Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2018


#242179

245pages

Timetric

$ 1950

In Stock

Synopsis

The report provides in-depth market analysis, information and insights into the Singaporean personal accident and health insurance segment, including:

  • The Singaporean personal accident and health insurance segment’s growth prospects by insurance category
  • Key trends and drivers for the personal accident and health insurance segment
  • The various distribution channels in the Singaporean personal accident and health insurance segment
  • The detailed competitive landscape in the personal accident and health insurance segment in Singapore
  • Detailed regulatory policies of the Singaporean insurance industry
  • Analysis of various consumer segments in Singaporean personal accident and health insurance
  • Key developments in the Singaporean personal accident and health insurance segment
  • New products launched by Singaporean personal accident and health insurers

Executive summary

Singapore’s personal accident and health insurance segment accounted for 11.7% of the industry’s gross written premium in 2013, with a value of SGD3.6 billion (US$2.8 billion). Fueled by economic expansion, a rapidly growing older population, a rise in outbound travelers, and favorable legislation, the segment posted a compound annual growth rate (CAGR) of 14.8% during the review period (2009–2013). These factors – coupled with the nationalization of the medical insurance scheme – are projected to support the segment’s growth over the forecast period (2013–2018). The segment’s gross written premium is expected to increase from SGD3.6 billion (US$2.8 billion) in 2013 to SGD6.1 billion (US$4.8 billion) in 2018, at a forecast-period CAGR of 11.3%.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Singapore:

  • It provides historical values for the Singaporean personal accident and health insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key categories in the Singaporean personal accident and health insurance segment, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for personal accident and health insurance products in Singapore.
  • It profiles the top personal accident and health insurance companies in Singapore and outlines the key regulations affecting them.

Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast market data related to Singaporean personal accident and health insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance segment.
  • Identify the growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Singaporean insurance industry and their impact on companies and the industry's future.

Key highlights

  • Fueled by economic expansion, a rapidly growing older population, a rise in outbound travelers, and favorable legislation, the segment posted a compound annual growth rate (CAGR) of 14.8% during the review period.
  • In March 2013, the government amended its existing Medishield healthcare system, and renamed it: MediShield Life. The system aims to provide healthcare facilities to all Singaporeans, with wider coverage and life cover. 
  • Singapore also enacted a number of mandatory laws relating to workers’ protection. 
  • In order to strengthen the standards of risk management among insurers, the Monetary Authority of Singapore (MAS) issued a notice to develop Enterprise Risk Management (ERM) in 2013. 
  • Increasing levels of government healthcare expenditure, coupled with Singapore’s aging population, are likely to drive demand for health insurance over the forecast period.