Singapore Private Health Insurance Market is expected to grow with the CAGR of 2.4% in the forecast period of 2022 to 2029. The years considered for study are as mentioned below.
Singapore private health insurance market is a highly consolidated market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.
The major players dealing in Singapore Private Health Insurance market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio.
- In December 2020, Aetna Inc. announced updates to its cover for communicable diseases, including COVID-19, all aimed at supporting the physical health of its members in an ever-evolving international landscape. This development helped the company to serve more customers and attract goodwill.
The development and promotion of new products in the exhibition result in the cooperation between different players in the market.
Aetna Inc. (A Subsidiary of CVS Health) is the dominating player in the market and the players are Cigna, AIA Group Limited, HCF, Allianz, Suncorp Group, HSBC Group, Tokio Marine, UniMed, Southern Cross, Accuro Health Insurance, partner’s life, among others.
Aetna Inc. (A Subsidiary of CVS Health)
Aetna Inc. (a subsidiary of CVS Health) is headquartered in Connecticut, U.S. as public ownership it was founded in 1853. The company is engaged in providing product and services for individuals, employers and health care professionals. The company have several product category which are individuals & families, employers, governments, brokers, providers under which individuals & families, employers are focused product category. The company has wide presence in Europe, Asia-Pacific, Middle-East, U.S. Company have subsidiaries which are Active Health Management (U.S.), bswift (U.S.), Cofinity (U.S.), Meritain Health (U.S.), Payflex (U.S.) among others.
- In May 2021, Aetna Inc. won ‘Best Individual International Healthcare Provider’ at the UK Health & Protection Awards for the first time. Company was also highly commended by the judges for ‘Best Group International Private Medical Insurance Provider’. For eight consecutive years (2013 - 2020), company was chosen for Health Insurance and Protection Awards’ ‘Best Group International Private Medical Insurance Provider’. This development gave global recognition to the company.
Cigna is headquartered in Connecticut, U.S. as public ownership it was founded in 1792. The company is engaged in providing health insurance to improve the health, well-being, and peace of mind. The company have several product category which are Individuals and Families, Medicare, Employers, Brokers, Health Care Providers under which Individuals and Families, Employers, Brokers are focused product category. The company has wide presence in Asia-Pacific, Europe, U.S. The company have subsidiaries which are Express Scripts (U.S.), Healthspring, Inc. (U.S.), CONNECTICUT GENERAL LIFE INSURANCE CO (U.S.), CIGNA HealthCare of North Carolina Inc. (U.S.), CIGNA Behavioral Health (U.S.) and among others.
- In 2021, Cigna announced an additional USD 450 million capital investment in Cigna Ventures to drive continuous health care transformation, innovation, and growth. Cigna Ventures will use this new funding to continue to invest in companies that are making groundbreaking progress across three primary pillars: insights and analytics, digital health and experience, and care delivery and enablement. This development will bring goodwill to the company.
AIA Group Limited
AIA Group Limited headquartered in Hong Kong as public ownership and founded in 1919. The company is engaged in providing financial needs along with a wide range of life and health protection and long-term savings products. The company have product which are life insurance, medical insurance, accident protection, critical illness protection, disability protection, savings out of which medical insurance, critical illness protection are market focused product. The company has wide presence in Asia-Pacific. The company have subsidiaries which are AIA Vitality (South Africa); AIA Philippines (Philippines); Tata AIA Life Insurance (India); AIA Public (Malaysia) among others.
AIA Group Limited provided online sessions on mental health awareness for their customers. This has enabled the company to increase its customer base in Asia-Pacific region.