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Insurance in Singapore - Market Summary, Competitive Analysis and Forecast to 2025

November 2021 | 42 pages | ID: ID0EEB42780FEN
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Insurance in Singapore - Market Summary, Competitive Analysis and Forecast to 2025

SUMMARY

Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

KEY HIGHLIGHTS
  • The insurance market consists of the non-life and life insurance sectors. The value of the market is shown in terms of gross premium incomes.
  • The Singaporean insurance market had total gross written premiums of $35.1bn in 2020, representing a compound annual growth rate (CAGR) of 9.1% between 2016 and 2020.
  • The life insurance segment was the market's most lucrative in 2020, with total gross written premiums of $25.8bn, equivalent to 73.7% of the market's overall value.
  • Insurance companies in Singapore are increasingly adopting new technologies in their product offering, a trend which has been accelerated by the COVID-19 pandemic as nationwide lockdowns and social distancing measures have restricted consumers’ ability to consult insurance firms in person.
SCOPE
  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the insurance market in Singapore
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the insurance market in Singapore
  • Leading company profiles reveal details of key insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Singapore insurance market with five year forecasts
REASONS TO BUY
  • What was the size of the Singapore media market by value in 2020?
  • What will be the size of the Singapore media market in 2025?
  • What factors are affecting the strength of competition in the Singapore media market?
  • How has the market performed over the last five years?
  • What are the main segments that make up Singapore's media market?
1 EXECUTIVE SUMMARY

1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive Landscape

2 MARKET OVERVIEW

2.1. Market definition
2.2. Market analysis

3 MARKET DATA

3.1. Market value

4 MARKET SEGMENTATION

4.1. Category segmentation
4.2. Geography segmentation

5 MARKET OUTLOOK

5.1. Market value forecast

6 FIVE FORCES ANALYSIS

6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry

7 COMPETITIVE LANDSCAPE

7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?

8 COMPANY PROFILES

8.1. The Great Eastern Life Assurance Company Ltd
8.2. Manulife (Singapore) Pte Ltd
8.3. AIA Group Ltd
8.4. Prudential Plc

9 MACROECONOMIC INDICATORS

9.1. Country data

10 APPENDIX

10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine

LIST OF TABLES

Table 1: Singapore insurance market value: $ billion, 2016–20
Table 2: Singapore insurance market category segmentation: $ billion, 2020
Table 3: Singapore insurance market geography segmentation: $ billion, 2020
Table 4: Singapore insurance market value forecast: $ billion, 2020–25
Table 5: Singapore insurance market share: % share, by value, 2020
Table 6: The Great Eastern Life Assurance Company Ltd: key facts
Table 7: The Great Eastern Life Assurance Company Ltd: Key Employees
Table 8: Manulife (Singapore) Pte Ltd: key facts
Table 9: Manulife (Singapore) Pte Ltd: Key Employees
Table 10: AIA Group Ltd: key facts
Table 11: AIA Group Ltd: Annual Financial Ratios
Table 12: AIA Group Ltd: Key Employees
Table 13: AIA Group Ltd: Key Employees Continued
Table 14: Prudential Plc: key facts
Table 15: Prudential Plc: Annual Financial Ratios
Table 16: Prudential Plc: Key Employees
Table 17: Singapore size of population (million), 2016–20
Table 18: Singapore gdp (constant 2005 prices, $ billion), 2016–20
Table 19: Singapore gdp (current prices, $ billion), 2016–20
Table 20: Singapore inflation, 2016–20
Table 21: Singapore consumer price index (absolute), 2016–20
Table 22: Singapore exchange rate, 2016–20

LIST OF FIGURES

Figure 1: Singapore insurance market value: $ billion, 2016–20
Figure 2: Singapore insurance market category segmentation: % share, by value, 2020
Figure 3: Singapore insurance market geography segmentation: % share, by value, 2020
Figure 4: Singapore insurance market value forecast: $ billion, 2020–25
Figure 5: Forces driving competition in the insurance market in Singapore, 2020
Figure 6: Drivers of buyer power in the insurance market in Singapore, 2020
Figure 7: Drivers of supplier power in the insurance market in Singapore, 2020
Figure 8: Factors influencing the likelihood of new entrants in the insurance market in Singapore, 2020
Figure 9: Factors influencing the threat of substitutes in the insurance market in Singapore, 2020
Figure 10: Drivers of degree of rivalry in the insurance market in Singapore, 2020
Figure 11: Singapore insurance market share: % share, by value, 2020


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