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Singapore Insurance Report Q1 2010
Business Monitor International, Jan 2010, Pages: 93
The Singapore Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's insurance industry.
This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Singapore, for instance, the three largest non-life companies in the first half of 2009 – in terms of gross written premiums written - were American Home, NTUC Income and AXA Singapore, whose market shares were 13.8%, 10.3% and 7.7% respectively. In the life segment, the leaders in the first half of 2009 were AIA, Great Eastern Life and NTUC Income. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
In this report, we also provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Singapore, for instance, the largest non-life lines in 2008 were motor, fire and work injury compensation. These accounted for 34%, 12% and 10%, respectively, of total nonlife premiums. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.
Writing in December 2009, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. We have also extended the forecasts out to 2014. We are looking for total premiums in 2009 of SGD18,969mn. This includes non-life premiums of SGD7,104mn and life premiums of SGD11,865mn. In 2014, the corresponding figures should be SGD29,590mn, SGD10,090mn and SGD19,500mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 3.0% in 2009 to 3.57% in 2014, and for life density to rise from US$1,693 to US$2,717. BMI’s proprietary Insurance Business Environment Rating for Singapore is 72 out of 100.
This quarter, we include a discussion of developments within regional markets on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. It appears that both the non-life and the life segment suffered as a result of the economic downturn early in the year. However, particular players have been able to increase rates for motor insurance. In the life segment, straitened household circumstances have sought some holders of long-term products to seek a ‘premium holiday’.
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