The Insurance Industry in Brunei Darussalam, Key Trends and Opportunities to 2017

  • ID: 2541649
  • Report
  • Region: Brunei
  • 114 Pages
  • Timetric
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The low insurance penetration in Brunei reflects a large untapped market, reflecting the immense growth potential of the insurance industry. The Bruneian insurance industry grew in terms of written premium value, at a CAGR of 2.1% during the review period. The industry is projected to grow, at a CAGR of 4.4% over the forecast period. The life insurance segment accounted for the largest market share of the total written premiums in 2012 and is expected to lead the industry over the forecast period. Mandatory insurance classes include motor third-party bodily injury, professional indemnity insurance for insurance brokers, architects and engineers undertaking government contracts, oil pollution liability and workers' compensation. A low awareness level among Bruneians regarding insurance is the major growth hinderance for the life insurance segment. The rising population in Brunei spurred the demand for all kinds of life insurance products during the review period and this trend is expected to continue over the forecast period.

Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Brunei Darussalam, including:

- The Bruneian insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Bruneian insurance industry
- The current trends and drivers of the Bruneian insurance industry
- The challenges facing the Bruneian insurance industry
- The regulatory framework of the Bruneian insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Brunei Darussalam:

- It provides historical values for the Bruneian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Bruneian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Brunei and outlines the key regulations affecting them

Reasons To Buy

- Make strategic business decisions using in depth historic and forecast industry data related to the Bruneian insurance industry and each segment within it
- Assess the competitive dynamics in the Bruneian insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Bruneian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Bruneian insurance industry and its impact on companies and the industry's future

Key Highlights

- The life insurance segment accounted for the largest share of the total Bruneian insurance written premium, with a CAGR of 5.1% during the review period.
- The non-life insurance segment accounted for the second-largest share of the total insurance written premium, after recording a CAGR of -1.6% during the review period.
- A low awareness level among Bruneians regarding insurance is the major growth hinderance for the life insurance segment.
- Property insurance was the largest category in the segment in terms of written premium value during the review period.
- The motor insurance category was the second-largest non-life insurance category during the review period.
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Note: Product cover images may vary from those shown
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1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Bruneian Insurance Industry Overview
3.1 Bruneian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 AIA Brunei – company overview
5.2.2 National Insurance Company Berhad – company overview
5.2.3 Great Eastern Life Assurance Co., Ltd – company overview
5.2.4 Standard Insurance Sdn Bhd – company overview
5.2.5 Tokio Marine Insurance Singapore Ltd – company overview

6 Macroeconomic Indicators
6.1 Household Final Consumption Expenditure (US$ Billion)
6.2 Agriculture, Hunting, Forestry and Fishing Output (US$ Million)
6.3 GDP at Current Prices (US$ Billion)
6.4 Construction Output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total Population
6.7 Unemployment Rate
6.8 Manufacturing Output (US$ Billion)
6.9 Mining, Manufacturing and Utilities Output (US$ Billion)
6.10 Export of Goods and Services (US$ Billion)

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Bruneian Insurance – Overall Written Premium by Segment (BND Million), 2008–2012
Table 3: Bruneian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Bruneian Insurance – Overall Written Premium by Segment (BND Million), 2012–2017
Table 5: Bruneian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Bruneian Insurance Segmentation (%), 2008–2017
Table 7: Domestic Insurance – License Type and Capital Requirements
Table 8: International Insurance – License Type and Capital Requirements
Table 9: Bruneian Life Insurance Segment – Written Premium (BND Million), 2008–2012
Table 10: Bruneian Life Insurance Segment – Written Premium (BND Million), 2012–2017
Table 11: Bruneian Life Insurance – Paid Claims (BND Million), 2008–2012
Table 12: Bruneian Life Insurance – Paid Claims (BND Million), 2012–2017
Table 13: Bruneian Life Insurance – Incurred Loss (BND Million), 2008–2012
Table 14: Bruneian Life Insurance – Incurred Loss (BND Million), 2012–2017
Table 15: Bruneian Life Insurance – Loss Ratio (%), 2008–2012
Table 16: Bruneian Life Insurance – Loss Ratio (%), 2012–2017
Table 17: Bruneian Life Insurance – Combined Ratio (%), 2008–2012
Table 18: Bruneian Life Insurance – Combined Ratio (%), 2012–2017
Table 19: Bruneian Life Insurance – Total Assets (BND Million), 2008–2012
Table 20: Bruneian Life Insurance – Total Assets (BND Million), 2012–2017
Table 21: Bruneian Life Insurance – Total Investment Income (BND Million), 2008–2012
Table 22: Bruneian Life Insurance – Total Investment Income (BND Million), 2012–2017
Table 23: Bruneian Life Insurance – Retentions (BND Million), 2008–2012
Table 24: Bruneian Life Insurance – Retentions (BND Million), 2012–2017
Table 25: Bruneian Non-Life Insurance – Written Premium by Category (BND Million), 2008–2012
Table 26: Bruneian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 27: Bruneian Non-Life Insurance – Written Premium by Category (BND Million), 2012–2017
Table 28: Bruneian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 29: Bruneian Non-Life Insurance – Paid Claims (BND Million), 2008–2012
Table 30: Bruneian Non-Life Insurance – Paid Claims (BND Million), 2012–2017
Table 31: Bruneian Non-Life Insurance – Incurred Loss (BND Million), 2008–2012
Table 32: Bruneian Non-Life Insurance – Incurred Loss (BND Million), 2012–2017
Table 33: Bruneian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 34: Bruneian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 35: Bruneian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 36: Bruneian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 37: Bruneian Non-Life Insurance – Total Assets (BND Million), 2008–2012
Table 38: Bruneian Non-Life Insurance – Total Assets (BND Million), 2012–2017
Table 39: Bruneian Non-Life Insurance – Total Investment Income (BND Million), 2008–2012
Table 40: Bruneian Non-Life Insurance – Total Investment Income (BND Million), 2012–2017
Table 41: Bruneian Non-Life Insurance – Retentions (BND Million), 2008–2012
Table 42: Bruneian Non-Life Insurance – Retentions (BND Million), 2012–2017
Table 43: Bruneian Property Insurance – Written Premium (BND Million), 2008–2012
Table 44: Bruneian Property Insurance – Written Premium (BND Million), 2012–2017
Table 45: Bruneian Motor Insurance – Written Premium (BND Million), 2008–2012
Table 46: Bruneian Motor Insurance – Written Premium (BND Million), 2012–2017
Table 47: Bruneian Liability Insurance – Written Premium (BND Million), 2008–2012
Table 48: Bruneian Liability Insurance – Written Premium (BND Million), 2012–2017
Table 49: Bruneian Marine, Aviation and Transit Insurance – Written Premium (BND Million), 2008–2012
Table 50: Bruneian Marine, Aviation and Transit Insurance – Written Premium (BND Million), 2012–2017
Table 51: Bruneian Personal Accident and Health Insurance – Written Premium (BND Million), 2008–2012
Table 52: Bruneian Personal Accident and Health Insurance – Written Premium (BND Million), 2012–2017
Table 53: Bruneian Personal Accident and Health Insurance – Paid Claims (BND Million), 2008–2012
Table 54: Bruneian Personal Accident and Health Insurance – Paid Claims (BND Million), 2012–2017
Table 55: Bruneian Personal Accident and Health Insurance – Incurred Loss (BND Million), 2008–2012
Table 56: Bruneian Personal Accident and Health Insurance – Incurred Loss (BND Million), 2012–2017
Table 57: Bruneian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 58: Bruneian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 59: Bruneian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 60: Bruneian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 61: Bruneian Personal Accident and Health Insurance – Total Assets (BND Million), 2008–2012
Table 62: Bruneian Personal Accident and Health Insurance – Total Assets (BND Million), 2012–2017
Table 63: Bruneian Personal Accident and Health Insurance – Total Investment Income (BND Million), 2008–2012
Table 64: Bruneian Personal Accident and Health Insurance – Total Investment Income (BND Million), 2012–2017
Table 65: Bruneian Personal Accident and Health Insurance – Retentions (BND Million), 2008–2012
Table 66: Bruneian Personal Accident and Health Insurance – Retentions (BND Million), 2012–2017
Table 67: Bruneian Reinsurance Ceded by Insurance Segment (BND Million), 2008–2012
Table 68: Bruneian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 69: Bruneian Reinsurance Ceded by Insurance Segment (BND Million), 2012–2017
Table 70: Bruneian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 71: Bruneian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 72: Bruneian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 73: Bruneian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 74: Bruneian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 75: Bruneian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 76: Bruneian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 77: Number of Insurers by Segment
Table 78: AIA Brunei, Main Products
Table 79: National Insurance Company Berhad, Main Products
Table 80: National Insurance Company Berhad, Key Employees
Table 81: Great Eastern Life Assurance Co., Ltd, Main Products
Table 82: Standard Insurance Sdn Bhd, Main Products
Table 83: Tokio Marine Insurance Singapore Ltd, Main Products
Table 84: Tokio Marine Insurance Singapore Ltd, Key Employees

List of Figures

Figure 1: Bruneian Insurance – Overall Written Premium by Segment (BND Million), 2008–2017
Figure 2: Bruneian Insurance Market Dynamics by Segment (%), 2008–2017
Figure 3: Bruneian Life Insurance Segment – Written Premium (BND Million), 2008–2012
Figure 4: Bruneian Life Insurance Segment – Written Premium (BND Million), 2012–2017
Figure 5: Bruneian Life Insurance – Paid Claims (BND Million), 2008–2012
Figure 6: Bruneian Life Insurance – Paid Claims (BND Million), 2012–2017
Figure 7: Bruneian Life Insurance – Incurred Loss (BND Million), 2008–2012
Figure 8: Bruneian Life Insurance – Incurred Loss (BND Million), 2012–2017
Figure 9: Bruneian Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Bruneian Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Bruneian Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Bruneian Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Bruneian Life Insurance – Total Assets (BND Million), 2008–2012
Figure 14: Bruneian Life Insurance – Total Assets (BND Million), 2012–2017
Figure 15: Bruneian Life Insurance – Total Investment Income (BND Million), 2008–2012
Figure 16: Bruneian Life Insurance – Total Investment Income (BND Million), 2012–2017
Figure 17: Bruneian Life Insurance – Retentions (BND Million), 2008–2012
Figure 18: Bruneian Life Insurance – Retentions (BND Million), 2012–2017
Figure 19: Bruneian Life Insurance – Investments (BND Million), 2008–2012
Figure 20: Bruneian Life Insurance – Penetration (% of GDP), 2008–2012
Figure 21: Bruneian Life Insurance – Premium Per Capita (BND), 2008–2012
Figure 22: Bruneian Non-Life Insurance – Written Premium by Category (BND Million), 2008–2017
Figure 23: Bruneian Non-Life Insurance – Written Premium by Category (%), 2012 and 2017
Figure 24: Bruneian Non-Life Insurance – Market Dynamics by Category (%), 2008–2017
Figure 25: Bruneian Non-Life Insurance – Paid Claims (BND Million), 2008–2012
Figure 26: Bruneian Non-Life Insurance – Paid Claims (BND Million), 2012–2017
Figure 27: Bruneian Non-Life Insurance – Incurred Loss (BND Million), 2008–2012
Figure 28: Bruneian Non-Life Insurance – Incurred Loss (BND Million), 2012–2017
Figure 29: Bruneian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 30: Bruneian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 31: Bruneian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 32: Bruneian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 33: Bruneian Non-Life Insurance – Total Assets (BND Million), 2008–2012
Figure 34: Bruneian Non-Life Insurance – Total Assets (BND Million), 2012–2017
Figure 35: Bruneian Non-Life Insurance – Total Investment Income (BND Million), 2008–2012
Figure 36: Bruneian Non-Life Insurance – Total Investment Income (BND Million), 2012–2017
Figure 37: Bruneian Non-Life Insurance – Retentions (BND Million), 2008–2012
Figure 38: Bruneian Non-Life Insurance – Retentions (BND Million), 2012–2017
Figure 39: Bruneian Non-Life Insurance – Investments (BND Million), 2008–2012
Figure 40: Bruneian Non-Life Insurance – Penetration (% of GDP), 2008–2012
Figure 41: Bruneian Non-Life Insurance – Premium Per Capita (BND), 2008–2012
Figure 42: Bruneian Property Insurance – Written Premium (BND Million), 2008–2012
Figure 43: Bruneian Property Insurance – Written Premium (BND Million), 2012–2017
Figure 44: Bruneian Motor Insurance – Written Premium (BND Million), 2008–2012
Figure 45: Bruneian Motor Insurance – Written Premium (BND Million), 2012–2017
Figure 46: Bruneian Liability Insurance – Written Premium (BND Million), 2008–2012
Figure 47: Bruneian Liability Insurance – Written Premium (BND Million), 2012–2017
Figure 48: Bruneian Marine, Aviation and Transit Insurance – Written Premium (BND Million), 2008–2012
Figure 49: Bruneian Marine, Aviation and Transit Insurance – Written Premium (BND Million), 2012–2017
Figure 50: Bruneian Personal Accident and Health Insurance – Written Premium (BND Million), 2008–2012
Figure 51: Bruneian Personal Accident and Health Insurance – Written Premium (BND Million), 2012–2017
Figure 52: Bruneian Personal Accident and Health Insurance – Paid Claims (BND Million), 2008–2012
Figure 53: Bruneian Personal Accident and Health Insurance – Paid Claims (BND Million), 2012–2017
Figure 54: Bruneian Personal Accident and Health Insurance – Incurred Loss (BND Million), 2008–2012
Figure 55: Bruneian Personal Accident and Health Insurance – Incurred Loss (BND Million), 2012–2017
Figure 56: Bruneian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 57: Bruneian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 58: Bruneian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 59: Bruneian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 60: Bruneian Personal Accident and Health Insurance – Total Assets (BND Million), 2008–2012
Figure 61: Bruneian Personal Accident and Health Insurance – Total Assets (BND Million), 2012–2017
Figure 62: Bruneian Personal Accident and Health Insurance – Total Investment Income (BND Million), 2008–2012
Figure 63: Bruneian Personal Accident and Health Insurance – Total Investment Income (BND Million), 2012–2017
Figure 64: Bruneian Personal Accident and Health Insurance – Retentions (BND Million), 2008–2012
Figure 65: Bruneian Personal Accident and Health Insurance – Retentions (BND Million), 2012–2017
Figure 66: Bruneian Personal Accident and Health Insurance – Investments (BND Million), 2008–2012
Figure 67: Bruneian Personal Accident and Health Insurance – Penetration (% of GDP), 2008–2012
Figure 68: Bruneian Personal Accident and Health Insurance – Premium Per Capita (BND), 2008–2012
Figure 69: Bruneian Reinsurance Ceded by Insurance Segment (BND Million), 2008–2017
Figure 70: Bruneian Reinsurance Market Dynamics by Insurance Segment (%), 2008–2017
Figure 71: Bruneian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 72: Bruneian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 73: Bruneian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 74: Bruneian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 75: Bruneian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 76: Bruneian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 77: Bruneian Household Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 78: Bruneian Agriculture, Hunting, Forestry and Fishing Output (US$ Million), 2007–2011
Figure 79: Bruneian GDP at Current Prices (US$ Billion), 2007–2011
Figure 80: Bruneian Construction Output (US$ Million), 2007–2011
Figure 81: Bruneian Inflation Rate (%), 2007–2011
Figure 82: Bruneian Total Population (Million), 2007–2011
Figure 83: Bruneian Unemployment Rate (%), 2007–2011
Figure 84: Bruneian Manufacturing Output (US$ Billion), 2007–2011
Figure 85: Bruneian Mining, Manufacturing, Utilities Output (US$ Billion), 2007–2011
Figure 86: Bruneian Export of Goods and Services (US$ Billion), 2007–2011
Note: Product cover images may vary from those shown
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- AIA Brunei
- Great Eastern Life Assurance Co., Ltd
- National Insurance Company Berhad
- Standard Insurance Sdn Bhd
- Tokio Marine Insurance Singapore Ltd
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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