Boston, MA -- (SBWIRE) -- 10/29/2013 -- 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%.

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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

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Singapore:

- It provides historical values for Singapore's personal accident and health insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key categories in Singapore's personal accident and health insurance segment, along with market forecasts until 2017
- 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
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for the personal accident and health insurance segment
- It provides a detailed analysis of the reinsurance segment in Singapore and its growth prospects
- It profiles the top personal accident and health insurance companies in Singapore and outlines the key regulations affecting them

Reasons to Get This Report

- 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

Companies Mentioned in this Report: Chartis Insurance, MSIG, ACE Insurance, Axa Singapore, Shenton Ins, NTUC Income, UOI, QBE, Tokio Marine Insurance, Liberty Insurance

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