Singapore is experiencing a marked demographic transformation, with the number of citizens aged 80 and above expanding by nearly 60% over the past decade, according to the latest figures from the National Population and Talent Division.
As of June 2025, there are about 145,000 Singaporeans in this age bracket, up from 91,000 in 2015. This group now constitutes 4% of the total citizenry, compared to 2.7% 10 years ago.
The overall proportion of Singaporeans aged 65 and older has also grown, reaching 20.7% in 2025, up from 13.1% in 2015. Projections suggest that by 2030, nearly one-quarter of citizens will fall into this age group.
Meanwhile, the share of working-age residents – those between 20 and 64 years old – has declined from 64.5% in 2015 to 59.8% in 2025.
Singapore’s total population reached 6.11 million in June 2025, reflecting a 1.2% increase from the previous year.
Much of this growth is attributed to an increase in non-resident workers, particularly in sectors such as construction and domestic work, as the country continues to invest in infrastructure and housing.
The shift in Singapore’s age structure is prompting insurers to re-examine their product offerings and risk models. As longevity rises, demand for health, life, and long-term care insurance is expected to increase.
The prevalence of chronic illnesses – such as hypertension, high cholesterol, and obesity – among older adults may also influence claims experience and underwriting.
Rachel Pu, Asia head of workers’ compensation at QBE, highlighted a gap in employer awareness regarding workforce demographics.
“Very few business know the proportion of older workers they employ however, nor are they unaware of the different risk profile people approaching or in retirement create,” she said. “Accordingly, few have workplace policies and practices that cater to the needs of this age group.”
Insurers may need to adapt by developing policies that address the specific needs of an ageing population. This could involve more flexible coverage options, wellness programs, and targeted support for employers managing an older workforce.
The trend of an ageing population is not unique to Singapore. Across Asia, similar patterns are emerging, with the share of residents aged 65 and above expected to climb steadily in the coming decades.
In Singapore, this group represented roughly 19% of the population in 2023, with forecasts indicating a rise to 33% by 2050.
Economic pressures, including rising living costs and inflation, are leading more older adults to remain in the workforce.
Surveys suggest that financial necessity is a primary motivator, with about 70% of older workers in the Asia-Pacific region continuing employment for economic reasons. Other factors include the desire for continued engagement and skill development.
Employers are encouraged to conduct workforce age audits and consult with older staff regarding their future work plans.
Adjustments to job roles, implementation of mentoring programs, and adoption of flexible work arrangements can help organisations manage demographic changes and retain institutional knowledge.
As Singapore’s median age continues to rise – from 43.4 years in 2024 to 43.7 years in 2025 – and the proportion of older adults increases, insurers and employers alike are being called to adapt.
The insurance sector will need to monitor demographic trends closely and innovate to meet the evolving needs of both individual and corporate clients. This includes not only product development but also risk management strategies and support for employers navigating an ageing workforce.
The ongoing demographic shift is expected to have a lasting impact on Singapore’s insurance landscape, requiring ongoing collaboration between insurers, employers, and policymakers to ensure sustainable solutions for an ageing society.
