Strategic Market Intelligence: Insurance Industry in Brunei - Key Trends and Opportunities to 2022
Historically, Brunei’s economy has been dependent on oil and gas. As of end-2017, oil and gas accounted for over 90% of the total exports. The crash in global crude oil prices since 2014 thus adversely affected it. The government responded by initiating reforms for diversification and fiscal sustainability.
The total insurance industry shows a decline during review period (2013-2017). However this is expected to change due to the ongoing economic recovery. Over the forecast period (2017-2022), it is projected to grow at CAGR 4.1%. Insurance penetration rose during 2013-2017, while insurance density (Direct Premiums per Capita) declined.
General insurance accounted for 63.6% of the insurance industry’s share in terms of GWP in 2017. In the general segment, retail lines accounted for 56.9% of the segment’s share in the same year. Motor and Property insurance lines of business together corner about three-fourths of the total general insurance business. Property insurance registered the highest growth in terms of GWP compared to other general sub-segments during 2013-2017.
In conventional insurance, Brunei has four general insurers and three life insurers. Technology adoption is being actively encouraged by the regulator by framing guideline for the industry.
Strategic Market Intelligence: Insurance Industry in Brunei - Key Trends and Opportunities to 2022, report provides a detailed outlook by product category for the Bruneian insurance industry, and a comparison of the Bruneian insurance with its regional counterparts giving insurers access to information on segment dynamics and competitive advantages.
It provides values for key performance indicators such as written premium, penetration, loss ratio and density during the review period (2013-2017) and forecast period (2017-2022).The report also gives a comprehensive overview of the Bruneian economy and demographics, and provides detailed information on the competitive landscape in the country.
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