Singapore Online Insurance market size to reach ~SGD 9,000 million by 2026F owning to the adoption of new technologies, rising demand for e-vehicles and upliftment of travel restrictions: Ken Research

GURUGRAM, India, Dec. 19, 2022 /PRNewswire/ -- Singapore Online Insurance Market is in the growing stage, driven by adoption of new technologies, rising demand for e-vehicles and upliftment of travel restrictions and government initiatives. the Singapore online insurance market is a highly fragmented market, some of the major players are Income, Great Eastern and Prudential.

• With the Upliftment of the Travel Restrictions, it is expected to see a growth in the demand for the Travel Insurance.

• Increase in cases of accidental damage, rising standard of living among people, would drive the growth of the gadget online insurance market.

• The citizens would continue to purchase insurances due to the specific tax advantages, requirements for getting specific loans and for asset protection.

The Adoption of Advance Technologies to prevent Frauds: Technological tools such as Artificial Intelligence, Internet of Things, and Blockchain are being used by insurers to more effectively detect and prevent insurance fraud. It will also be used to give the behavioral analytics to provide insights into people's actions and help insurers determine genuine claims. They can be implemented to prevent exaggerated claims where fraudsters try to add cost of previous damages to new claims. Blockchain also prevents double dipping, in which insureds file a claim with more than one insurance company. The distributed ledger technology of blockchain can prevent repeated transactions for the same claim from being approved. Insurers will be alerted of a motor claim instantly because of the connected universe of smart devices.

Government Initiatives: The online insurance market in Singapore is guided by the same regulations provided by Monetary Authority of Singapore for offline insurances and with the access to internet by the majority of the population, it is expected, that this policy will contribute to the growth of the insurance sector and other than that, Government has launched the Policy Owner Protection Scheme which provides the 100% coverage to individuals for guaranteed benefits of life insurance policies  and also, Singapore law does not prescribe different levels of commission rates to be paid to insurance intermediaries for online sales as opposed to insurance sale through other means.

Story continues

Rising Demand for E-Vehicles: A major shift in the motor insurance product can be anticipated with the increase in EV vehicles, to meet the objectives of the Singapore Green Plan for 2030. This Shift has led to rise in the demand for the Motor Insurance in Singapore.

Analysts at Ken Research in their latest publication "Singapore Online Insurance Market Outlook to 2026F- Driven by Digital Disruption and Rising Technology-enabled Services in the country" by Ken Research observed that Singapore Online Insurance Market is in the Growing Phase as the Adoption of New Technologies, Rising Demand for E-Vehicles, Upliftment of Travel restrictions and Government Initiatives, are expected to contribute to the market growth over the forecast period. The Singapore Online Insurance Market is expected to see a growth rate of 9.6% as CAGR over the forecasted period 2022-2026F.

Key Segments Covered:-

Singapore Online Insurance Market

By Type of Product (By Premium Collected), 2021 & 2026F

• Non-Life Insurance

• Life Insurance

By Non-Life Insurance (By Premium Collected), 2021 & 2026F

• Motor

• Travel

• Property

• Others

By Age of Insured (By Premium Collected), 2021 & 2026F

• 18-35 Years

• Above 40 Years

By Income of Insured (By Premium Collected), 2021 & 2026F

• Less than 40K

• More than 40K

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By Mode of Distribution (By Premium Collected), 2021 & 2026F

• Agents

• Aggregators

• Company Websites

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:-

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Companies Covered:-

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

For more insights on the market intelligence, refer to the link below:-

Singapore Online Insurance Market

Related Reports By Ken Research:-

Malaysia Online Insurance Market Outlook to 2026F: Driven by a growth in demand for insurance at greater convenience and lesser cost in the country

Malaysia Online Insurance Market expanded with substantial growth in between 2016 and 2021, with massive growth in the smartphone and internet penetration in the country, tech savy population, low cost of insurance and ease of using online insurance. With a median age of 30.2, Malaysia is one of the world's youngest nations, with a very tech-savvy population. They understand the benefits offered and cost saved when buying insurance online, and therefore prefer it over the conventional method of approaching insurance brokers. The convenience and ease of use offering insurance due to shifting of the market online makes it a preferred choice for people looking to purchase insurance. The experience of being able to purchase insurance from the comfort of one's own home drives them towards online insurance.

Thailand Online Insurance Market Outlook to 2027F- Driven by changing consumer needs and preferences with availability of supplies and reliability of delivery of the products

The Online Insurance market in Thailand has grown at an increasing growth rate supported by the increase in continuous growth of aging population in the country along with growing internet penetration and rising use of e-platforms. Thailand consumers have been evolving dynamically in their quest for convenience, health, and value with the pandemic that forced everyone to issue insurance with rising awareness on financial planning further accelerated these trends along with the changing needs and preferences of consumers. Implementation of Insurance Development Plan 4.0 policy of digitally transforming the country is a major growth driver of the market.

Indonesia Online Loan and Insurance Industry Outlook to 2024: Compelling Incumbents to pursue growth via Product Development & International Expansion

With 150+ registered insurers, Indonesia lags behind other Asian countries in terms of insurance penetration rate (2.8% against global average rate of 6.1%). Insurance in Indonesia is usually purchased only out of regulatory requirements & those purchasing it out of need usually opt for packages providing extra benefits such as Repair Coverages, Covering for Cost of prescription Drugs etc. Out of the multiple insurance types provided in the country, life Insurance was observed to be leading with a market share of >40% primarily gaining traction from "Corporate Benefits & "Investment Linked Products.

UAE Online Insurance Industry Outlook to 2024 – Driven by Customer Uptake, Ease for New and Renewal Policy Convenience with Insurance Aggregators

GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks.

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