Tokio Marine Life Insurance Singapore Pte. Ltd. (TMLS) has appointed Raymond Ong (pictured) as its new chief executive officer.
The insurer announced Ong’s appointment on April 27, 2026. In his new role, he will oversee TMLS’s strategy and operations in Singapore. Ong has held senior positions across the life and composite insurance markets in Southeast Asia. He previously served as chief executive officer of a composite insurer in Singapore, where he was responsible for both life and general insurance businesses. Earlier in his career, he was chief financial officer at one of Malaysia’s largest life insurers and later group chief risk officer at an insurance group with operations in Singapore and the wider region.
The appointment comes at a time when life insurers in Singapore are adjusting to changes in customer demand, regulatory expectations, and the use of technology in distribution and servicing. “I am honoured to join Tokio Marine Life Insurance Singapore. I look forward to working with the team to build on the company’s strong foundations, empowering our people to Inspire Confidence and Accelerate Progress for our customers, our people, and the communities we serve,” Ong said.
Ong takes the helm as Singapore’s life insurance sector is forecast to expand in premium volume over the rest of the decade. Data from GlobalData’s Global Insurance Database indicate that life insurance gross written premiums (GWP) in Singapore are expected to rise from SG$64.6 billion (US$48.9 billion) in 2026 to SG$83.9 billion (US$63.5 billion) in 2030. That trajectory reflects a compound annual growth rate of 6.8% in GWP over the period.
GlobalData estimates that the market will grow 8.3% in 2025, supported by demand for both protection and wealth accumulation products. Whole life, endowment, and life personal accident and health (PA&H) business lines together are projected to account for 92.1% of life insurance GWP in 2025, indicating that most premiums will continue to come from long-term and health-related coverage. “Life insurance growth momentum in Singapore will be underpinned by a rapidly aging population, which is elevating the need for long-term protection and retirement income – a trend already pushing up health and life insurance uptake among seniors,” said Katam Prasanth, senior insurance analyst at GlobalData.
Whole life policies are expected to remain the largest life segment in Singapore by premium. GlobalData projects that whole life will account for 53.5% of GWP in 2025, with demand supported by older policyholders looking for long-duration coverage and retirement-related benefits. According to the National Population and Talent Division, the number of residents aged 80 and above rose by nearly 60% between 2015 and 2025. This shift in age profile is prompting life insurers to revisit underwriting approaches, pricing, and product features for older-age risks, as well as to consider the impact of longer claim durations and more frequent use of healthcare services.
Endowment policies are forecast to represent 24.8% of life GWP in 2025. These products are commonly used by consumers seeking savings accumulation bundled with insurance protection, including for long-term goals such as retirement or children’s education. Investment-linked policies (ILPs) are also playing a larger role in new business. Figures from the Life Insurance Association, Singapore (LIA), show that new business premiums from ILPs increased 31.3% in the first half of 2025 compared with the same period in 2024, accounting for 43% of all new business premiums. Prasanth said that “the shift toward recurring‐premium protection products and ILPs supports more stable premium streams and increases the value of new business.”
The life PA&H segment is projected to contribute 13.8% of life GWP in 2025, reflecting continued demand for health-related cover. Older customers, in particular, are using private health solutions to supplement public schemes and manage the cost of care. Integrated Shield Plans (IPs), which sit on top of MediShield Life, have seen higher take-up. LIA reported that individual health new business premiums rose 69.3% in the first half of 2025, with IPs and associated riders making up 89.9% of total individual health insurance premiums. Health-focused life solutions – such as critical illness riders, medical-linked ILPs, and long-term care riders – as well as employer-sponsored programmes, are expected to remain important components of insurers’ offerings. At the same time, rising medical inflation and the aging profile of policyholders are increasing insurers’ exposure to health and longevity risks. This environment is sharpening the focus on underwriting standards, pricing reviews, and claims management practices across the sector.
Technology is influencing how life insurers in Singapore design, distribute, and service products. Market participants are deploying AI-supported underwriting tools, automated claims workflows, and digital self-service platforms. Embedded and online channels are widening access to small and midsize enterprises and retail customers, while advice-led channels such as financial adviser networks and bancassurance relationships continue to play a central role in more complex protection and retirement solutions. “Looking ahead, Singapore’s life insurance industry is poised for robust growth through 2030, supported by technological advancements and a strong focus on consumer needs. As the market evolves, insurers are expected to implement prudent underwriting and claims management to mitigate the risks of medical inflation and aging population,” Prasanth said. Within this context, Ong’s leadership at TMLS will sit against broader industry efforts to adjust product portfolios, distribution strategies, and risk frameworks to demographic changes, health-related exposures, and ongoing digital transformation in Singapore’s life and health insurance market.
