Southeast Asia’s insurance industry to quadruple
A new study by Roland Berger Strategy Consultants has found that the overall health insurance industry in Southeast Asia will grow at a compounded annual growth rate of 15 per cent to $24 billion by 2020, from $6 billion in 2010 based on higher disposable incomes.
In Southeast Asia, there are some 17 million households seen by Roland Berger as “mass affluent”. Those belonging to the group are more willing to spend on consumption goods and services.
In the strongest market of Singapore, the health insurance sector is expected to expand 4-fold by 2020 to reach a total value of $6.8 billion.
The report, released on August 28, is also projecting that an average person’s annual spending on healthcare needs in the city state will grow by more than 80 per cent over the same period to $3,232 in 2020. Recent government announcement to increase public funding for healthcare will support the trend.
Earlier this month, Singapore’s Prime Minister Lee Hsien Loong announced changes to the national health insurance scheme MediShield, which will cover large hospitalisation fees for all. Previously, MediShield was restricted to those aged 90 and below.
A new study by Roland Berger Strategy Consultants has found that the overall health insurance industry in Southeast Asia will grow at a compounded annual growth rate of 15 per cent to $24 billion by 2020, from $6 billion in 2010 based on higher disposable incomes. In Southeast Asia, there are some 17 million households seen by Roland Berger as "mass affluent". Those belonging to the group are more willing to spend on consumption goods and services. In the strongest market of Singapore, the health insurance sector is expected to expand 4-fold by 2020 to reach a total value of...
A new study by Roland Berger Strategy Consultants has found that the overall health insurance industry in Southeast Asia will grow at a compounded annual growth rate of 15 per cent to $24 billion by 2020, from $6 billion in 2010 based on higher disposable incomes.
In Southeast Asia, there are some 17 million households seen by Roland Berger as “mass affluent”. Those belonging to the group are more willing to spend on consumption goods and services.
In the strongest market of Singapore, the health insurance sector is expected to expand 4-fold by 2020 to reach a total value of $6.8 billion.
The report, released on August 28, is also projecting that an average person’s annual spending on healthcare needs in the city state will grow by more than 80 per cent over the same period to $3,232 in 2020. Recent government announcement to increase public funding for healthcare will support the trend.
Earlier this month, Singapore’s Prime Minister Lee Hsien Loong announced changes to the national health insurance scheme MediShield, which will cover large hospitalisation fees for all. Previously, MediShield was restricted to those aged 90 and below.
