Insurers roll out solutions to tap growing high-net-worth population in Singapore

SINGAPORE’S growing pool of high-net-worth (HNW) individuals is creating new opportunities for insurers looking to offer targeted products and services for this segment of the population.

The number of ultra-HNW individuals in Singapore rose 6.9 per cent to 4,498 in 2022, indicated a Knight Frank report, and is expected to grow to about 5,300 between 2022 and 2027.

At the same time, the number of single family offices – entities that manage the wealth of a family – grew to 1,100 at end-2022, up from 700 at end-2021, said the Monetary Authority of Singapore.