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Singapore Insurance Report Q4 2017

BMI View:

The overall five-year outlook for the Singapore insurance industry remains positive withsignificant growth prospects in the developed market still present. Singapore has a developed insurancemarket but we highlight that organic growth potential exists in both the life and non-life sector. The non-lifesector is dominated by the offshore coverage for risks outside the city state. We highlight that economicslowdown in China and some regional countries poses a negative risks but higher levels of ASEAN tradewill continue to bode well for the Singapore economy and the insurance industry. The non-life sectorgrowth will, as such, outpace life segment growth.

Latest Updates And Forecasts

In Q417, we have made very minor adjustments to our projections for life premiums. Premiums shouldgrow steadily through the forecast period thanks to innovation (in terms of product development anddistribution) by the insurance companies - in a country where life insurance plays a central role in theorganised savings landscape. Nevertheless, the market remains very competitive. We remain of the viewthat some of the international life companies will reconsider their commitment to the Singapore marketover the course of the forecast period. Life sector premiums will amount to SGD31.3bn in 2017,representing 3.8% y-o-y growth.


BMI Industry View
Table: Headline Insurance Forecasts (Singapore 2014-2021)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Singapore 2014-2021)
Table: Life Insurance Claims (Singapore 2009-2015)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Singapore 2014-2021)
Table: Non-Life Insurance Claims (Singapore 2010-2015)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Singapore 2014-2021)
Industry Risk Reward Index
Asia Pacific Insurance Risk/Reward Index
Table: Asia Pacific Insurance Risk/Reward Index, Q4 2017
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
Table: Life Insurance Market Shares, USDmn
Non-Life Market Overview
Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market (USDmn)
Company Profile
AIA Group
Allianz
NTUC Income
Methodology
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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