Singapore Private Health Insurance Market – Industry Trends and Forecast to 2031

Singapore Private Health Insurance Market, By Type (Critical Illness Insurance, Individual Health Insurance, Family Health Insurance, Disease-Specific Insurance, and Others), Health Plan Category/Metal Levels (Bronze, Silver, Gold Platinum, and Others), Provider Type (Health Maintenance Organizations (HMOS), Preferred Provider Organizations (PPOS), Exclusive Provider Organizations (EPOS), Point-Of-Service (POS) Plans, High-Deductible Health Plans (HDHPS) , and Others), Age Group (Young Adulthood , Middle Adulthood , and Older Adulthood, Distribution Channel (Direct Insurance Companies, Insurance Aggregators, and Others) – Industry Trends and Forecast to 2031.

​​​Singapore Private Health Insurance Market Analysis and Size

According to the India Brand Equity Foundation, health insurance coverage witnessed a significant surge in the fiscal year 2020. In Bihar, Assam, and Sikkim, the proportion of households with health insurance soared by 89% from FY16 to FY20. This notable increase underscores a growing awareness and acceptance of health insurance, particularly in previously underserved regions, promoting financial security in healthcare.                                

Data Bridge Market Research analyses that the Singapore private health insurance market, which was USD 6.38 billion in 2023, is expected to reach USD 7.71 billion by 2031, and is expected to undergo a CAGR of 2.40% during the forecast period of 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Private health insurance is a type of coverage purchased by individuals or employers, providing financial protection for medical expenses not covered by government-sponsored plans. It offers a range of benefits, including access to private hospitals, specialist care, and additional services, depending on the chosen plan and provider.

Singapore Private Health Insurance Market Dynamics

Drivers

• Mandatory Health Insurance for Medical Expenses

In Singapore, citizens and permanent residents are enrolled in MediShield Life, a compulsory health insurance plan. Despite its coverage, individuals often opt for supplementary private health insurance to address gaps in medical expenses. This additional coverage offers greater financial protection and access to a wider range of healthcare services beyond what MediShield Life provides.

• Comprehensive Coverage for Higher Claim Limits

Private health insurance plans in Singapore provide extensive coverage, featuring higher claim limits, pre-existing condition coverage, access to private healthcare providers, and extras such as international coverage and specialized treatments. This comprehensive approach ensures individuals have access to a wide range of medical services and benefits for their healthcare needs.

Opportunities

• Desire for Choice and Flexibility for Personalized Care

Private health insurance caters to individuals seeking autonomy in healthcare choices, offering a spectrum of providers, treatments, and facilities. This flexibility aligns with preferences for personalized care, empowering individuals to tailor their coverage according to their needs and priorities, fostering a sense of control over their health journey.

• Rising Medical Tourism for Quality Care

Singapore's esteemed healthcare system draws global patients for treatment. Private health insurance often includes international coverage, accommodating individuals seeking medical care abroad. This feature caters to medical tourists who prioritize quality care and specialized treatments, enhancing the attractiveness of private insurance plans for those traveling for medical purposes. 

Restraints/Challenges

• High Costs Deter Individuals

The affordability of private health insurance premiums poses a notable challenge in the market. High costs deter individuals, especially those with lower incomes, from purchasing comprehensive coverage. This pricing disparity restricts market accessibility and adoption, hindering the insurance sector's ability to cater to diverse socioeconomic groups and potentially limiting its overall growth and sustainability.

• Pre-Existing Conditions and Exclusions

Exclusions and waiting periods for pre-existing conditions in private health insurance plans can deter potential customers and lead to market constraints. Limited coverage discourages individuals with existing health issues from purchasing insurance. These factors impede market growth by reducing accessibility and widening coverage disparities. 

This Singapore private health insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Singapore private health insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In February 2023, Generali Germany and Bundesverband Der Mittelstand, BVMW eV, deepen their partnership to enhance support for small and medium-sized enterprises (SMEs), addressing their insurance needs. This aims to tailor specialized insurance solutions for SMEs, contributing to the private health insurance market's growth
• In November 2022, Bupa collaborates with JAAQ to pilot a six-month program, improving access to personalized online health advice. This supplements Bupa's mental health support, reflecting their commitment to digital platforms and enhancing mental well-being services in the private health insurance market
• In November 2022, Berkshire Hathaway Travel Protection partners with SoNomad to offer travel medical insurance, underwritten by Canada's National Liability and Fire Insurance Company. This expands SoNomad's offerings into the private health insurance market, strengthening options for travelers seeking comprehensive coverage
• In February 2022, AXA UK&I acquires Ageas UK's commercial business rights, focusing on SMEs and Schemes market segments. This strategic move aligns with AXA's growth strategy in the private health insurance market, ensuring continued excellence in service delivery and support for commercial clients

Singapore Private Health Insurance Market Scope

The Singapore private health insurance market is segmented on the basis of type, health plan category/ metal levels, provider type, age group, distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Critical Illness Insurance
• Individual Health Insurance
• Family Health Insurance
• Disease-Specific Insurance
• Others

 Health Plan Category/Metal Levels

• Bronze
• Silver
• Gold Platinum
• Others

 Provider Type

• Health Maintenance Organizations (HMOS)
• Preferred Provider Organizations (PPOS)
• Exclusive Provider Organizations (EPOS)
• Point-Of-Service (POS) Plans
• High-Deductible Health Plans (HDHPS)
• Others

 Age Group

• Young Adulthood
  • 19-44 Years
• Middle Adulthood
  • 45-64 Years
• Older Adulthood
  • 65 Years and Above

 Distribution Channel

• Direct Insurance Companies
• Insurance Aggregators
• Others

Healthcare Infrastructure growth Installed base and New Technology Penetration

The Singapore private health insurance market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Singapore private health insurance market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Singapore private health insurance market. The data is available for historic period 2016-2021.

Competitive Landscape and Singapore Private Health Insurance Market Share Analysis

The Singapore private health insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Singapore private health insurance market.

Some of the major players operating in the Singapore private health insurance market are:

• Aetna Inc. (U.S.)
•  Cigna (U.S.)
•  AIA Group Limited (Hong Kong)
•  Allianz (Germany)
• HSBC Group (Hong Kong)
•  Tokio Marine (Japan)
• AXA (France)
•  Prudential Assurance Malaysia Berhad (Malaysia)
•  Raffles Medical Group (Singapore)
• Bupa Global (U.K.)
• AIG Asia Pacific Insurance Pte. Ltd (Singapore)
•  Star Insurance. (India)
•  Aditya Birla Management Corporation Pvt. Ltd. (India)
•  Niva Bupa Health Insurance Company Limited (India)
•  Bajaj Allianz Life Insurance Co. Ltd (India)