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

  • ID: 4022304
  • Report
  • December 2016
  • Region: Singapore
  • 117 pages
  • Timetric
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FEATURED COMPANIES

  • AIA Singapore Pvt. Ltd
  • Aviva Ltd
  • Axa Singapore
  • Chubb Ins
  • MSIG
  • MORE
The '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 The 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:

The '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.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • AIA Singapore Pvt. Ltd
  • Aviva Ltd
  • Axa Singapore
  • Chubb Ins
  • MSIG
  • MORE
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Profitability
4.2.3 Assets and investments
5 Outlook by Category
5.1 Personal Accident Insurance
5.1.1 Premium
5.1.2 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.2.3 Profitability
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 AIA Singapore Private Ltd - company overview
7.1.2 Great Eastern Life Assurance Co. Ltd - company overview
7.1.3 NTUC Income Insurance Co-Operative Ltd - company overview
7.1.4 Prudential Assurance Company Singapore (Pte) Ltd - company overview
7.1.5 Aviva Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor vehicle third-party liability insurance
8.4.2 Workmen’s compensation insurance
8.4.3 Government health insurance
8.4.4 Aviation carriers' liability insurance
8.4.5 Professional indemnity insurance
8.4.6 Insurance against oil pollution from ships
8.4.7 Third-party liability cover for certain pleasure craft and vessels operating in Singapore
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Monetary Authority of Singapore
8.5.3 General Insurance Association of Singapore (GIA)
8.5.4 Life Insurance Association of Singapore (LIA)
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Personal Accident Insurance
9.5 Health Insurance
9.6 Health Insurance by Product
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About
11.1 Contact
11.2 About
11.3 Services
11.4 Disclaimer

List of Tables
Table 1: Singaporean Personal Accident and Health Insurance - Key Facts, 2015
Table 2: Singaporean Personal Accident and Health Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Singaporean Government Credit Ratings
Table 4: Singaporean Personal Accident and Health Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015
Table 5: Singaporean Personal Accident and Health Insurance - Penetration (%), 2011-2015
Table 6: Singaporean Personal Accident and Health Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020
Table 7: Singaporean Personal Accident and Health Insurance - Penetration (%), 2015-2020
Table 8: Singaporean Personal Accident and Health Insurance - Premium per Capita (SGD and US$), 2011-2015
Table 9: Singaporean Personal Accident and Health Insurance - Premium per Capita (SGD and US$), 2015-2020
Table 10: Singaporean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 11: Singaporean Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 12: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015
Table 13: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020
Table 14: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Million and US$ Million), 2011-2015
Table 15: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Million and US$ Million), 2015-2020
Table 16: Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2011-2015
Table 17: Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2015-2020
Table 18: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015
Table 19: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020
Table 20: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Million and US$ Million), 2011-2015
Table 21: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Million and US$ Million), 2015-2020
Table 22: Singaporean Personal Accident Insurance - Loss Ratio (%), 2011-2015
Table 23: Singaporean Personal Accident Insurance - Loss Ratio (%), 2015-2020
Table 24: Singaporean Health Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015
Table 25: Singaporean Health Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020
Table 26: Singaporean Health Insurance - Number of Policies Sold (Million), 2011-2015
Table 27: Singaporean Health Insurance - Number of Policies Sold (Million), 2015-2020
Table 28: Singaporean Health Insurance - Loss Ratio (%), 2011-2015
Table 29: Singaporean Health Insurance - Loss Ratio (%), 2015-2020
Table 30: Singaporean Personal Accident and Health Insurance Industry - Market Shares of Leading Insurers (%), 2015
Table 31: AIA Singapore Private Ltd - Key Facts
Table 32: AIA Singapore Private Ltd - Key Financials (SGD Million), 2011-2015
Table 33: Great Eastern Life Assurance Co. Ltd - Key Facts
Table 34: Great Eastern Life Assurance Co. Ltd - Key Financials (SGD Million), 2011-2015
Table 35: NTUC Income Insurance Co-Operative Ltd - Key Facts
Table 36: NTUC Income Insurance Co-Operative Ltd - Key Financials (US$ Million), 2011-2015
Table 37: Prudential Assurance Company Singapore (Pte) Ltd - Key Facts
Table 38: Prudential Assurance Company Singapore (Pte) Ltd - Key Financials (SGD Million), 2011-2015
Table 39: Aviva Ltd - Key Facts
Table 40: Aviva Ltd - Key Financials (SGD Million), 2011-2015
Table 41: Singapore - Insurance Regulatory Framework Key Features
Table 42: Singapore- Life Insurance Regulatory Framework
Table 43: Singapore - Property Insurance Regulatory Framework
Table 44: Singapore - Motor Insurance Regulatory Framework
Table 45: Singapore - No-Claims Discounts on Motor Insurance Policies
Table 46: Singapore - Liability Insurance Regulatory Framework
Table 47: Singapore- Minimum PII cover for Retail LFMC
Table 48: Singapore- Minimum Capital Requirements
Table 49: Singapore- Levy Rates Applicable to PPF Scheme Member
Table 50: Singapore- Minimum Capital Requirements
Table 51: Singapore - Corporate Tax Rates for the Financial Year 2016
Table 52: Singaporean Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 53: Singaporean Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 54: Singaporean Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 55: Singaporean Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 56: Singaporean Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 57: Singaporean Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 58: Singaporean Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
Table 59: Singaporean Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
Table 60: Singaporean Personal Accident and Health Insurance - Health Insurance, 2011-2015
Table 61: Singaporean Personal Accident and Health Insurance - Health Insurance, 2015-2020
Table 62: Singaporean Personal Accident and Health Insurance - Health by Product, 2011-2015
Table 63: Singaporean Personal Accident and Health Insurance - Health by Product, 2015-2020
Table 64: Insurance Industry Definitions

List of Figures
Figure 1: Singaporean Real GDP (SGD Billion), 2011-2020
Figure 2: Singaporean Consumer Price Inflation (%),2011-2020
Figure 3: Singaporean Current Account Balance as Percentage of GDP (%), 2011-2020
Figure 4: SGD-US$ Exchange Rate, 2011-2020
Figure 5: Singaporean Unemployment Rate, 2011-2020
Figure 6: Singaporean Population by Age Group, 1991-2025
Figure 7: Singaporean Out-of-Pocket Health Expenditure as a Percentage of Private Health Expenditure (%), 2010-2014
Figure 8: Number of out-bound passengers , 2011-2015
Figure 9: Singaporean Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 10: Singaporean Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 11: Singaporean Personal Accident and Health Insurance - Gross Written Premium (SGD Billion), 2011-2020
Figure 12: Singaporean Personal Accident and Health Insurance - Penetration (%), 2011-2020
Figure 13: Singaporean Personal Accident and Health Insurance - Premium per Capita (SGD), 2011-2020
Figure 14: Singaporean Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2020
Figure 15: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion), 2011-2020
Figure 16: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Million), 2011-2020
Figure 17: Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2011-2020
Figure 18: Singaporean Personal Accident and Health Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2011-2020
Figure 20: Singaporean Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 21: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Million), 2011-2020
Figure 22: Singaporean Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (SGD Million and %), 2011-2020
Figure 23: Singaporean Health Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2020
Figure 24: Singaporean Health Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 25: Singaporean Health Insurance - Number of Policies Sold (Million), 2011-2020
Figure 26: Singaporean Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (SGD Billion and %), 2011-2020
Figure 27: Singaporean Personal Accident and Health Insurance Industry - Market Shares of Leading Insurers (%), 2015
Figure 28: Singapore - Insurance Supervision and Control at Various Levels
Figure 29: Singapore - Insurance Regulatory Frameworks for Company Registration and Operation
Note: Product cover images may vary from those shown
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  • AIA Singapore Pvt. Ltd
  • The Great Eastern Life Assurance Company
  • NTUC Income Insurance Co-Operative Limited
  • Prudential Assurance Co. Singapore (Pte) Ltd
  • Aviva Ltd
  • Tokio Marine Life Insurance Singapore Ltd
  • Axa Life Insurance Singapore Private Limited
  • MSIG
  • Axa Singapore
  • Chubb Ins
Note: Product cover images may vary from those shown
4 of 4
Note: Product cover images may vary from those shown
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