Singapore’s Critical Illness Protection Gap Narrows While Mortality Protection Gap Remains Relatively Unchanged: Protection Gap Study 2022

  • Platform Workers found to have bigger protection gaps compared to the general Economically Active population
  • Life Insurance Industry commits to spearheading efforts to narrow the protection gap in Singapore


Hashtag: #LIASingapore

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About the Protection Gap Study 2022

The Protection Gap Study (PGS) 2022 commissioned by LIA Singapore was conducted independently by Ernst & Young Advisory Pte Ltd. The study drew upon insurance data available until 31 December 2021 from insurers, coupled with public data analysis of economically active individuals in Singapore between the ages of 20 to 69 who have at least one dependent.

Key changes from the previous study are the inclusion of an inaugural protection gap study for the PW population, along with a supplementary market survey to gain deeper insights into the protection gap, thereby enabling a comprehensive reassessment of the assumptions that underpin the study.

Please be advised of key limitations arising from the assumptions and data sources used in the calculation of the mortality and CI protection gaps as these results reflect the average across Singapore, whereas each individual’s circumstances will be different and specific to the individual. As such, individual protection needs should be analysed separately.

Another limitation of the study is that a significant portion of PWs sampled falls within the older age group. Nonetheless, the higher mortality protection gap and CI protection gap in comparison to EAs offer a valuable additional insight. This emphasises the importance of addressing the protection gaps among seniors, especially in light of Singapore’s growing aging population.

Life Insurance Association, Singapore (LIA Singapore)

Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).

Vision and Mission

The vision of member companies is to provide individuals with peace of mind and to promote a society where every person is prepared for life’s changing cycles and for those situations unforeseen.

They are committed to being a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with government and business leaders.

Values underpinning the association and its members

Unified in our resolve to deliver innovative solutions where every individual’s needs are best met.

Professional in the way we conduct ourselves and in the counsel we give.

Ethical in ensuring our policyholders’ interests are managed with utmost integrity.

Fair in how we strive to provide favourable outcomes to both our policyholders and shareholders.

Open & honest in all that we do to build an environment of trust and transparency.

Proactive in the steps we take to give our people the skills and knowledge to provide sound solutions at all times.