Singapore: Analysis of the General Insurance Industry
Singapore registered strong economic growth in 2010 contributing to the growth of its insurance industry. The general insurance industry witnessed rise in both premium and profits in the year 2010. All classes of non-life insurance businesses except marine cargo posted growth in premiums. Personal Accident registered the highest rise in premiums followed by Motor segment and work injury compensation in 2010 compared to 2009. Health insurance reported the biggest casualty in terms of underwriting with underwriting profit slumping by 56% in 2010.
Motor insurance is the largest segment of general insurance industry and witnessed a slight rise in premiums in 2010 due to growth in vehicle population. NTUC Income, Chartis and AXA are the three largest motor insurers having a combined market share of almost 50%. Direct marketing channels such as telemarketing, mobile and online marketing are increasingly favored by insurers in Singapore nowadays since it cuts down commission expenses. For customers, these direct channels provide a faster and more convenient way to buy insurance policies at a discounted price. The two major online motor insurance providers in Singapore are Aviva and DirectAsia.com.
The non-life segment in Singapore is highly fragmented with the presence of a number of players. Singapore’s non-life market segment is dominated by American Home and the top 5 Non-Life companies constitute approximately half of the market share in 2010.
The present report gives an overview of the Singapore general (non-life) insurance market along with the analysis of Singapore’s economic growth.
The report provides an insight into the market size and growth of non-life insurance premiums. Each segment of non-life insurance industry along with key statistics and ratios are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their branding and pricing strategies. A special focus on online motor insurance trend and the rise of two direct/online insurers – DirectAsia.com and Aviva has also been discussed in the report.
Motor insurance is the largest segment of general insurance industry and witnessed a slight rise in premiums in 2010 due to growth in vehicle population. NTUC Income, Chartis and AXA are the three largest motor insurers having a combined market share of almost 50%. Direct marketing channels such as telemarketing, mobile and online marketing are increasingly favored by insurers in Singapore nowadays since it cuts down commission expenses. For customers, these direct channels provide a faster and more convenient way to buy insurance policies at a discounted price. The two major online motor insurance providers in Singapore are Aviva and DirectAsia.com.
The non-life segment in Singapore is highly fragmented with the presence of a number of players. Singapore’s non-life market segment is dominated by American Home and the top 5 Non-Life companies constitute approximately half of the market share in 2010.
The present report gives an overview of the Singapore general (non-life) insurance market along with the analysis of Singapore’s economic growth.
The report provides an insight into the market size and growth of non-life insurance premiums. Each segment of non-life insurance industry along with key statistics and ratios are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their branding and pricing strategies. A special focus on online motor insurance trend and the rise of two direct/online insurers – DirectAsia.com and Aviva has also been discussed in the report.
1. SINGAPORE: COUNTRY OVERVIEW
1.1 Background
1.2 Economy
1.3 Automobile Industry
1.4 Healthcare and Pharmaceutical Industry
1.5 Tourism Industry
2. GENERAL INSURANCE INDUSTRY SCENARIO
2.1 Gross Written Premiums (GWP)
2.2 Statistics of P&C Insurance Industry
2.3 Key Ratios of P&C Insurance Industry
2.4 P&C Insurance Industry by Line of Business
2.5 Key Statistics & Ratios by Line of Business
2.6 Agents & Commissions
3. MARKET SEGMENTS ANALYSIS
3.1 Motor Insurance
3.2 Work Injury Compensation (WIC)
3.3 Fire Insurance Segment
3.4 Personal Accident
4. DIRECT MARKETING IN P&C INSURANCE
4.1 Premium breakdown Through Distribution Channels
4.3 Direct Online Motor Premiums
5. P&C INSURANCE - MARKET PLAYERS
5.1 NTUC Income
5.2 American Home (Chartis)
5.3 AXA Singapore
6. ONLINE INSURERS VERSUS TRADITIONAL INSURERS
6.1 Advantages and Disadvantages
6.2 Pricing of Online versus Traditional Insurers
6.3. Business Models – DirectAsia.com and Aviva Direct
6.3.1 Direct Asia Insurance
6.3.2 Aviva Direct
6.3.3 Direct Asia versus Aviva Direct
7. MANDATORY REQUIREMENTS – GENERAL INSURERS
1.1 Background
1.2 Economy
1.3 Automobile Industry
1.4 Healthcare and Pharmaceutical Industry
1.5 Tourism Industry
2. GENERAL INSURANCE INDUSTRY SCENARIO
2.1 Gross Written Premiums (GWP)
2.2 Statistics of P&C Insurance Industry
2.3 Key Ratios of P&C Insurance Industry
2.4 P&C Insurance Industry by Line of Business
2.5 Key Statistics & Ratios by Line of Business
2.6 Agents & Commissions
3. MARKET SEGMENTS ANALYSIS
3.1 Motor Insurance
3.2 Work Injury Compensation (WIC)
3.3 Fire Insurance Segment
3.4 Personal Accident
4. DIRECT MARKETING IN P&C INSURANCE
4.1 Premium breakdown Through Distribution Channels
4.3 Direct Online Motor Premiums
5. P&C INSURANCE - MARKET PLAYERS
5.1 NTUC Income
5.2 American Home (Chartis)
5.3 AXA Singapore
6. ONLINE INSURERS VERSUS TRADITIONAL INSURERS
6.1 Advantages and Disadvantages
6.2 Pricing of Online versus Traditional Insurers
6.3. Business Models – DirectAsia.com and Aviva Direct
6.3.1 Direct Asia Insurance
6.3.2 Aviva Direct
6.3.3 Direct Asia versus Aviva Direct
7. MANDATORY REQUIREMENTS – GENERAL INSURERS
LIST OF GRAPHS AND TABLES
Singapore: Economic Growth (Q310-Q211)
Singapore – Automotive Sector: Registered Vehicles (2009-2013F)
Tourist Arrivals to Singapore: 2007-2011E
Gross Premiums of Non-Life Insurance Industry (2007-2010)
Key Statistics of General Insurance Industry in Singapore (2006-2010)
Key Ratios of Singapore Insurance Fund Business (2006-2010)
P&C Insurance Industry Line of Business (2010)
Key Statistics by Line of Business (2010)
Retention Ratios of Singapore Insurance Fund Business by Segments in % (2006-2010)
Incurred Loss Ratios of Singapore Insurance Fund Business by Segments in % (2006-2010)
Commission Rates (%) of P&C Insurance Companies by Line of Business: (2010)
Motor Insurance Gross Premiums (2007-2010)
Gross Premiums of Singapore Motor Insurers (2010)
Motor Premiums – Comparison by Companies (May 2010 vs May 2011)
Gross Premiums for Work Injury Compensation (2007-2010)
Gross Premiums for Fire Insurance (2007-2010)
Gross Premiums of Personal Accident Segment (2007-2010)
Distribution Channel Development in Asian Countries
Premium Breakdown by Distribution Channels of Insurance Industry (2010)
Total Direct Online Motor Insurance Premiums in Singapore (2009-2014F)
Direct P&C Insurers Market Shares in Singapore (2010)
Comparison of Operating Results of P&C Players - Singapore (2010)
NTUC: Products Offered
NTUC: Gross Premiums from General Insurance in Singapore: (2007-2010)
NTUC: Gross Premiums Generated from Line of Business (2010)
American Home (Chartis): Products Offered
American Home (Chartis): Gross Premiums from General Insurance in Singapore: (2007-2010)
American Home (Chartis): Gross Premiums Generated from Line of Business (2010)
AXA Singapore: Products Offered
Gross Premiums from General Insurance in Singapore: (2007-2010)
Gross Premiums Generated from Line of Business (2010)
Direct Asia versus Aviva Direct – Feature Comparison
Comparison of Financial Statistics – Direct Asia versus Aviva
Singapore: Economic Growth (Q310-Q211)
Singapore – Automotive Sector: Registered Vehicles (2009-2013F)
Tourist Arrivals to Singapore: 2007-2011E
Gross Premiums of Non-Life Insurance Industry (2007-2010)
Key Statistics of General Insurance Industry in Singapore (2006-2010)
Key Ratios of Singapore Insurance Fund Business (2006-2010)
P&C Insurance Industry Line of Business (2010)
Key Statistics by Line of Business (2010)
Retention Ratios of Singapore Insurance Fund Business by Segments in % (2006-2010)
Incurred Loss Ratios of Singapore Insurance Fund Business by Segments in % (2006-2010)
Commission Rates (%) of P&C Insurance Companies by Line of Business: (2010)
Motor Insurance Gross Premiums (2007-2010)
Gross Premiums of Singapore Motor Insurers (2010)
Motor Premiums – Comparison by Companies (May 2010 vs May 2011)
Gross Premiums for Work Injury Compensation (2007-2010)
Gross Premiums for Fire Insurance (2007-2010)
Gross Premiums of Personal Accident Segment (2007-2010)
Distribution Channel Development in Asian Countries
Premium Breakdown by Distribution Channels of Insurance Industry (2010)
Total Direct Online Motor Insurance Premiums in Singapore (2009-2014F)
Direct P&C Insurers Market Shares in Singapore (2010)
Comparison of Operating Results of P&C Players - Singapore (2010)
NTUC: Products Offered
NTUC: Gross Premiums from General Insurance in Singapore: (2007-2010)
NTUC: Gross Premiums Generated from Line of Business (2010)
American Home (Chartis): Products Offered
American Home (Chartis): Gross Premiums from General Insurance in Singapore: (2007-2010)
American Home (Chartis): Gross Premiums Generated from Line of Business (2010)
AXA Singapore: Products Offered
Gross Premiums from General Insurance in Singapore: (2007-2010)
Gross Premiums Generated from Line of Business (2010)
Direct Asia versus Aviva Direct – Feature Comparison
Comparison of Financial Statistics – Direct Asia versus Aviva
