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Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Personal Accident and Health Insurance in Singapore Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Singaporean personal accident and health insurance segment, and a comparison of the Singaporean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Singaporean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Personal Accident and Health Insurance in Singapore Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Singaporean personal accident and health insurance segment, including:

  • An overview of the Singaporean personal accident and health insurance segment
  • The Singaporean personal accident and health insurance segment’s growth prospects by category
  • A comprehensive overview of the Singaporean economy and demographics
  • A comparison of the Singaporean personal accident and health insurance segment with its regional counterparts
  • The various distribution channels in the Singaporean personal accident and health insurance segment
  • Details of the competitive landscape in the personal accident and health insurance segment in Singapore
  • Details of regulatory policy applicable to the Singaporean insurance industry
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 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Singaporean personal accident and health insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Singaporean personal accident and health insurance segment with its regional counterparts
  • It provides an overview of 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 the 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 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
  • The Singaporean personal accident and health insurance segment’s gross written premium increased at a review-period CAGR of 10.5%.
  • The Life Insurance Association of Singapore and private health insurers have collaborated with the Singaporean government to provide Integrated Shield Plans after May 2016.
  • The growth of bancassurance was supported by banks’ large retail networks and an increase in the number of bancassurance partnerships.
  • The segment is consolidated and competitive, with 10 leading insurers accounting for 88.4% of the segment’s gross written premium in 2015.


  • Key Facts and Highlights
    • Table Singaporean Personal Accident and Health Insurance - Key Facts, 2015
    • Table Singaporean Personal Accident and Health Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Singaporean Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Singaporean Personal Accident and Health Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Penetration (%), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Personal Accident and Health Insurance - Penetration (%), 2015-2020
        • Table Singaporean Personal Accident and Health Insurance - Premium per Capita (SGD and US$), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Premium per Capita (SGD and US$), 2015-2020
      • Profitability
        • Table Singaporean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
      • Assets and investments
        • Table Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Million and US$ Million), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Million and US$ Million), 2015-2020
        • Table Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2011-2015
        • Table Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2015-2020
  • Outlook by Category
    • Table Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015
    • Table Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020
    • Personal Accident Insurance
      • Premium
        • Table Singaporean Personal Accident Insurance - Direct Written Premium (SGD Million and US$ Million), 2011-2015
        • Table Singaporean Personal Accident Insurance - Direct Written Premium (SGD Million and US$ Million), 2015-2020
      • Profitability
        • Table Singaporean Personal Accident Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Personal Accident Insurance - Loss Ratio (%), 2015-2020
    • Health Insurance
      • Premium
        • Table Singaporean Health Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015
        • Table Singaporean Health Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020
      • Policies
        • Table Singaporean Health Insurance - Number of Policies Sold (Million), 2011-2015
        • Table Singaporean Health Insurance - Number of Policies Sold (Million), 2015-2020
      • Profitability
        • Table Singaporean Health Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Health Insurance - Loss Ratio (%), 2015-2020
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table Singaporean Personal Accident and Health Insurance Industry - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • AIA Singapore Private Ltd - company overview
        • Table AIA Singapore Private Ltd - Key Facts
        • Table AIA Singapore Private Ltd - Key Financials (SGD Million), 2011-2015
      • Great Eastern Life Assurance Co. Ltd - company overview
        • Table Great Eastern Life Assurance Co. Ltd - Key Facts
        • Table Great Eastern Life Assurance Co. Ltd - Key Financials (SGD Million), 2011-2015
      • NTUC Income Insurance Co-Operative Ltd - company overview
        • Table NTUC Income Insurance Co-Operative Ltd - Key Facts
        • Table NTUC Income Insurance Co-Operative Ltd - Key Financials (US$ Million), 2011-2015
      • Prudential Assurance Company Singapore (Pte) Ltd - company overview
        • Table Prudential Assurance Company Singapore (Pte) Ltd - Key Facts
        • Table Prudential Assurance Company Singapore (Pte) Ltd - Key Financials (SGD Million), 2011-2015
      • Aviva Ltd - company overview
        • Table Aviva Ltd - Key Facts
        • Table Aviva Ltd - Key Financials (SGD Million), 2011-2015
  • Governance, Risk and Compliance
    • Table Singapore - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Singapore- Life Insurance Regulatory Framework
      • Property insurance
        • Table Singapore - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Singapore - Motor Insurance Regulatory Framework
        • Table Singapore - No-Claims Discounts on Motor Insurance Policies
      • Liability insurance
        • Table Singapore - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor vehicle third-party liability insurance
      • Workmen's compensation insurance
      • Government health insurance
      • Aviation carriers' liability insurance
      • Professional indemnity insurance
        • Table Singapore- Minimum PII cover for Retail LFMC
      • Insurance against oil pollution from ships
      • Third-party liability cover for certain pleasure craft and vessels operating in Singapore
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Monetary Authority of Singapore
      • General Insurance Association of Singapore (GIA)
      • Life Insurance Association of Singapore (LIA)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Singapore- Minimum Capital Requirements
      • Solvency margins
        • Table Singapore- Levy Rates Applicable to PPF Scheme Member
      • Reserve requirements
      • Investment regulations
        • Table Singapore- Minimum Capital Requirements
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Singapore - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Policies and Premium
      • Table Singaporean Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Singaporean Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Singaporean Personal Accident and Health Insurance - Assets and Investments, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance - Assets and Investments, 2015-2020
    • Personal Accident Insurance
      • Table Singaporean Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
    • Health Insurance
      • Table Singaporean Personal Accident and Health Insurance - Health Insurance, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance - Health Insurance, 2015-2020
    • Health Insurance by Product
      • Table Singaporean Personal Accident and Health Insurance - Health by Product, 2011-2015
      • Table Singaporean Personal Accident and Health Insurance - Health by Product, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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