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