Friday, January 27, 2023

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Home Banking Financial Services and Insurance The Singapore Online Insurance Market is expected witness a steady growth in...

The Singapore Online Insurance Market is expected witness a steady growth in the next few years, owing to the implementation of technology enabled services: Ken Research

1. Singapore Insurance Market is highly fragmented with the top nine players contributing to a major share of market

Singapore Online Insurance IndustryFor more information, request a free sample

The Industry is in a growing stage with the market being highly fragmented. The competition parameters for the market are:

  • Product Portfolio
  • Number of Policy Holders
  • Target for Tele Sales representatives
  • Premium collected from Policyholders

2. The target population in the Singapore Online Insurance Market can be segmented by age, gender, income of the insured & type of insurance

Singapore Online Insurance IndustryVisit this Link Request for custom report

  • Target Population by type of Insurance: Insurers can target health & life insurance policies. Demand in Life Insurance owing to the pandemic is expected in medium term. Moreover, a short term demand in travel insurance due to the reduction of travel restrictions in Singapore is also expected.
  • Target Population by income of Insured: Households with SGD 40k below are expected to take more insurance policies.

3. The Singapore Online Insurance Market is expected to grow by CAGR of 9.6% between 2021 & 2026F, owing to the implementation of technology enabled services

Singapore Online Insurance IndustryTo more about industry trends, Request a free Expert call

  • Technology enabled services led by the insurtech innovation will thrive in Singapore. Singapore has one of Asia’s largest concentration of ~80 Insurtech start-ups in 2021.
  • An increase in the future motor insurance product offering due to increasing EV vehicles is anticipated owing to Singapore Green Plan 2030
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