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The Insurance Industry in Brunei, Key Trends and Opportunities to 2022

The Insurance Industry in Brunei, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Brunei, Key Trends and Opportunities to 2022, report provides a detailed analysis of the market trends, drivers and challenges in the Bruneian insurance industry.

It provides key performance indicators such as written premium and claims during the review (2013-2017) and forecast periods (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bruneian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, as well as recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Bruneian insurance industry, including -

  • The industry's growth prospects by segment and category
  • A comprehensive overview of the Bruneian economy and demographics
  • Details of the competitive landscape in the industry
  • The various distribution channels in the industry
  • Details of regulatory policies applicable to the industry
  • Analysis of natural hazards in the industry
Key Highlights
  • The Bruneian economy’s decline bottomed out since 2013. The real GDP grew by 0.6% in 2017, and is expected to grow by 1.0% in 2018 and 7.0% in 2019.
  • The Bruneian insurance industry is small and highly competitive, which resulted in consolidation, with the number of insurers declining from 21 in 2006 to 13 in 2017.
  • In January 2018, the Monetary Authority of Brunei Darussalam (AMBD) implemented the new international financial reporting standard (IFRS) 9 reporting standards, which will improve transparency, but can increase insurers’ operating costs in the short term.
  • Effective from October 2017, AMBD issued a notice which requires insurers to submit a product highlight sheet for investment linked life insurance products.
  • Effective January 2018, the AMBD issued a notice to all financial institutions regarding requirements for the early detection of cyber intrusion and reporting of the incident.
  • On December 31, 2015, the Association of Southeast Asian Nations (ASEAN) member countries (AMC) entered into an agreement to form the ASEAN economic community (AEC), with the objective of economic integration forming a single market, and allowing the free flow of services.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Brunei.
  • It provides historical values for the Bruneian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Bruneian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Brunei.
  • It profiles the top insurance companies in Brunei, 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 Bruneian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Bruneian insurance industry.
  • Assess the competitive dynamics in the Bruneian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Bruneian insurance industry and their impact on companies and the industry's future.


1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Gross claims
5 LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Gross claims
5.1.3 Penetration
5.1.4 Assets
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Gross claims
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Marine, Aviation and Transit Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Miscellaneous
6.6.1 Gross written premium
6.6.2 Penetration
7 REINSURANCE OUTLOOK
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 National Insurance Company Bhd - company overview
10.1.2 AIA Brunei - company overview
10.1.3 Tokio Marine Insurance Singapore Ltd - company overview
10.1.4 Standard Insurance SdnBhd - company overview
10.1.5 Great Eastern Life Assurance Co Ltd - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Merchant Shipping (Civil Liability and Compensation for Oil Pollution)
11.4.3 Workmen’s compensation insurance
11.4.4 Professional indemnity insurance for insurance brokers
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Monetary Authority of Brunei Darussalam
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Liability insurance
12.2.8 Marine, aviation and transit insurance
12.2.9 Miscellaneous
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT GLOBALDATA
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table1: Bruneian Insurance Industry - Key Facts, 2017
Table2: Bruneian Insurance Industry -Leading Insurers, 2017
Table 3: Bruneian Insurance Industry - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table 4: Bruneian Insurance Industry - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table 5: Bruneian Insurance Industry - Density (BND), 2013-2017
Table 6: Bruneian Insurance Industry - Density (BND), 2017-2022
Table 7: Bruneian Insurance Industry - Gross Claims (BND Million and US$ Million), 2013-2017
Table 8: Bruneian Insurance Industry - Gross Claims (BND Million and US$ Million), 2017-2022
Table 9: Bruneian Life Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table 10: Bruneian Life Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table 11: Bruneian Life Insurance - Gross Claims (BND Million and US$ Million), 2013-2017
Table 12: Bruneian Life Insurance - Gross Claims (BND Million and US$ Million), 2017-2022
Table 13: Bruneian Life Insurance - Total Assets (BND Million and US$ Million), 2013-2017
Table 14: Bruneian Life Insurance - Total Assets (BND Billion and US$ Million), 2017-2022
Table 15: Bruneian General Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table 16: Bruneian General Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table 17: Bruneian General Insurance - Gross Claims (BND Million and US$ Million), 2013-2017
Table 18: Bruneian General Insurance - Gross Claims (BND Million and US$ Million), 2017-2022
Table 19: Bruneian General Insurance - Total Assets (BND Million and US$ Million), 2013-2017
Table 20: Bruneian General Insurance - Total Assets (BND Million and US$ Million), 2017-2022
Table21: Bruneian Property Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table22: Bruneian Property Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table23: Bruneian Motor Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table24: Bruneian Motor Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table25: Bruneian Liability Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table26: Bruneian Liability Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table27: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017
Table28: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022
Table 29: Bruneian Miscellaneous- Gross Written Premium (BND Million and US$ Million), 2013-2017
Table 30: Bruneian Miscellaneous- Gross Written Premium (BND Million and US$ Million), 2017-2022
Table 31: Bruneian Insurance Industry -Leading Insurers, 2017
Table 32: National Insurance Company - Key Facts
Table 33: AIA Brunei - Key Facts
Table 34: Tokio Marine Insurance Singapore - Key Facts
Table 35: Standard Insurance- Key Facts
Table 36: Great Eastern Life Assurance - Key Facts
Table 37: Brunei - Insurance Regulatory Framework Key Features
Table 38: Brunei - Intermediary Remuneration for Non-Life Insurance Business
Table 39: Brunei - Life Insurance Regulatory Framework
Table 40: Brunei - Property Insurance Regulatory Framework
Table 41: Brunei - Motor Insurance Regulatory Framework
Table 42: Brunei - Liability Insurance Regulatory Framework
Table 43: Brunei - Stamp Duty on Insurance Policies
Table 44: Brunei - Corporate Tax Rates for the Financial Year 2018
Table45: Bruneian Life Insurance - Policies and Premium, 2013-2017
Table46: Bruneian Life Insurance - Policies and Premium, 2017-2022
Table47: Bruneian Life Insurance - Claims and Expenses, 2013-2017
Table48: Bruneian Life Insurance - Claims and Expenses, 2017-2022
Table49: Bruneian Life Insurance - Assets and Investments, 2013-2017
Table50: Bruneian Life Insurance - Assets and Investments, 2017-2022
Table51: BruneianGeneral Insurance - Policies and Premium, 2013-2017
Table52: BruneianGeneral Insurance - Policies and Premium, 2017-2022
Table53: BruneianGeneral Insurance - Claims and Expenses, 2013-2017
Table54: BruneianGeneral Insurance - Claims and Expenses, 2017-2022
Table55: BruneianGeneral Insurance - Assets and Investments, 2013-2017
Table56: BruneianGeneral Insurance - Assets and Investments, 2017-2022
Table57: BruneianGeneral Insurance - Property Insurance, 2013-2017
Table58: BruneianGeneral Insurance - Property Insurance, 2017-2022
Table59: BruneianGeneral Insurance - Property Insurance by Category, 2013-2017
Table60: BruneianGeneral Insurance - Property Insurance by Category, 2017-2022
Table61: BruneianGeneral Insurance - Motor Insurance, 2013-2017
Table62: BruneianGeneral Insurance - Motor Insurance, 2017-2022
Table63: BruneianGeneral Insurance - Liability Insurance, 2013-2017
Table64: BruneianGeneral Insurance - Liability Insurance, 2017-2022
Table65: BruneianGeneral Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table66: BruneianGeneral Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 67: Bruneian General Insurance - Miscellaneous, 2013-2017
Table 68: Bruneian General Insurance - Miscellaneous, 2017-2022
Table69: Insurance Industry Definitions
List of Figures
Figure 1: Bruneian Real GDP (BND Billion), 2013-2022
Figure 2: Bruneian Exchange Rate (BND per US$), 2013-2022
Figure 3: Bruneian Consumer Price Inflation (%), 2013-2022
Figure 4: Bruneian Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Bruneian Unemployment Rate, 2013-2022
Figure 6: Bruneian Population by Age Group, 2013-2022
Figure 7: Bruneian Insurance Industry - Conventional and Takaful Premium Collections, 2013-2017
Figure 8: Bruneian Insurance Industry - Gross Written Premium (BND Million), 2013-2022
Figure 9: Bruneian Insurance Industry - Density (BND), 2013-2022
Figure 10: Bruneian Insurance Industry - Gross Claims (BND Million), 2013-2022
Figure 11: Bruneian Life Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 12: Bruneian Life Insurance - Gross Claims (BND Million), 2013-2022
Figure 13: Bruneian Life Insurance - Penetration (%), 2013-2017
Figure 14: Bruneian Life Insurance - Penetration (%), 2017-2022
Figure 15: Bruneian Life Insurance - Total Assets (BND Billion), 2013-2022
Figure 16: Bruneian Total Vehicle Registrations, 2013-2017
Figure 17: Bruneian General Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 18: Bruneian General Insurance - Gross Claims (BND Million), 2013-2022
Figure 19: Bruneian General Insurance - Penetration (%), 2013-2017
Figure 20: Bruneian General Insurance - Penetration (%), 2017-2022
Figure 21: Bruneian General Insurance - Loss Ratio (%), 2013-2017
Figure 22: Bruneian General Insurance - Loss Ratio (%), 2017-2022
Figure 23: Bruneian General Insurance - Total Assets (BND Million), 2013-2022
Figure 24: Bruneian Property Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 25: Bruneian Property Insurance - Penetration (%), 2013-2017
Figure 26: Bruneian Property Insurance - Penetration (%), 2017-2022
Figure 27: Bruneian Motor Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 28: Bruneian Motor Insurance - Penetration (%), 2013-2017
Figure 29: Bruneian Motor Insurance - Penetration (%), 2017-2022
Figure 30: Bruneian Liability Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 31: Bruneian Liability Insurance - Penetration (%), 2013-2017
Figure 32: Bruneian Liability Insurance - Penetration (%), 2017-2022
Figure 33: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million), 2013-2022
Figure 34: Bruneian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 35: Bruneian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 36: Bruneian Miscellaneous - Gross Written Premium (BND Million), 2013-2022
Figure 37: Bruneian Miscellaneous - Penetration (%), 2013-2017
Figure 38: Bruneian Miscellaneous - Penetration (%), 2017-2022
Figure 39: Brunei - Insurance Supervision and Control at Various Levels
Figure 40: Brunei - Insurance Regulatory Frameworks for Company Registration and Operation

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