Singapore Online Insurance Market Outlook to 2026

Driven by Digital Disruption and Rising Technology-enabled Services in the country

Region:Asia

Author(s):Kirti Saraswat, Roshitha Sunil

Product Code:KR1228

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Published on

November 2022

Total pages

81

Table of Content

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About the Report

About the Report

The report Singapore Online Insurance Market Outlook to 2026 - Driven by Digital Disruption and Rising Technology-enabled Services in the country”by Ken Research provides a comprehensive analysis of the potential of Online Insurance Market in Singapore. The report also covers overview of Insurance Industry in Singapore, market size of Online Insurance in Singapore; further market segmentation by type of Product, by Non-Life Insurance, by Age of Insured, by Income of Insured, by Mode of Distribution; Trends and developments, challenges and issues, Technological Stack; SWOT analysis; Government Policies and regulatory framework, COVID-19 Impact, Associations, Customer Analysis and Competitive Analysis. The report concludes with future market projections & Outlook and analyst recommendations.

Singapore Online Insurance Market

Detailed Analysis on the Singapore Online Insurance Market:

The Singapore Online Insurance Market is expected to grow with a double digit CAGR between 2021 and 2026F, owing to the implementation of technology enabled services led by insurtech companies.The Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives are other factors that will lead to the growth of the industry. Online insurances are way cheaper than offline insurances and coupled with the high internet penetration in Singapore, these factors contribute tothe spread of online insurance especially among the younger population.

Singapore Online Insurance Market:

By Type of Product (by Revenue), 2021 & 2026F:  The General Insurance industry has since recovered after stagnation of market in 2020, as the investment in Health insurance was made compulsory by the Government after pandemic. Many employees are more willing to join SMEs that provide healthcare coverage.

By Non-Life Insurance, 2021 & 2026F: Motor Insurance is the largest insurance segment in Singapore in 2021 as the government made mandatory, insurance law for owned vehicles which ensures its demand. Travel and Property Insurances also sees a rise in demand.

By Age of Insured, 2021 & 2026F: Singaporeans have one of the highest life expectancies in the world. So, they need to ensure sufficient protection against health risks and increased medical costs associated with aging. All Singapore citizens are automatically enrolled in Elder-Shield at the age of 40, which has led to the rise in demand for life insurance above the age of 40 years.

By Income of Insured, 2021 & 2026F: The purchasing capacity of an individual depends on the amount of premium charged. Some companies offer low-cost insurances to attract the lower income sector so, the consumers below monthly income of SGD 40k prefers to invest in small policies, as it allows them to avail the required benefit without much strain in the monthly budget.

By Mode of Distribution, 2021 & 2026F: Agents continue to be the most preferred channel for buying life and health insurance. The total number of life, general and composite insurance agents are in thousandsand are mostly of young age. Furthermore, the COVID-19 has necessitated full-scale digitalizationin the insurance industry, as companies look for alternative ways to be more customer-centric to optimize engagement.

Competitive Landscape in Singapore Online Insurance Market:

Singapore Online Insurance Market is a highly fragmented market which is still at a growing stage, and is expected to witness growth in the future owing to the Upliftment of Travel restrictions, Adoption of advance Technology and Government Initiatives. The Top Insurance players as of 2021, are Great Eastern, Prudential Assurance Company and Income. Other Players IncludeAXA Insurance, AIA Singapore, FWD Insurance, Singlife with Aviva, Manulife Singapore, Chubb Asia Pacific, HSBC Singapore, Singapore Life, China Taiping, Zurich, St. James’s Place, Swiss life, Quilter International, Tokio Marine, EtiQa, Transamerica, Munich RE, Utmost International and China Life.

Singapore Online Insurance Market Future Outlook and Projections:

Singapore Online Insurance Market is expected to grow with a double digit CAGR, between 2021-2026F. One of the major determinants for the surging growth in the coming years is the rise in purchase of Online Policies, Digital Marketing Campaigns for Spreading Awareness and the adoption of E-Vehicle. The companies are also expected to adopt new technologies like Artificial Intelligence, Machine Learning and Blockchain which will increase the efficiency and automated the existing customer-facing underwriting and claims processes. It will also enhance the customer interactions and will provide more personalized, accurate healthcare information.

Key Topics Covered in the Report:

  • Country Overview
  • Singapore Population Analysis
  • Overview and Genesis of Singapore Online Insurance Market
  • Ecosystem of Singapore Online Insurance Market
  • Timeline of Major Players in Singapore Online Insurance Market
  • Types of Insurance products in Singapore Online Insurance Market in 2021
  • Current Scenario of Health Insurance in Singapore Online Insurance Market in 2021
  • Growing Traffic and Motor Insurance in Singapore Online Insurance Market in2021
  • Travel Insurance in Singapore in 2021
  • Property Insurance in Singapore in 2021
  • Market Size of Singapore Online Insurance Market
  • Market Segmentation of Online Insurance Market in Singapore
  • Industrial Analysis
  • SWOT Analysis of Singapore Online Insurance Market
  • Technology Trends Transforming the Singapore Online Insurance Market
  • Regulatory Framework of Government Regulations of Singapore Online Insurance Market
  • Government Regulations of Singapore Online Insurance Market
  • Customer Analysis of Online Insurance Market in Singapore
  • Challenges faced by Consumers in using Online Insurance in Singapore
  • Competitive Analysis of Online Insurance Market in Singapore
  • Cross Comparison of Major Players in Singapore Online Insurance Market
  • Cross Comparison of Major Insurtech in Singapore Online Insurance Market
  • Future Outlook and Projections of Online Insurance Market in Singapore
  • Impact of COVID-19 on Online Insurance Market in Singapore
  • Analyst Recommendations

Products

Products

Key Target Audience

  • Insurance Players
  • Online Insurance captive Players
  • Online Insurance Aggregators Players
  • Insurance Technology Provider
  • Insurance Users
  • New Entrant in Online Insurance Space
  • Associated or Affiliated Banks with Insurance Entities
  • Regulatory Bodies for Insurance Entities

 

Time Period Captured in the Report:

  • Historical Period: 2016-2020
  • Base Year: 2021
  • Forecast Period: 2022– 2026F


Companies

Companies Covered:

  • AXA Insurance
  • AIA Singapore
  • Prudential Assurance Company
  • FWD Insurance
  • Singlife with Aviva
  • Great Eastern Life
  • Manulife Singapore
  • Chubb Asia Pacific
  • HSBC Singapore
  • Singapore Life
  • China Taiping
  • Zurich
  • St. James’s Place
  • Swiss life
  • Quilter International
  • Tokio Marine
  • Income
  • EtiQa
  • Transamerica
  • Munich RE
  • Utmost International
  • China Life

Table of Contents

Table of Contents

1. Executive Summary

1.1 Position of Singapore Online Insurance Market (Market Overview, Market Size, Growth Drivers and Restraints, Competition Scenario and Way Forward)

2. Country Overview

2.1. Singapore Country Profile (Overview, Major Cities, GDP and Inflation Rate, Percentage of GDP Composition by Sector, Trade Scenario)

2.2.    Singapore Population Analysis (Population by Gender, by Age Group, by Religion, Demographics of Singapore)

3. Overview of Insurance Industry in Singapore

3.1.    Overview and Genesis of Singapore Online Insurance Market

3.2.    General Business Model of Singapore Online Insurance Market

3.3.    Overview of Insurance Aggregators in Singapore Online Insurance Market

3.4.    End-to-End Buying Process of Online Insurance

3.5.    Ecosystem of Singapore Online Insurance Market

3.6.    Timeline of Major Players in Singapore Online Insurance Market

3.7.    Types of Insurance products in Singapore Online Insurance Market in 2021

3.8.    Major Life Insurance Products in Singapore Online Insurance Market in 2021

3.9.    Health Insurance Products in Singapore Online Insurance Market in 2021

3.10  PublicHealth Insurance System in Singapore Online Insurance Market in 2021

3.11  Current Scenario of Health Insurance in Singapore Online Insurance Market in 2021

3.12  Growing Traffic and Motor Insurance in Singapore Online Insurance Market in2021

3.12   Travel Insurance in Singapore in 2021

3.13   Property Insurance in Singapore in 2021

3.14   Mean Household Income and Spending Pattern in 2021

3.15   Mergers and Acquisitions in Singapore Online Insurance Market

4. Market Size of Singapore Online Insurance Market 2021P

4.1.   Market Size of Online Insurance Market by Total Written Premium, 2016 to 2021

5. Market Segmentation of Online Insurance Market in Singapore, 2021

5.1.    Singapore Online Insurance Market Segmentation by Product Type, 2021

5.2.    Singapore Online Insurance Market Segmentation by Non- Life Insurance, 2021

5.3.    Singapore Online Insurance Market Segmentation by Age of Insured, 2021

5.4.    Singapore Online Insurance Market Segmentation by Income of Insured, 2021

5.5.    Singapore Online Insurance Market Segmentation by Mode of Distribution, 2021

6. Industrial Analysis of Online Insurance Market in Singapore, 2021

6.1.   SWOT Analysis of Singapore Online Insurance Market

6.2.   Technology Trends Transforming the Singapore Online Insurance Market

6.3.   Technology Stack in Online Insurance

6.4.   Regulatory Framework of Government Regulations of Singapore Online Insurance Market

6.5.   Government Regulations of Singapore Online Insurance Market

6.6.   Associations Overseeing Online Insurance Market and their Role

7. Customer Analysis of Online Insurance Market in Singapore, 2021

7.1.   Pain points of Consumers in using Online Insurance in Singapore

7.2.   Challenges faced by Consumers in using Online Insurance in Singapore

8. Competitive Analysis of Online Insurance Market in Singapore, 2021

8.1.   Market Share of Major Players in Singapore Online Insurance Market

8.2.   Cross Comparison of Major Players in Singapore Online Insurance Market (On the basis of Vintage, Product Portfolio, Premium Collected (2021), No. of Policy Holders, Branches, Subsidiaries & Partnerships)

8.3.   Cross Comparison of Major Insurtech in Singapore Online Insurance Market (On the basis of Vintage, Tech Stack, Certification, Business Model, Company Value offerings)

9. Future Outlook and Projections of Online Insurance Market in Singapore, 2022F-2026F

9.1.   Future Market Sizing Analysis of Singapore Online Insurance Market, 2022F- 2026F

9.2.   Singapore Online Insurance Market Segmentation by Product Type, 2026F

9.3.   Singapore Online Insurance Market Segmentation by Non- Life Insurance, 2026F

9.4.   Singapore Online Insurance Market Segmentation by Age of the Insured, 2026F

9.5.   Singapore Online Insurance Market Segmentation by Income of the Insured, 2026F

9.6.   Singapore Online Insurance Market Segmentation by Mode of Distribution, 2026F

10. Impact of COVID-19 on Online Insurance Market in Singapore

10.1.  Cross Impact of Covid-19 on Online Insurance Market in Singapore

10.2.  COVID Impact and Recent Developments

11. Analyst Recommendations for Online Insurance Market in Singapore

11.1.   Increasing Insurance Penetration through Digital Marketing

11.2.   Target Population in Singapore Online Insurance Market

11.3.   Use of Technology to Prevent Insurance Frauds

11.4.   Effect of Digitization on Consumer Satisfaction

11.5.   Effect of Digitization in Improving Efficiency in Claims Settlement

12. Research Methodology

12.1   Market Definitions

12.2   Abbreviations Used

12.3   Market Sizing Approach

12.4   Consolidated Research Approach

12.5   Research Limitations

12.6   Future Conclusion

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