The Singapore Online Insurance Market is expected witness a steady growth in the next few years, owing to the implementation of technology enabled services: Ken Research

1. Singapore Insurance Market is highly fragmented with the top nine players contributing to a major share of market

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The Industry is in a growing stage with the market being highly fragmented. The competition parameters for the market are:

Product Portfolio
Number of Policy Holders
Target for Tele Sales representatives
Premium collected from Policyholders

2. The target population in the Singapore Online Insurance Market can be segmented by age, gender, income of the insured & type of insurance

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Target Population by type of Insurance: Insurers can target health & life insurance policies. Demand in Life Insurance owing to the pandemic is expected in medium term. Moreover, a short term demand in travel insurance due to the reduction of travel restrictions in Singapore is also expected.
Target Population by income of Insured: Households with SGD 40k below are expected to take more insurance policies.

3. The Singapore Online Insurance Market is expected to grow by CAGR of 9.6% between 2021 & 2026F, owing to the implementation of technology enabled services

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Technology enabled services led by the insurtech innovation will thrive in Singapore. Singapore has one of Asia's largest concentration of ~80 Insurtech start-ups in 2021.
An increase in the future motor insurance product offering due to increasing EV vehicles is anticipated owing to Singapore Green Plan 2030

For More Information on the Research Report, refer to below links: -
https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/singapore-online-insurance-market-outlook-to-2026/596138-93.html

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.