Impact of COVID-19 on Online Insurance Market in Singapore - Ken Research

1. 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 1. Singapore Insurance Market is highly fragmented with the top nine players contributing to a major share of market major share of market contributing to a 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. 2. The target population in the Singapore Online Insurance Market can be segmented by age, The target population in the Singapore Online Insurance Market can be segmented by age, gender, gender, income of the insured & type of insurance income of the insured & type of insurance Visit this Link Request for custom report

2. Target Population by income of Insured Target Population by income of Insured: Households with SGD 40k below are expected to take more insurance policies. Target Population by type of Insurance 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. 3. The Singapore Online Insurance Market is expected to grow by CAGR of 9.6% between 2021 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 & 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