Thursday 22 January 2015

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

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

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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%.

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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.

Table Of Content

1 Key Facts and Events

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 Singaporean Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009–2018

5 Personal accident and health segment Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Personal Accident and Health Insurance Growth Prospects by Category
5.5.1 Personal accident insurance
5.5.2 Travel insurance
5.5.3 Health insurance
5.5.4 Non-life health insurance
5.5.5 Life health insurance

6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-Commerce
6.5 Brokers
6.6 Other Channels

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Legislation and Market Practice by Type of Insurance
7.2.1 Life insurance
7.2.2 Property insurance
7.2.3 Motor insurance
7.2.4 Liability insurance
7.2.5 Marine, aviation and transit insurance
7.2.6 Personal accident and health insurance
7.3 Compulsory Insurance
7.3.1 Motor vehicle third-party liability insurance
7.3.2 Workmen’s compensation insurance
7.3.3 Government health insurance
7.4 Supervision and Control
7.4.1 International Association of Insurance Supervisors (IAIS)
7.4.2 Monetary Authority of Singapore (MAS)
7.5 Non-Admitted Insurance Regulations
7.5.1 Overview
7.5.2 Intermediaries
7.5.3 Market practices
7.5.4 Fines and penalties
7.6 Company Registration and Operations
7.6.1 Types of insurance organization
7.6.2 Establishing a local company
7.6.3 Foreign ownership
7.6.4 Types of license
7.6.5 Capital requirements
7.6.6 Solvency margins

8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the Singaporean Personal accident and health segment
8.3 Comparison of the Top Five Insurers
8.3.1 Gross written premium
8.3.2 Gross claims
8.3.3 Incurred loss
8.4 Leading Personal accident and health Insurers – New Product Launches
8.5 Leading Personal Accident and Health Insurers – Key Developments
8.6 AIA Singapore Private Ltd – Company Overview
8.6.1 AIA Singapore Private Ltd – key facts
8.6.2 AIA Singapore Private Ltd – key financials
8.7 NTUC Income Insurance Co-Operative Ltd – Company Overview
8.7.1 NTUC Income Insurance Co-Operative Ltd – key facts
8.7.2 NTUC Income Insurance Co-Operative Ltd – key financials
8.8 Great Eastern Life Assurance Co. Ltd, – Company Overview
8.8.1 Great Eastern Life Assurance Co. Ltd – key facts
8.8.2 Great Eastern Life Assurance Co. Ltd – key financials
8.9 Prudential Assurance Company Singapore (Pte) Ltd – Company Overview
8.9.1 Prudential Assurance Company Singapore (Pte) Ltd – key facts
8.9.2 Prudential Assurance Company Singapore (Pte) Ltd – key financials
8.10 Aviva Ltd – Company Overview
8.10.1 Aviva Ltd – key facts
8.10.2 Aviva Ltd – key financials

9 Appendix –1
9.1 Market Capitalization Trend – Singapore Exchange Ltd (SGX), Singapore
9.2 Economic Performance
9.2.1 GDP at constant prices (US$)
9.2.2 GDP per capita at constant prices (US$)
9.2.3 GDP at current prices (US$)
9.2.4 GDP by key sector
9.2.5 Agriculture, hunting, forestry and fishing net output at current prices (US$)
9.2.6 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
9.2.7 Manufacturing net output at current prices (US$)
9.2.8 Manufacturing net output at current prices as a percentage of GDP
9.2.9 Mining, manufacturing and utilities at current prices (US$)
9.2.10 Mining, manufacturing and utilities at current prices, as percentage of GDP
9.2.11 Construction net output at current prices (US$)
9.2.12 Construction net output at current prices as a percentage of GDP
9.2.13 Inflation rate
9.2.14 Exports as a percentage of GDP
9.2.15 Imports as a percentage of GDP
9.2.16 Merchandise exports growth
9.2.17 Merchandise imports growth
9.2.18 Annual average exchange rate SGD–US$
9.3 Infrastructure
9.3.1 Commercial vehicle exports – total value
9.3.2 Commercial vehicle imports – total value
9.3.3 Automotive exports – total value
9.3.4 Automotive imports – total value
9.3.5 Total internet subscribers
9.4 Labor Force
9.4.1 Labor force
9.4.2 Unemployment rate
9.5 Demographics
9.5.1 Household consumption expenditure (US$)
9.5.2 Total population
9.5.3 Age distribution of the total population
9.5.4 Life expectancy

10 Appendix – 2
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric’s Services
10.5 Disclaimer

List of Tables


Table 1: Singaporean Personal Accident and Health Insurance – Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Singaporean Insurance – Gross Written Premium by Segment (SGD Billion), 2009–2013
Table 4: Singaporean Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013
Table 5: Singaporean Insurance – Gross Written Premium by Segment (SGD Billion), 2013–2018
Table 6: Singaporean Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018
Table 7: Singaporean Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018
Table 8: Singaporean Insurance – Direct Written Premium by Segment (SGD Billion), 2009–2013
Table 9: Singaporean Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 10: Singaporean Insurance – Direct Written Premium by Segment (SGD Billion), 2013–2018
Table 11: Singaporean Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 12: Singaporean Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018
Table 13: Singaporean Personal Accident and Health Insurance – Gross Written Premium by Category (SGD Billion), 2009–2013
Table 14: Singaporean Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013
Table 15: Singaporean Personal Accident and Health Insurance – Gross Written Premium by Category (SGD Billion), 2013–2018
Table 16: Singaporean Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018
Table 17: Singaporean Personal Accident and Health Insurance – Direct Written Premium by Category (SGD Billion), 2009–2013
Table 18: Singaporean Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013
Table 19: Singaporean Personal Accident and Health Insurance – Direct Written Premium by Category (SGD Billion), 2013–2018
Table 20: Singaporean Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018

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