Research and Markets: Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2017

Business Wire

DUBLIN--(BUSINESS WIRE)--

Research and Markets (http://www.researchandmarkets.com/research/bn7d2r/personal_accident) has announced the addition of the "Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2017" report to their offering.

Fueled by the developing economy, rapidly growing older population, rising outbound travelers and favorable legislation, the Singaporean personal accident and health insurance segment grew at a rapid CAGR of 12.4% during the review period.

These factors, coupled with the nationalization of the medical insurance scheme, are also projected to support the segment's growth over the forecast period. The written premium of the personal accident and health segment is expected to increase from SGD2.3 billion (US$1.8 billion) in 2012 to SGD3.7 billion (US$2.9 billion) in 2017, at a projected forecast-period CAGR of 10.3%.

Key Highlights

- The Singaporean personal accident and health insurance segment grew at a rapid CAGR of 12.4% during the review period

- Insurance brokers have played significant role in the growth of the segment, and contributed 31.6% of the total written premiums in 2012

- The Singaporean insurance industry is supervised and regulated by the Monetary Authority of Singapore (MAS), and rules and regulations governing the Singaporean insurance industry are stipulated in the Insurance Act of Singapore

- Singapore's population is aging rapidly, and the older age group accounted for 11.1% of the country's total population in 2012

- The Singaporean personal accident and health insurance segment is consolidated and dominated by multinationals such as First Capital, American Home, and Axa Insurance

Companies Mentioned

Chartis Insurance

MSIG

ACE Insurance

Axa Singapore

Shenton Ins

NTUC Income

UOI

QBE

Tokio Marine Insurance

Liberty Insurance

For more information visit http://www.researchandmarkets.com/research/bn7d2r/personal_accident

About Research and Markets

Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contact:
Research and Markets
Laura Wood, Senior Manager.
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Health Insurance
View Comments