Singapore Insurance Report Q2 2012
Business Monitor International, April 2012, Pages: 92
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 world terms, Singapore ranks as a medium-sized market for (re)insurance that, in spite of being well developed by most metrics, will likely to grow quite rapidly through the forecast period. There are essentially three components to the sector. The first is a mature domestic non-life business – the Singapore insurance funds – in which premiums are growing at single digit rates. The second is a rapidly developing offshore non-life (re)insurance business. The non-life (re)insurers who are operating in/through Singapore are significant beneficiaries of the overall economic growth of South East Asia. The third is the dynamic life insurance segment, which has much in common with its counterpart in Hong Kong.
In both city-states, life insurance premiums continue to grow strongly thanks to ‘demand-related’ and ‘supply-related’ factors. High income levels, high savings rates, widespread understanding of the benefits of life insurance and low interest rates from bank deposits ensure that households’ demand for life insurance products continues to flourish. The importance of both Hong Kong and Singapore as regional business centres also underpins demand for group life products. Supply comes mainly from the local subsidiaries of world-class multi-national insurance companies.
In both cases, the leading player is the subsidiary of a leading local commercial bank – HSBC Insurance in the case of Hong Kong and OCBC’s Great Eastern in the case of Singapore. However, although both HSBC Insurance and Great Eastern would rank as extremely substantial life insurers in any market, they do not exercise crushing domination of their respective life segments. There remains the opportunity for other life companies to develop businesses through the introduction of innovative new products and/or focused distribution strategies.
The life insurance companies that have commented on their results in 2011 have indicated that there have been a number of growth drivers. Bancassurance is expanding very rapidly. Many of the insurers are enlarging their agency forces – or taking steps to boost agent productivity. Some of the players are introducing innovative new products. Group life products have been becoming more popular. Three months ago, we noted that the main challenge appeared to be volatility in global financial markets – a factor over which the life insurance companies have little control. Since then, though, stock markets have generally performed well as investors’ appetite for risk has returned.
The development of the non-life segment will depend partially on consumer confidence and partially on the desire of corporate planners at multinational companies to move operations to Singapore, in order to take advantage of the excellent business environment. Global reinsurers already dominate the offshore insurance funds of the non-life segment.
Executive Summary
Table: Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Singapore Insurance Industry SWOT
Singapore Political SWOT
Singapore Economic SWOT
Singapore Business Environment SWOT
Life Sector
Asia Pacific Life Sector Overview
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
Singapore Life Sector Update
Table: Distribution Of Individual Business In Force, Q111
Life Industry Forecast Scenario
Table: Total Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics, 2008-2016
Non-Life Sector
Asia Pacific Non-Life Sector Overview
Table: Asia Pacific Non-Life Premiums, 2008-2016
Singapore Non-Life Sector Update
Table: Principal Non-Life Lines, Gross Written Premiums, Q111
Non-Life Industry Forecast Scenario
Table: Total Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Singapore Economic Activity, 2011-2016
Political Stability Outlook
Table: Asia Pacific Regional Security Ratings
Healthcare
Healthcare Insurance
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
Motor
Table: Insurance Key Drivers, Vehicle Sales, 2008-2016
Islamic Finance
Insurance Risk/Reward Ratings
Table: Singapore’s Insurance Risk/Reward Ratings
Table: Asia Pacific Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Singapore’s Insurance Sector
Table: Largest Life Companies, 2010
Table: Largest Non-Life Companies By Gross Written Premiums, 2010
Table: Largest Reinsurance Companies By Gross Written Premiums, 2010
Table: Offshore Insurance Funds, 2010
Company Profiles
Local Company Profiles
Great Eastern
NTUC Income
Regional Company Profiles
Ageas
AEGON
AIA Group Limited
Allianz
Aviva
AXA
BNP Paribas Cardif
Chartis
HSBC Insurance
ING Group
Liberty Mutual
Manulife
MetLife ALICO
Prudential Financial
Prudential plc
QBE
RSA
Sun Life Financial
The Principal
Zurich Financial Services
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Indicators And Rationale
Table: Weighting Of Indicators
- Great Eastern
- NTUC Income
- Ageas
- AEGON
- AIA Group Limited
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- Chartis
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife ALICO
- Prudential Financial
- Prudential plc
- QBE
- RSA
- Sun Life Financial
- The Principal
- Zurich Financial Services
Product Samples
A sample for this product is available. Please Login/Register to download this sample.
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
