Non-Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2011-15, and forecast to 2020). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
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Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
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Essential resource for top-line data and analysis covering the Singapore non-life insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
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What was the size of the Singapore non-life insurance market by value in 2015?
What will be the size of the Singapore non-life insurance market in 2020?
What factors are affecting the strength of competition in the Singapore non-life insurance market?
How has the market performed over the last five years?
Who are the top competitors in Singapore's non-life insurance market?
The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer. Any currency conversions used in the report have been calculated using constant 2015 annual average exchange rates.
The Singaporean non-life insurance market had total gross written premiums of $11.9bn in 2015, representing a compound annual growth rate (CAGR) of 8.9% between 2011 and 2015.
The property segment was the market's most lucrative in 2015, with total gross written premiums of $1.4bn, equivalent to 11.4% of the market's overall value.
Singapore operates a risk-based assessment, this coupled with rising asset values will lead to a higher demand for insurance including risk transfer solutions.