"Standalone health insurers are expected to retain their leadership in the retail health space, underpinned by consumer demand and deep distribution reach. In contrast, the trajectory of motor insurance will remain intrinsically linked to trends in vehicle sales and the anticipated revisions in third-party tariffs. Meanwhile, the proposed rollout of composite licences carries the potential to significantly reshape the competitive dynamics of the industry over the medium term. Nonetheless, intensifying competition and evolving global geopolitical risks will be key factors to monitor," he said.