been protecting Singaporeans since then by providing a range of general insurance solutions that constantly evolve to meet the ever-changing needs of the customers. For 10 consecutive years from 2009 to 2019 Etiqa Insurance was appointed insurer for the Housing Development Board (HDB) Fire Insurance Scheme in Singapore. In between these 10 years the company has protected more than 550,000 homes. The company has brought new solutions, such as pioneering online insurance savings plans direct to customers.
7. Tokio Marine Life Insurance
Tokio Marine Life Insurance was established in the year 1879 and has a history over 130 years old and has a network across 38 countries. This company was established as the first insurance company in Japan and the spread to 38 countries. The company has grown over decades and now offers an extensive selection of products like General and Life insurance and solutions. It is one of the top companies in Singapore that says doing well; being good means profits are not the be all and end all of the existence. The company ranks as one of the world’s most globally diversified and financially secure insurance group.
8. AIA Singapore Private Limited:
AIA Singapore Private Limited is located at 1 Robinson Rd, AIA Tower, Singapore. It was established in 1931 and is ranked fourth among one of the insurance companies in Singapore. The company provides products like Life insurance, Medical insurance, Critical illness insurance, Savings, Platinum, and Investments. AIA places customers at the heart of everything they do, and wants to make a positive impact in the customer’s lives as a trusted partner. The company transforms itself according to the needs and demands and adapts accordingly. Due to its commitment the company is propelled to launch innovative solutions that truly support the physical and financial wellbeing of the customers.
9. Aviva Limited
Aviva Limited is located at 4 Shenton Way SGX Centre 2, Singapore and is known by every Singaporeans. It is the appointed insurer for National Service. The purpose of Aviva is to defy uncertainty and helping customers look to the future with confidence. The company is one of the top companies in Singapore and is known as a composite insurer as they provide life insurance as well as non-life insurance. Its products are Protection and Health insurance, General insurance, Savings, Investments, and Group Insurance. The products are sold through financial advisers, corporate partners, brokers, direct, and online.
10. FWD Singapore Private Limited
FWD Singapore Private Limited is located at 6 Temasek Blvd, Suntec Tower Four and was established in April 2016. FWD launched its direct-to-consumer business I September and is currently offering a suite of life and general insurance products. The general insurance products include direct-term life, travel, car, maid insurance, and personal accident. The company provides employee benefits insurance to its valued corporate customers. Besides it offers businesses customizable group insurance plans. The company aims to change the way people feel about insurance by leveraging technology to deliver products that are well priced, easy to understand, easy to use, and relevant. you can also check this article on Best Travel Agencies in Singapore
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