Press release
Personal Accident And Health Insurance In Singapore, Key Trends And Opportunities To 2018
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
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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.
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