Singapore Insurance Report Q4 2016

Date: September 7, 2016
Pages: 55
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Singapore's non-life segment is dominated by coverage of commercial risks outside the city state. We remain of the view that the entire ASEAN region will face economic headwinds over the coming year or so, and have left our forecasts broadly unchanged. 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
  • In Q416, 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. Nevertheless, the market remains very competitive. Zurich International Life stopped issuing new policies in late 2015. We suspect that other foreign groups will reconsider their commitment to the market through 2016 and 2017.
  • We continue to forecast the non-life segment to grow faster than nominal GDP. We expect that 2016 and 2017 will see sub-par growth in premiums in the non-life segment. The slowdown is, in turn, the result of the deceleration of China's economy and uncertainty over the prospects for energy prices. From 2018, 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 2009-2014)
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 Q416
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
  Table: Life Insurance Market (%) 2009-2014
Non-Life Market Overview
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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