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Singapore Insurance Report Q4 2010
Business Monitor International, Sep 2010, Pages: 76
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.
In this report, we have been able to include both final data for 2009, and to amend projections for the current year in order to take into account of H110 results released by major cross-border insurers in the Asia-Pacific region. Total insurance premiums in Singapore (including offshore risks) in 2009 amounted to SGD25,687mn. This included non-life premiums of SGD7,436mn and life premiums of SGD18,251mn. In 2014, the corresponding figures are projected to be SGD29,182mn, SGD9,381mn and SGD19,802mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 3.08% in 2009 to 3.10% in 2014, and for life density to rise from US$2,569 to US$2,800. BMI’s proprietary Insurance Business Environment Rating for Singapore stands at 74.6.
As in previous quarters, we have ranked major players in each of the two main insurance segments as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In Singapore the three largest non-life companies, in terms of gross written premiums, were American Home, NTUC Income and AXA Singapore, whose market shares were 13.8%, 10.3% and 7.7% respectively. In the life segment, leaders 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 negative indictor and indeed is often the result of a corporate decision to focus on more profitable business lines.
In this report, we also provide a breakdown of the insurance sector by line – again, from the point of view of the regulator or the trade association. In Singapore the largest non-life lines were motor, fire and work injury compensation. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.
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