Strategic Market Intelligence: General Insurance in Singapore - Key Trends and Opportunities to 2022

Strategic Market Intelligence: General Insurance in Singapore - Key Trends and Opportunities to 2022


General insurance in Singapore is regulated by MAS, and all insurers are regulated and licensed under the Insurance Act (Cap. 142) (IA). In 2016, the General Insurance Association (GIA) of Singapore implemented the revised Premium Payment Framework (PPF), which, according to the provisions under the framework policies issued, will contain the following types of premium warranty: payment before cover warranty; premium payment warranty; and premium installment payment warranty.

In the 2018 annual budget, the government came up with amendments to the Integrated Shield Plan, according to which people who buy new riders for integrated shield plans will have to pay at least 5% of their total hospital bill. In 2018, MAS issued guidelines on electronic payments to protect insured persons from fraud and errors.

The Inland Revenue Authority of Singapore governs taxation under the Income Tax Act. Singaporean government does not impose insurance premium tax, but levies a standard Goods and Services Tax (GST) of 7.0% on general insurance policies. In the annual budget 2018, the government announced six tax incentives and a plan to set up the Enterprise Development Grant to help businesses and startups to grow in the economy.

Key Findings

  • Singapore’s general insurance segment is expected to grow at a CAGR of 4.9% over the forecast period (2017-2022). As of 2017 the segment recorded GWP of SGD8.05 billion (US$5.8 billion). (It should be noted that general insurance segment includes Personal Accident and Health insurance)
  • Retail lines accounted for 67.3% of the general segment’s gross premium and is expected to grow at a CAGR of 5.2% over the forecast period whereas the commercial life segment is expected to grow at a CAGR of 4.4% over the forecast period
  • Personal accident and health insurance constituted 60.8% of the segment’s GWP, whereby, 83.6% of the sub-segment’s GWP was written by life insurance companies
  • Singapore’s aging population and rising disposable income are key drivers towards demand for healthcare plans, and thus the importance of health insurance products
  • The top 10 companies accounted for 71.1% of the general insurance gross written premium in 2017
  • According to Monetary Authority of Singapore (MAS), there were 53 direct general insurers, seven composite insurers, 67 captive general insurers and one composite captive insurer operating in Singapore as of November 2017, while 27 insurers operated under the Lloyd's Asia Scheme
  • Bancassurance continues to play a key role among traditional channels. This is reflected in major deals, such as Chubb’s 15-year deal with DBS Bank in January 2018, wherein the latter will sell insurance products on an exclusive or preferred basis
  • However, even banks are embracing online channels. In November 2017, Singapore’s OCBC Bank became the country’s first to distribute health insurance online, through mobile and internet banking
  • Non-insurance ecommerce platforms are also being tapped into for distribution. In January 2019, AXA Singapore and Carousell entered into a partnership to integrate AXA’s vehicle insurance with vehicle sales on Carousell’s platform
The report provides a detailed outlook by product category for the Singaporean general insurance segment. It provides values for key performance indicators such as written premium, claims ratio and general insurance penetration during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Singaporean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report Strategic Market Intelligence: General Insurance in Singapore - Key Trends and Opportunities to 2022, provides the following in-depth analysis -
  • Key insights and dynamics of the Singaporean general insurance industry
  • Comparison of Singaporean general insurance segments, along with premium trends and key profitability ratios
  • A comprehensive overview of the Singaporean economy, government initiatives, FDI, country risk, investment opportunities and enterprise structure
  • Singapore's insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements
  • Singapore's general insurance industry’s market structure giving details of retail and commercial lines of business with market shares
  • Distribution channels deployed by the Singaporean general insurers
  • Details of the competitive landscape, M&A and competitors’ profiles
Companies mentioned: AIA, NTUC, Prudential Assurance, The Great Eastern Life, AXA, Aviva Ltd, AIG, MSIG, First Capital, Chubb

  • This report provides a comprehensive analysis of the general insurance segment in Singapore.
  • It provides historical values for the Singaporean general insurance segment 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 categories in the Singaporean general insurance segment, and market forecasts to 2022.
  • It analyzes the various distribution channels for general insurance products in Singapore.
  • It analyzes various country risk governance indicators and their impact on the Singaporean general insurance industry
  • It profiles the top general 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 general insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in Singapore's general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify 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.

Executive Summary
Economy Overview
Summary Trend and KPIs
Premiums and Profitability
Penetration and Growth
Consumer Segment and Retention
Regulatory Risk
Key Facts
Licensing Requirements
Key Trends by Lines of Business - Retail and Commercial
Lines of Business
By Consumer Segment
Commercial Line of Business
Retail Line of Business
Key Trends by Lines of Business - KPIs, Market Share and Concentration
Property Insurance
Motor Insurance
Liability Insurance
Financial Lines Insurance
Marine, Aviation and Transit Insurance
Personal Accident Insurance
Health Insurance
Miscellaneous Insurance
Distribution Overview
Competitive Landscape
Competitor Profiles

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