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Singapore

Life Report

Product Insurance Market Reports Life Rev Singapore

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Singapore's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Singapore's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Singapore

Axco's life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Singapore.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Singapore and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Singapore’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Singapore is available.

Axco’s report describes the regulatory framework that applies to the Singaporean domestic life insurance sector, including whether non-admitted insurance is permitted in Singapore; as well as the legislation necessary to know regarding Singapore’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Singapore with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Singaporean market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Singapore, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Singaporean pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Singapore report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Singapore Life and Benefits Report Extract

Below are brief extracts of information from the Singapore Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

While a small city state of some 5.85 million people estimated in 2020, Singapore is the largest life insurance market in south-east Asia with high market penetration, ranking 18th globally in 2019 in USD terms.

Its relatively large size reflects both the affluence and saving culture of Singapore residents in what has become an advanced economy since independence in 1965, together with its position as a leading financial centre attracting offshore investors from around the region ....

Pensions

The pensions market is dominated by the Central Provident Fund (CPF). Established in 1955 as a state-sponsored centralised retirement benefit fund, it is financed jointly by compulsory employer and employee contributions and is supported by tax concessions. Coverage is high with the fund reporting four million pension fund members as of June 2020, of which two million were active.

The high level of social insurance contributions it demands and the personal saving it encourages are generally considered adequate in themselves. Consequently, individuals and employers mostly ....

Healthcare

High quality affordable basic healthcare is available to all Singaporeans through subsidised medical facilities. Medical treatment standards are high with the government promoting Singapore as a regional centre of medical excellence.

While a key principle of the system is that no medical service is free of charge, state subsidies contribute up to 80% of the total costs arising from inpatient treatment, accessible to all Singaporeans. Those unable even to meet the subsidised costs may qualify ....

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