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Singapore Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 24
Singapore has one of the most developed insurance markets in Asia. The insurance industry of Singapore has been growing at an impressive growth rate on account of the increasing demography of ageing population and income. The industry has been dominated by life insurance, which has been contributing to the industry growth; however, in the recent years general insurance is also building up with large number of segments accounting for very small percentage of the total market.
The insurance penetration rate in Singapore is high as compared to other Asian countries, but it is also unstable because of high GDP influence on the insurance industry. The rising population of the elderly people in the country has caused the growth in penetration rate over the years. The per capita expenditure on insurance is also very high in the country, which is good for the growth of the industry. In the forthcoming years, the market is expected to decline as a result of adverse impact of the global economic crisis.
The present report gives an overview of the insurance market of Singapore along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of Singapore’s insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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