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Non-Life Insurance in Singapore

Non-Life Insurance in Singapore

Summary

Non-Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2013-17, and forecast to 2022). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

  • 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 2017 annual average exchange rates.
  • The Singaporean non-life insurance market had total gross written premiums of $12.3bn in 2017, representing a compound annual growth rate (CAGR) of 5.9% between 2013 and 2017.
  • The motor segment was the market's most lucrative in 2017, with total gross written premiums of $3.5bn, equivalent to 28.1% of the market's overall value.
  • Demand for health insurance products largely contributed to the performance of the market in 2016, registering a double-digit growth rate. While the economy grew in 2017, insurance continued to stall as insurance rates and underwriting continued to come under pressure.
Scope
  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Singapore
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Singapore
  • Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Singapore non-life insurance market with five year forecasts
Reasons to buy
  • What was the size of the Singapore non-life insurance market by value in 2017?
  • What will be the size of the Singapore non-life insurance market in 2022?
  • 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 competitiors in Singapore's non-life insurance market?


Executive Summary
Market value
Market value forecast
Category segmentation
Geography segmentation
Market share
Market rivalry
Market Overview
Market definition
Market analysis
Market Data
Market value
Market Segmentation
Category segmentation
Geography segmentation
Market share
Market Outlook
Market value forecast
Five Forces Analysis
Summary
Buyer power
Supplier power
New entrants
Threat of substitutes
Degree of rivalry
Leading Companies
AXA SA
AIG Asia Pacific Insurance Pte. Ltd.
NTUC Income Insurance Co-operative Limited
MSIG Holdings (Asia) Pte. Ltd.
Macroeconomic Indicators
Country data
Methodology
Industry associations
Related MarketLine research
Appendix
About MarketLine
List of Tables
Table 1: Singapore non-life insurance market value: $ billion, 2013–17
Table 2: Singapore non–life insurance market category segmentation: $ billion, 2017
Table 3: Singapore non–life insurance market geography segmentation: $ billion, 2017
Table 4: Singapore non-life insurance market share: % share, by value, 2017
Table 5: Singapore non-life insurance market value forecast: $ billion, 2017–22
Table 6: AXA SA: key facts
Table 7: AXA SA: key financials ($)
Table 8: AXA SA: key financials (€)
Table 9: AXA SA: key financial ratios
Table 10: AIG Asia Pacific Insurance Pte. Ltd.: key facts
Table 11: NTUC Income Insurance Co-operative Limited: key facts
Table 12: NTUC Income Insurance Co-operative Limited: key financials ($)
Table 13: NTUC Income Insurance Co-operative Limited: key financials (Si$)
Table 14: NTUC Income Insurance Co-operative Limited: key financial ratios
Table 15: MSIG Holdings (Asia) Pte. Ltd.: key facts
Table 16: Singapore size of population (million), 2013–17
Table 17: Singapore gdp (constant 2005 prices, $ billion), 2013–17
Table 18: Singapore gdp (current prices, $ billion), 2013–17
Table 19: Singapore inflation, 2013–17
Table 20: Singapore consumer price index (absolute), 2013–17
Table 21: Singapore exchange rate, 2013–17
List of Figures
Figure 1: Singapore non-life insurance market value: $ billion, 2013–17
Figure 2: Singapore non–life insurance market category segmentation: % share, by value, 2017
Figure 3: Singapore non–life insurance market geography segmentation: % share, by value, 2017
Figure 4: Singapore non-life insurance market share: % share, by value, 2017
Figure 5: Singapore non-life insurance market value forecast: $ billion, 2017–22
Figure 6: Forces driving competition in the non-life insurance market in Singapore, 2017
Figure 7: Drivers of buyer power in the non-life insurance market in Singapore, 2017
Figure 8: Drivers of supplier power in the non-life insurance market in Singapore, 2017
Figure 9: Factors influencing the likelihood of new entrants in the non-life insurance market in Singapore, 2017
Figure 10: Factors influencing the threat of substitutes in the non-life insurance market in Singapore, 2017
Figure 11: Drivers of degree of rivalry in the non-life insurance market in Singapore, 2017
Figure 12: AXA SA: revenues & profitability
Figure 13: AXA SA: assets & liabilities
Figure 14: NTUC Income Insurance Co-operative Limited: revenues & profitability
Figure 15: NTUC Income Insurance Co-operative Limited: assets & liabilities

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