Singapore Insurance Report Q3 2008
Business Monitor International, September 2008, Pages: 85
Our Singapore Insurance Report provides independent forecasts and competitive intelligence on Singapore's insurance industry.
In Q308, the key change is that we have incorporated much more information about the companies that are operating across the regions of which each country is a part. We have sought to make it much clearer who is operating in each country and under what name(s). Perhaps equally importantly, our profiles make it plain which multinational companies are not operating in each country.
In the Asia Pacific, we profile 23 companies. These are AEGON, AIG, Allianz, Aviva, AXA, Cardif, Fortis, Generali, Groupama, HDI-Gerling, HSBC Insurance, ING Group, Liberty Mutual, Manulife, MetLife, Prudential Financial, Prudential plc, QBE, RSA, Sun Life Financial, The Hartford, Principal Financial Group and Zurich Financial Services.
We also look at various local firms that are active in the region: some of these companies rank, in terms of the premiums that they write, among the largest in the world. For almost all the countries whose reports we are updating, we are also able to include actual data for calendar 2007: this was not the case for our Q208 reports. In 2007, total premiums in the Singapore rose by 17% to SGD24,014mn. Non-life premiums rose by 11% to SGD6,105mn, while Life premiums rose by 19% to SGD17,908mn.
Between now and the end of the forecast period, we expect that annual Non-life premiums will grow by SGD3,657mn, while annual Life premiums should increase by SGD5,075mn. Growth in Non-life premiums should be driven by the general growth in nominal GDP plus a rise in Non-life penetration
from the current level of 2.71% to 3.50%. Growth in Life premiums should be driven by the change in the overall population and a rise in life density from US$2,659.54 to US$3,500.00 per capita. Our Insurance Business Environment Rating is 76.2.
The Sector At A Glance
Table: Overview Of Singapore’s Insurance Sector
Key Insights On Singapore’s Insurance Sector
Singapore Industry SWOT
Development Of Our Insurance Reports
Projections And Forecasts
Table: Premiums – Historical Data And Forecasts, 2005-2012
Projections And Drivers Of Growth
Table: Growth Drivers, 2005-2012
Country Update
Macroeconomic Outlook
Table: Singapore – Economic Activity
Political Outlook
Table: Singapore – Insurance Business Environment Ind 18
Table: Asia Insurance Business Environment Rankings
Regional Context
Table: Non-Life Premiums In A Regional Context, 2007
Table: Life Premiums In A Regional Context, 2007
Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
Analysis Of Competitive Conditions
Singapore – Non-Life Segment
Singapore – Life Segment
Company Profiles
AEGON
AIG
Allianz
Aviva
AXA
Cardif
Fortis
Generali
Groupama
HDI-Gerling
HSBC Insurance
ING
Liberty Mutual
Manulife
MetLife
Prudential Financial
Prudential Plc
QBE
RSA
Sun Life Financial
The Hartford
The Principal
Zurich
Methodology
Basis Of Projections
Insurance Business Environment Rating
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- AEGON
- AIG
- Allianz
- Aviva
- AXA
- Cardif
- Fortis
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential Plc
- QBE
- RSA
- Sun Life Financial
- The Hartford
- The Principal
- Zurich
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