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%.
- 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
Tokio Marine Insurance
For more information visit http://www.researchandmarkets.com/research/bn7d2r/personal_accident
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