Insurance is an important part of financial planning, offering protection against unexpected events that can have a major impact on your finances.
With so many insurance companies out there, it can be difficult to know which one to choose. In this blog post, we’ve done the research for you and compiled a comprehensive guide to the 7 best insurance companies in Singapore.
From established companies with decades of experience to newer players with innovative offerings, we’ve got you covered. We’ll highlight each company’s specialisms, premium costs, and customer reviews, so you can compare and select the best option for your unique needs.
Criteria for Selecting the Top Insurance Companies
The best insurance companies in Singapore should be recognized brands you’ve heard of. They should offer plenty of choice in terms of the insurance policies they have available, a trusted industry reputation and fair and competitively priced payment policies. We’d recommend keeping an eye out for:
An Insurance Company that Offers You Financial Stability
Whether you’re looking at life insurance companies or car insurance plans, you should prioritize using reputable insurers that offer sensible insurance premium prices. The best insurance company will always be the one that can offer a price plan that matches up nicely with your unique needs.
A Brand That’s Been Active in the Insurance Industry for Several Years
Reputation is everything in the insurance industry. Look out for insurers based in Singapore that have been in the insurance business for the long-haul, and tread very carefully when encountering newer companies with limited experience or customer reviews. Reputable companies should also be regulated by the Monetary Authority of Singapore and affiliated with the General Insurance Association (GIA).
Positive Reviews of Insurance Policies from Previous Customers
Top companies ought to offer more than just good service levels and a sound reputation. They should also have verifiable reviews on their websites. Google and other sites like TrustPilot can be used to help you comb through past customer ratings and get an idea of what previous customers thought of their insurance policies and all-round customer service. It’s especially important to read-up on what people thought of claims processes.
Top Insurance Companies – At a Glance
Below, we’ve narrowed down our favorite seven insurance companies. They are Prudential, FWD Insurance, AXA Insurance, Allianz, AIA Insurance, SingLife with Aviva and Great Eastern Holdings Limited. The table below reveals a bit more about the specialisms of each before we explore their products in a little more detail.
| Insurance Company | Best For | Why Choose This Insurance Company |
| Prudential | General Insurance Products | Quality medical and life insurance policy products. Superb Fortune 500 reputation. |
| FWD Insurance | Car Insurance | Diverse and comprehensive range of insurance products. |
| AXA Insurance | Medical Insurance | Global company with worldwide reputation. |
| Allianz | Travel Insurance Policies | One of the biggest and best-known general insurers in Southeast Asia. Serves 100 million customers in more than 70 countries. |
| AIA Insurance | Affordable Critical Illness and Life Insurance Products | Decades of experience in the insurance sector. Great for life insurance products. |
| SingLife with Aviva | Retirement Planning Related Products | Transparent and simple insurance claims procedures.Has won lots of customer service awards. |
| Great Eastern Holdings Limited | Life Plans and Disability Cover | Has been in the business for longer than most. Free child cover benefit of $20,000 available on life insurance products. |
1. Prudential
From medical insurance and whole and term life insurance products to specialist products for individual and commercial clients, Prudential offers a little bit of everything. This Fortune 500 global company has more than 800 million customer shares and a team of qualified financial consultants who are consistently praised for their top-tier services.
Highlights
- Quality medical and life insurance policy products.
- Superb Fortune 500 reputation.
- Excellent customer service verified via ratings.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 7 Straits View #06-01, Marina One East Tower, Singapore 018936
- Website
- Social Media
2. FWD Insurance
FWD Insurance has a great reputation for affordability and reliability. They offer simple insurance plans with easy claims processes and clear-cut terms and conditions. FWD has a longstanding reputation as one of the best car insurance companies in Singapore, offering competitively priced motor insurance. They also provide their customers with travel insurance, life, home insurance and tons of other general insurance products.
Highlights
- Diverse and comprehensive range of insurance products.
- Easy-to-follow terms and conditions.
- Consistently high customer reviews on Google and other sites.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 6 Temasek Blvd, #18-01 Suntec Tower 4, Singapore 038986
- Website
- Social Media
3. AXA Insurance
AXA Insurance boasts a giant team of more than 160,000 employees, who serve hundreds of millions of customers all around the world. They are without doubt one of the best insurers out there, particularly if you’re looking for comprehensive medical insurance. Their private Integrated Shield Plans can be integrated with MediShield Life with ease, and claims are super-straightforward, too.
Highlights
- Global company with worldwide reputation.
- Get an Integrated Shield Plan to top up MediShield Life.
- Fast and easy online quote process.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 38 Beach Rd, #03-11 South Beach Tower, Singapore 189767
- Website
- Social Media
4. Allianz
Allianz is one of the best and biggest insurers based in Singapore, having opened its famous Asian regional office here in 1998. This provider is growing in prominence across the Asian market and offers Singaporeans a huge range of general insurance products, though Allianz are perhaps best known for their fantastic travel insurance offerings.
Highlights
- One of the biggest and best-known general insurers in Southeast Asia.
- Serves 100 million customers in more than 70 countries.
- Hard to beat for global reputation and competitive travel products.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 79 Robinson Rd, #09-01, Singapore 068897
- Website
- Social Media
5. AIA Insurance
With more than 90 years’ worth of experience in the insurance business, AIA is one of the best-established insurers in the sector, offering a huge variety of competitively priced health and life insurance plans. Customers frequently rave about the speed and efficiency of AIA insurance applications and the company’s excellent customer support.
Highlights
- Decades of experience in the insurance sector.
- Great for life insurance products.
- Apply for a health or life insurance plan in just a few minutes.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 1 Robinson Rd, AIA Tower, Singapore 048542
- Website
- Social Media
6. SingLife with Aviva
SingLife with Aviva offers a broad and varied mix of insurance and investment solutions, including investment linked policies that combine life insurance with retirement plans. The company has won multiple customer service awards for itself offer the years and SingLife for Aviva paid out more than 96% of all claims in 2020. At the time of writing, they also offer personal accident plans and several other kinds of insurance products.
Highlights
- Transparent and simple insurance claims procedures.
- Tons of investment linked policies available.
- SingLife with Aviva has won lots of customer service awards.
Premium
- Get a quote online here.
Reviews
- Read Google reviews here.
Contact Info:
- Address
- 4 Shenton Way, #01-01 SGX Centre 2, Singapore 068807
- Website
- Social Media
7. Great Eastern Holdings Limited
Dating all the way back to 1908, Great Eastern is one of the oldest companies in Singapore specializing in life insurance plans, and consistently reels in positive reviews regarding the ease and simplicity of its insurance claims processes. The company also offers superb disability and critical illness products, as well as a range of retirement planning services.
Highlights
- They provide comprehensive coverage for disability, death, and terminal illness.
- Great Eastern has been in the business for longer than most.
- Free child cover benefit of $20,000 available on life insurance products.
Premium
- Get a quote here.
Reviews
- Read reviews on Google here.
Contact Info:
- Address
- 1 Pickering St, #01-01 Great Eastern Centre, Singapore 048659
- Website
- Social Media
What is the Insurance Claims Process in Singapore?
Whether you’re making a claim on your property insurance, motor insurance, maid insurance or home insurance, it’s important to properly understand how the claims process for insurance Singapore works before you get started.
Now obviously the process will be slightly different between different companies and types of insurance policies, but generally you’ll need to follow the below steps:
Step 1 – Contact Your Insurer
First up, you’ll need to contact an insurance agent from your company to submit a report. If you wish to make a motor insurance claim related to a car accident, for example, you’ll need to make your report within 24 hours of the incident occurring.
Step 2 – Provide Evidence to Support Your Claim
Next, you are highly likely to have to provide your insurance Singapore company with some supporting evidence. Going back to the motor insurance example, you could upload or send in photos of the collision and any related damage to your vehicle.
Step 3 – Officially Submit Your Claim
From here, it’s on you whether you decide to formally submit an insurance claim. If you choose to do so, don’t forget that you might need to pay a compulsory or voluntary excess – a small amount toward the cost of any repairs or replacements – either at this stage of the process or a little later on.
Step 4 – The insurer May Send Out a Surveyor
In the case of car or property insurance claims where damage is concerned, the insurer will almost definitely want to send somebody out to assess the damage and confirm whether the repairs are fully covered. The assessment will help your insurer make a final decision about your claim.
Step 5 – Get Your Decision and Receive the Insurer’s Payout
Finally, your insurer will decide to either accept or reject your claim. With most straightforward insurance claims, you’ll usually get a decision within 21 days of the original claim being assessed and all supporting documents being provided. If you’re claiming for a home or car repair, this is the point where any actual repair work will take place.
Frequently Asked Questions (FAQs)
1. Is AXA better than AIA?
Which general insurance companies are best for you will largely depend on the kinds of insurance products you are looking to purchase. AXA has a great reputation for its Life Insurance Association linked life plans, whereas AIA is particularly good for medical or MediShield Life related products.
2. Which Insurance Company is the Best in Singapore?
It’s difficult to say which insurance company is the best in Singapore as it ultimately depends on individual needs and preferences. Each of the companies listed in above has its own strengths and specializations, such as Prudential for general insurance, FWD for car insurance, AXA for medical insurance, Allianz for travel insurance, AIA for affordable critical illness and life insurance, SingLife with Aviva for retirement planning, and Great Eastern for life plans and disability cover.
Final Thoughts
Singapore is home to several great general insurance companies, but understanding exactly what you’re looking for and how insurance claims work is essential before shopping around. Don’t forget that:
Key Takeaways:
- Look for insurers that offer financial stability and a price plan that matches your unique needs.
- Choose insurers with a longstanding reputation and regulated by the Monetary Authority of Singapore and affiliated with the General Insurance Association (GIA).
- Read verified reviews on insurers’ websites, Google, and TrustPilot to learn more about their past customers’ experiences and what they think of their insurance policies and customer service.
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