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.
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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.
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