The report provides in-depth market analysis, information and insights into the Singaporean non-life insurance segment, including:
- The Singaporean non-life insurance segment’s growth prospects by non-life insurance category
- Key trends and drivers for the non-life insurance segment
- The various distribution channels in the Singaporean non-life insurance segment
- The detailed competitive landscape in the non-life insurance segment in Singapore
- Detailed regulatory policies of the Singaporean insurance industry
- Analysis of various consumer segments in Singaporean non-life insurance
- Key developments in the Singaporean non-life insurance segment
- New products launched by Singaporean non-life insurers
In terms of gross written premium, the Singaporean non-life insurance segment registered a compound annual growth rate (CAGR) of 10.4% during the review period (2009–2013). The growth was driven by strong demand from offshore markets, rising passenger car sales in the domestic market, expanding construction activity and sustained economic development. Significant public spending on infrastructure development also contributed to the growth. Since 2009, the government has spent approximately SGD15.0 billion (US$12.0 billion) annually on the development of physical infrastructure, which has had both a direct and indirect impact on the country’s financial sector. Positive economic trends, a favorable regulatory framework, continuous public spending on infrastructure development and healthy offshore business are likely to drive the non-life segment over the forecast period (2013–2018). The segment is expected to post a CAGR of 8.0% in 2018.
This report provides a comprehensive analysis of the non-life insurance segment in Singapore:
- It provides historical values for Singapore’s non-life insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
- It offers a detailed analysis of the key categories in Singapore’s non-life insurance segment, along with market forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for non-life insurance products in Singapore.
- It profiles the top non-life insurance companies in Singapore and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Singaporean non-life insurance segment and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean non-life insurance segment.
- Assess the competitive dynamics in the non-life insurance segment.
- Identify the growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Singaporean insurance industry and their impact on companies and the industry’s future.
- In terms of gross written premium, the Singaporean non-life segment registered a CAGR at 10.4% during the review period.
- Infrastructure financing continues to be a major contributor to the country’s financial markets.
- The Singaporean non-life segment in general, the property insurance category in particular, depended on key offshore markets.
- Agencies were the most popular distribution channel for non-life insurers in Singapore during the review period.
- The rising number of HNWIs doing business in Singapore is expected to attract larger foreign capital inward investment over the forecast period.
- Despite these growth opportunities, the segment is expected to face numerous challenges over the forecast period, with some of the most notable being related to the growth of insurance fraud, especially in the motor insurance category, and the country’s low-interest-rate environment.
Spanning over 279 pages, “Non-Life Insurance in Singapore, Key Trends and Opportunities to 2018” report covering the Key Facts and Events, Executive Summary, Introduction, Singaporean Insurance Industry Attractiveness, Non-Life Insurance Outlook, Analysis by Distribution Channel, Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Appendix – 1, Appendix–2. The report covered companies are – Lloyd’s Asia Scheme, First Capital, AIG Asia, Axa Singapore, NTUC Income, MSIG, RSA Insurance, India International Insurance, Allianz Global Corporate & Specialty SE, Tokio Marine Insurance
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