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

For 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

Visit 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

To 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