Boston, MA -- (SBWIRE) -- 09/07/2012 -- Increasing levels of government healthcare expenditure, coupled with Singapore's ageing population, is likely to drive the demand for health insurance coverage over the forecast period. Singapore has a large elderly population with the number of people aged 65 and above accounting for 9.9% of the total population in 2011. This is anticipated to increase the sales of private health insurance products. This situation will be compounded by the nation's inadequate government-sponsored healthcare system, including 3Ms and no national health insurance schemes, which provides a potential opportunity for private insurers to position their products in the market.

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Key Highlights

- Singapore has a sophisticated healthcare system, however the existing national medical saving schemes such as Medisave, Medifund and Medishield cannot meet the country's rising healthcare expenditure as these schemes provide cover only for a limited range of diseases and meet low value medical expenses.
- The demand for personal accident and health insurance products is expected to remain strong over the forecast period and will be driven by Singapore's positive economic development, anticipated to measure a CAGR of 4.7% according to the IMF.
- Increasing levels of government healthcare expenditure, coupled with Singapore's ageing population, is likely to drive the demand for health insurance coverage over the forecast period.
- Personal accident and health insurance penetration as a percentage of GDP still remains low when compared to other Asian countries, which provides insurers with positive growth potential going forward.

Scope

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

- It provides historical values for the Singapore personal accident and health insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Singapore personal accident and health insurance market, along with market forecasts until 2016
- 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 insurance products in Singapore
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for personal accident and health insurance business
- It provides a detailed analysis of the reinsurance market 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

Companies Mentioned in this Report: NTUC Income Insurance Co-operative Limited, Great Eastern Life Assurance Co Ltd., Prudential Assurance Company Singapore (Pte) Ltd, Aviva Ltd., American Home Assurance Company, MSIG Insurance (Singapore) Pte Ltd., AXA Insurance Singapore Pte., Ltd., HSBC Insurance (Singapore) Pte Limited

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