Market Insights Financial Insurances Non-life insurances

Health insurance - Singapore

Singapore

The Health insurance market market in Singapore is projected to reach a market size (gross written premium) of €246.90m in 2024.
In the same year, the average spending per capita in the Health insurance market market is estimated to amount to €40.80.
Looking ahead, the gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 0.38%, resulting in a market volume of €251.60m by 2029.
When compared globally, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, reaching €1,584.0bn.
Singapore's health insurance market is seeing a rising demand for comprehensive coverage and personalized plans.

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Analyst Opinion

Over the past few years, the Health insurance market in Singapore has been witnessing significant growth and transformation.

Customer preferences: Customers in Singapore are increasingly seeking comprehensive health insurance coverage that not only includes basic medical expenses but also offers additional benefits such as coverage for alternative treatments, wellness programs, and mental health services. There is a growing demand for customizable insurance plans that cater to individual needs and preferences, reflecting a shift towards personalized healthcare solutions.

Trends in the market: One prominent trend in the Singaporean health insurance market is the rise of digital health solutions and telemedicine services. Insurers are leveraging technology to provide convenient access to healthcare services, streamline claims processes, and offer virtual consultations to policyholders. This trend is driven by the increasing adoption of digital platforms and the need for more efficient and accessible healthcare options.

Local special circumstances: Singapore's unique healthcare landscape, characterized by a strong public healthcare system and a growing aging population, is shaping the development of the health insurance market. With government initiatives promoting health and wellness, there is a greater emphasis on preventive care and early intervention, influencing the design of insurance products to incentivize policyholders to adopt healthier lifestyles. Additionally, the presence of a robust regulatory framework ensures consumer protection and promotes transparency in the insurance sector.

Underlying macroeconomic factors: The economic prosperity and stability of Singapore contribute to the growth of the health insurance market, as individuals have the financial means to invest in comprehensive insurance coverage. Moreover, the increasing healthcare costs and the rising burden of chronic diseases drive the demand for insurance products that offer financial security and peace of mind. The competitive landscape, with both local and international insurers vying for market share, fosters innovation and product diversification to meet the evolving needs of customers in Singapore.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.