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Synopsis
Timetric’s 'Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Singaporean personal accident and health insurance segment.

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 (2010–2014) and forecast period (2014–2019).

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 Timetric’s 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
Timetric’s 'Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Singaporean personal accident and health insurance segment, including:

- The Singaporean personal accident and health insurance segment’s growth prospects by insurance category

- Key trends, drivers and challenges for the personal accident and health insurance segment

- A comprehensive overview of the Singaporean economy and demographics

- 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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Singaporean personal accident and health insurance segment, and market forecasts to 2019.

- It analyzes 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 largest category in the personal accident and health segment was health insurance, which accounted for a 59.1% share of the segment’s total gross written premiums in 2014.

- The segment’s growth was supported by the country’s economic expansion, a rapidly growing older population, an increase in outbound travelers and favorable legislation.

- In addition to underwriting profits, Singaporean personal accident and health insurance insurers are focusing on generating returns on investments, aided by sustainable economic growth.

- Singapore has a sophisticated healthcare system, but the current national medical saving schemes such as Medisave, Medifund and Medishield cannot meet the country’s rising healthcare requirements, as these schemes only cover a limited range of diseases and meet low-value medical expenses.

- On June 5, 2014, the MediShield Life Review Committee proposed changes to the existing government-run Medishield plan. The proposal introduces a new universal healthcare cover: MediShield Life. Under the proposed changes, the maxim age limit of 90 years for coverage will be removed and lifetime coverage will be introduced.

Table Of Contents

Personal Accident and Health Insurance in Singapore, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
5.4.3 Non-life health insurance
5.4.4 Life health insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Singaporean Personal Accident and Health Insurance Segment
7.2.1 AIA Singapore Private Ltd - company overview
7.2.2 Great Eastern Life Assurance Co. Ltd - company overview
7.2.3 NTUC Income Insurance Co-Operative Ltd - company overview
7.2.4 Prudential Assurance Company Singapore (Pte) Ltd - company overview
7.2.5 Aviva Ltd - company overview
7.2.6 Tokio Marine Life Insurance Singapore Ltd - company overview
7.2.7 AIG Asia Pacific Insurance Pte Ltd - company overview
7.2.8 MSIG Insurance (Singapore) Pte Ltd - company overview
7.2.9 Axa Life Insurance Singapore Pte Ltd - company overview
7.2.10 ACE Insurance Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
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
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Monetary Authority of Singapore
8.5.3 General Insurance Association of Singapore
8.5.4 Life Insurance Association of Singapore (LIA)
8.6 Non-Admitted Insurance Regulations
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 Types 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 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer



List of Tables
Table 1: Singaporean Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Singaporean Government Credit Ratings
Table 4: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (SGD Billion), 2010-2014
Table 5: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 6: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (SGD Billion), 2014-2019
Table 7: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2010-2014
Table 9: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 10: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2014-2019
Table 11: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 12: Singaporean Personal Accident and Health Insurance - Net Earned Premium (SGD Billion), 2010-2014
Table 13: Singaporean Personal Accident and Health Insurance - Net Earned Premium (SGD Billion), 2014-2019
Table 14: Singaporean Personal Accident and Health Insurance - Paid Claims by Category (SGD Billion), 2010-2014
Table 15: Singaporean Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2010-2014
Table 16: Singaporean Personal Accident and Health Insurance - Paid Claims by Category (SGD Billion), 2014-2019
Table 17: Singaporean Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2014-2019
Table 18: Singaporean Personal Accident and Health Insurance - Incurred Loss by Category (SGD Billion), 2010-2014
Table 19: Singaporean Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2010-2014
Table 20: Singaporean Personal Accident and Health Insurance - Incurred Loss by Category (SGD Billion), 2014-2019
Table 21: Singaporean Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2014-2019
Table 22: Singaporean Personal Accident and Health Insurance - Net Written Premium by Category (SGD Billion), 2010-2014
Table 23: Singaporean Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2010-2014
Table 24: Singaporean Personal Accident and Health Insurance - Net Written Premium by Category (SGD Billion), 2014-2019
Table 25: Singaporean Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2014-2019
Table 26: Singaporean Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 27: Singaporean Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 28: Singaporean Personal Accident and Health Insurance - Commission and Expenses (SGD Million), 2010-2014
Table 29: Singaporean Personal Accident and Health Insurance - Commission and Expenses (SGD Million), 2014-2019
Table 30: Singaporean Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 31: Singaporean Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 32: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion), 2010-2014
Table 33: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion), 2014-2019
Table 34: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Billion), 2010-2014
Table 35: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Billion), 2014-2019
Table 36: Singaporean Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Table 37: Singaporean Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019
Table 38: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Billion), 2010-2014
Table 39: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Billion), 2014-2019
Table 40: Singaporean Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 41: Singaporean Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 42: Singaporean Health Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2014
Table 43: Singaporean Health Insurance - Gross Written Premium by Sub-Category (US$ Billion), 2010-2014
Table 44: Singaporean Health Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2014-2019
Table 45: Singaporean Health Insurance - Gross Written Premium by Sub-Category (US$ Billion), 2014-2019
Table 46: Singaporean Non-Life Health Insurance - Direct Written Premium (SGD Million), 2010-2014
Table 47: Singaporean Non-Life Health Insurance - Direct Written Premium (SGD Billion), 2014-2019
Table 48: Singaporean Non-Life Health Insurance - Paid Claims (SGD Million), 2010-2014
Table 49: Singaporean Non-Life Health Insurance - Paid Claims (SGD Million), 2014-2019
Table 50: Singaporean Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Table 51: Singaporean Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Table 52: Singaporean Non-Life Health Insurance - Net Written Premium (SGD Million), 2010-2014
Table 53: Singaporean Non-Life Health Insurance - Net Written Premium (SGD Million), 2014-2019
Table 54: Singaporean Life Health Insurance - Direct Written Premium (SGD Billion), 2010-2014
Table 55: Singaporean Life Health Insurance - Direct Written Premium (SGD Billion), 2014-2019
Table 56: Singaporean Life Health Insurance - Paid Claims (SGD Million), 2010-2014
Table 57: Singaporean Life Health Insurance - Paid Claims (SGD Million), 2014-2019
Table 58: Singaporean Life Health Insurance - Loss Ratio (%), 2010-2014
Table 59: Singaporean Life Health Insurance - Loss Ratio (%), 2014-2019
Table 60: Singaporean Life Health Insurance - Net Written Premium (SGD Billion), 2010-2014
Table 61: Singaporean Life Health Insurance - Net Written Premium (SGD Billion), 2014-2019
Table 62: Number of Insurance Providers in Singapore, 2010-2014
Table 63: Shares of Key Insurers in the Singaporean Personal Accident and Health Segment (%), 2014
Table 64: AIA Singapore Private Ltd - Key Facts
Table 65: AIA Singapore Private Ltd - Key Financials (SGD Million), 2010-2014
Table 66: Great Eastern Life Assurance Co. Ltd - Key Facts
Table 67: Great Eastern Life Assurance Co. Ltd - Key Financials (SGD Million), 2010-2014
Table 68: NTUC Income Insurance Co-Operative Ltd - Key Facts
Table 69: NTUC Income Insurance Co-Operative Ltd - Key Financials (SGD Million), 2010-2014
Table 70: Prudential Assurance Company Singapore (Pte) Ltd - Key Facts
Table 71: Prudential Assurance Company Singapore (Pte) Ltd - Key Financials (SGD Million), 2011-2014
Table 72: Aviva Ltd - Key Facts
Table 73: Aviva Ltd - Key Financials (SGD Million), 2010-2014
Table 74: Tokio Marine Life Insurance Singapore Ltd - Key Facts
Table 75: Tokio Marine Life Insurance Singapore Ltd - Key Financials (SGD Million), 2010-2014
Table 76: AIG Asia Pacific Insurance Pte. Ltd - Key Facts
Table 77: AIG Asia Pacific Insurance Pte. Ltd - Key Financials (SGD Million), 2011-2014
Table 78: MSIG Insurance (Singapore) Pte Ltd - Key Facts
Table 79: MSIG Insurance (Singapore) Pte Ltd - Key Financials (SGD Million), 2010-2014
Table 80: Axa Life Insurance Singapore Pte Ltd - Key Facts
Table 81: Axa Life Insurance Singapore Pte Ltd - Key Financials (SGD Million), 2014
Table 82: ACE Insurance Ltd - Key Facts
Table 83: ACE Insurance Ltd - Key Financials (SGD Million), 2010-2014
Table 84: Singapore - Insurance Regulatory Framework Key Features
Table 85: Singapore - Life Insurance Regulatory Framework
Table 86: Singapore - Property Insurance Regulatory Framework
Table 87: Singapore - Motor Insurance Regulatory Framework
Table 88: Singapore - No-Claims Discounts on Motor Insurance Policies
Table 89: Singapore - Liability Insurance Regulatory Framework
Table 90: Singapore - Minimum Capital Requirements
Table 91: Singapore - Corporate Tax Rates for the Financial Year 2015


List of Figures
Figure 1: Singaporean Real GDP (US$ Billion), 2010-2019
Figure 2: SGD - US$ Exchange Rate, 2010-2019
Figure 3: Singaporean Consumer Price Inflation, 2010-2019
Figure 4: Singaporean Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Singaporean Unemployment Rate, 2010-2019
Figure 6: Singaporean Population by Age Group, 1990-2025
Figure 7: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (SGD Billion), 2010-2019
Figure 8: Singaporean Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: Singaporean Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 10: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (SGD Billion), 2010-2019
Figure 11: Singaporean Personal Accident and Health Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 12: Singaporean Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 13: Singaporean Personal Accident and Health Insurance - Net Earned Premium (SGD Billion), 2010-2014
Figure 14: Singaporean Personal Accident and Health Insurance - Net Earned Premium (SGD Billion), 2014-2019
Figure 15: Singaporean Personal Accident and Health Insurance - Paid Claims by Category (SGD Billion), 2010-2019
Figure 16: Singaporean Personal Accident and Health Insurance - Incurred Loss by Category (SGD Billion), 2010-2019
Figure 17: Singaporean Personal Accident and Health Insurance - Net Written Premium by Category (SGD Billion), 2010-2019
Figure 18: Singaporean Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 19: Singaporean Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 20: Singaporean Personal Accident and Health Insurance - Commission and Expenses (SGD Million), 2010-2014
Figure 21: Singaporean Personal Accident and Health Insurance - Commission and Expenses (SGD Million), 2014-2019
Figure 22: Singaporean Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 23: Singaporean Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 24: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion), 2010-2014
Figure 25: Singaporean Personal Accident and Health Insurance - Total Assets (SGD Billion), 2014-2019
Figure 26: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Billion), 2010-2014
Figure 27: Singaporean Personal Accident and Health Insurance - Total Investment Income (SGD Billion), 2014-2019
Figure 28: Singaporean Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 29: Singaporean Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 30: Singaporean Personal Accident and Health Insurance - Investment Portfolio (SGD Billion), 2010-2014
Figure 31: Singaporean Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 32: Singaporean Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010-2014
Figure 33: Singaporean Personal Accident and Health Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 34: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Billion), 2010-2014
Figure 35: Singaporean Personal Accident Insurance - Direct Written Premium (SGD Billion), 2014-2019
Figure 36: Singaporean Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 37: Singaporean Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 38: Singaporean Health Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2019
Figure 39: Singaporean Health Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 40: Singaporean Non-Life Health Insurance - Direct Written Premium (SGD Million), 2010-2014
Figure 41: Singaporean Non-Life Health Insurance - Direct Written Premium (SGD Billion), 2014-2019
Figure 42: Singaporean Non-Life Health Insurance - Paid Claims (SGD Million), 2010-2014
Figure 43: Singaporean Non-Life Health Insurance - Paid Claims (SGD Million), 2014-2019
Figure 44: Singaporean Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 45: Singaporean Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 46: Singaporean Non-Life Health Insurance - Net Written Premium (SGD Million), 2010-2014
Figure 47: Singaporean Non-Life Health Insurance - Net Written Premium (SGD Million), 2014-2019
Figure 48: Singaporean Life Health Insurance - Direct Written Premium (SGD Billion), 2010-2014
Figure 49: Singaporean Life Health Insurance - Direct Written Premium (SGD Billion), 2014-2019
Figure 50: Singaporean Life Health Insurance - Paid Claims (SGD Million), 2010-2014
Figure 51: Singaporean Life Health Insurance - Paid Claims (SGD Million), 2014-2019
Figure 52: Singaporean Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 53: Singaporean Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 54: Singaporean Life Health Insurance - Net Written Premium (SGD Billion), 2010-2014
Figure 55: Singaporean Life Health Insurance - Net Written Premium (SGD Billion), 2014-2019
Figure 56: Shares of Key Insurers in the Singaporean Personal Accident and Health Segment (%), 2014
Figure 57: Singapore - Insurance Supervision and Control at Various Levels
Figure 58: Singapore - Insurance Regulatory Frameworks For Company Registration and Operation

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