Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2011-15, and forecast to 2020). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
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Essential resource for top-line data and analysis covering the Singapore life insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
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What was the size of the Singapore life insurance market by value in 2015?
What will be the size of the Singapore life insurance market in 2020?
What factors are affecting the strength of competition in the Singapore life insurance market?
How has the market performed over the last five years?
Who are the top competitiors in Singapore's life insurance market?
The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans. All currency conversions have been calculated using constant 2015 annual average exchange rates. The insurance market depends on a variety of economic and non-economic factors and future performance is difficult to predict. The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move.
The Singaporean life insurance market had total gross written premiums of $14.9bn in 2015, representing a compound annual growth rate (CAGR) of 9.6% between 2011 and 2015.
The life insurance segment was the market's most lucrative in 2015, with total gross written premiums of $14.6bn, equivalent to 97.6% of the market's overall value.
Growth in this market recently has largely been driven by an abundance of new product launches and an increase in the uptake of savings-orientated products through bancassurance. The market benefitted from increased transparency and the lower distribution costs resulting from the Direct Purchase Insurance initiative.