Health Insurance Research
To get the market shares of the top 5 health insurance providers in Singapore based on their health insurance premiums or another suitable metric.
Our second round of research provided the following information:
The Singapore Health Insurance Market
- "Total gross premiums for the health insurance segment in Singapore increased by 16.6%, to $583.3 million; however, net incurred claims increased by 18.2%, resulting in a $44.2m underwriting loss."
- As per a report from Mordor Intelligence, major players in the market include United Health Group Inc., Allianz SE, AIA Insurance Group, Express Scripts Holding Company, Zurich Insurance Group Ltd., AXA, Aviva Plc, Aetna Inc., International Medical Group, Apollo Munich Health Insurance, and Cigna Corporation.
Great Eastern Holdings
- Net premiums incurred from the health insurance segment amounted to $11,673 million.
- The total revenue earned by the company, inclusive of all insurance segments specific to Singapore, amounted to $8,896.4 million.
- The gross premiums collected by the company were valued to be $12,239 million.
AIA Singapore Private Limited
- The total weighted premium income earned from the Singapore segment amounted to $2,906 million (2018).
- The TWI (total weighted premium income) for the company inclusive of all geographical segments amounted to $30,543 million.
- Information specific to the health insurance segment was not available.
Prudential Assurance Co. Singapore (PTE) LTD
- The gross premiums (long term) earned by the company from the individual health insurance segment amounted to $731.5 million.
- The gross premiums (short term) earned by the company from the individual health insurance segment amounted to $19,242.
- The gross premiums (short term) earned by the company from the group health insurance segment amounted to $36 million.
NTUC Income Insurance Co-operative Limited
- Total gross premiums for the life and health insurance segment of the company amounted to $3.2 billion (2018).
- The gross premiums earned by the company for the year 2018 amounted to $39,150 million.
- "For 2018, revenue before realized and unrealized investment gains and losses was $48.0 billion compared with $52.6 billion in 2017."
- The total premium income for the life and health insurance segment amounted to $7,724 million.
- The total annual revenue for the Asian segment amounted to $19,687 million.
- All the figures included in this report for all the companies except for Manulife Singapore are reported in Singapore dollars; figures for Manulife have been reported in Canadian dollars. All the figures for each of these providers are for the year 2018.
Some players have not reported information specific to the health insurance segment, and some of them have no provided a bifurcation of the individual geographical locations that they are currently operating in. Additionally, triangulation pointers were like sales figures for health insurance segments, the total number of health insurance clients or other relevant pointers were also not available for most players, and so a triangulation for the market share (based on health insurance premiums) was not possible.
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