Singapore Insurance Report Q3 2016

Date: June 1, 2016
Pages: 54
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: SF806582D2AEN

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Includes 3 FREE quarterly updates

BMI View: In Q316, the main development that is having an impact on our forecast is the softer-thanexpected economic growth in ASEAN which, in turn, is partly due to uncertainty over the prospects for energy prices and substantially due to the deceleration in China's economy. We have, accordingly, revised downwards our projections for premiums that are written by property & casualty (non-life) insurers, but which pertain to commercial risks outside Singapore, for 2016 and 2017. We think that the life segment will continue to achieve steady growth through the forecast period, thanks to innovation by the insurers in a wealthy country with a structurally high rate of savings.

Latest Updates And Forecasts
  • The announcement by Zurich International Life that it would cease writing new life insurance policies in Singapore from the beginning of December 2015 indicates that competitive conditions for some of the smaller international companies have been quite challenging. In Q316, we have not changed our projections for life premiums. Premiums should grow steadily through the forecast period thanks to innovation (in terms of product development and distribution) by the insurance companies - in a country where life insurance plays a central role in the organised savings landscape.
  • We continue to look for the non-life segment to grow faster than nominal GDP. We have revised downwards our projections for 'other'/offshore property & casualty premiums in 2016 and 2017. This is because of the slowing of economic growth across the region in 2015 and H116. The slowdown is, in turn, the result of the deceleration of China's economy and uncertainty over the prospects for energy prices. From 2017, though, offshore property & casualty covers, which account for well over two thirds of all business written by Singapore's non-life segment, should grow by 7-8% annually.
BMI Industry View
  Table: Headline Insurance Forecasts (Singapore 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Singapore 2013-2020)
  Table: Life Insurance Claims (Singapore 2008-2014)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Singapore 2013-2020)
  Table: Non-Life Insurance Claims (Singapore 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Singapore 2013-2020)
Industry Risk Reward Index
Asia Pacific Industry Risk/Reward Index
  Table: Asia Pacific Insurance Risk/Reward Index Q316
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2014
  Table: Non-Life Insurance Market (%) 2008-2014
Company Profile
AIA Group
NTUC Income
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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