Report cover image

Singapore Life Insurance Market Summary, Competitive Analysis and Forecast to 2027

Publisher MarketLine
Published Mar 15, 2023
Length 44 Pages
SKU # MTLN18252340

Description

Singapore Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights
  • The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
  • The Singaporean life insurance market had total gross written premiums of $39.2 billion in 2022, representing a compound annual growth rate (CAGR) of 12.3% between 2017 and 2022.
  • The Life Insurance segment accounted for market's the largest proportion in 2022, with total gross written premiums of $32.8 billion, equivalent to 83.6% of the market's overall value.
  • Singapore's life insurance industry now employs 9,145 people, a 4.8% increase in total employment over the past year. 14,353 representatives had exclusive contracts with businesses that run tied-agency forces as of September 2022. The performance of the market is forecast to decelerate, with an anticipated CAGR of 9.3% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $61.3billion by the end of 2027.
Scope
  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Singapore
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Singapore
  • Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Singapore life insurance market with five year forecasts
Reasons to Buy
  • What was the size of the Singapore life insurance market by value in 2022?
  • What will be the size of the Singapore life insurance market in 2027?
  • What factors are affecting the strength of competition in the Singapore life insurance market?
  • How has the market performed over the last five years?
  • What are the main segments that make up Singapore's life insurance market?

Table of Contents

44 Pages
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 Company Profiles
8.1. AIA Group Ltd
8.2. Manulife (Singapore) Pte Ltd
8.3. Prudential Plc
8.4. The Great Eastern Life Assurance Company Ltd
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: Singapore life insurance market value: $ billion, 2017-22
Table 2: Singapore life insurance market category segmentation: % share, by value, 2017–2022
Table 3: Singapore life insurance market category segmentation: $ billion, 2017-2022
Table 4: Singapore life insurance market geography segmentation: $ billion, 2022
Table 5: Singapore life insurance market value forecast: $ billion, 2022-27
Table 6: Singapore life insurance market share: % share, by value, 2022
Table 7: AIA Group Ltd: key facts
Table 8: AIA Group Ltd: Annual Financial Ratios
Table 9: AIA Group Ltd: Key Employees
Table 10: AIA Group Ltd: Key Employees Continued
Table 11: Manulife (Singapore) Pte Ltd: key facts
Table 12: Manulife (Singapore) Pte Ltd: Key Employees
Table 13: Prudential Plc: key facts
Table 14: Prudential Plc: Annual Financial Ratios
Table 15: Prudential Plc: Key Employees
Table 16: The Great Eastern Life Assurance Company Ltd: key facts
Table 17: The Great Eastern Life Assurance Company Ltd: Key Employees
Table 18: Singapore size of population (million), 2018–22
Table 19: Singapore gdp (constant 2005 prices, $ billion), 2018–22
Table 20: Singapore gdp (current prices, $ billion), 2018–22
Table 21: Singapore inflation, 2018–22
Table 22: Singapore consumer price index (absolute), 2018–22
Table 23: Singapore exchange rate, 2017–21
List of Figures
Figure 1: Singapore life insurance market value: $ billion, 2017-22
Figure 2: Singapore life insurance market category segmentation: $ billion, 2017-2022
Figure 3: Singapore life insurance market geography segmentation: % share, by value, 2022
Figure 4: Singapore life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in Singapore, 2022
Figure 6: Drivers of buyer power in the life insurance market in Singapore, 2022
Figure 7: Drivers of supplier power in the life insurance market in Singapore, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Singapore, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Singapore, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in Singapore, 2022
Figure 11: Singapore life insurance market share: % share, by value, 2022

Pricing

Currency Rates
How Do Licenses Work?

How Do Licenses Work?

The primary function of a report license is to define how many people within a company are authorized to use the purchased report. This is separate to how a report might be delivered. Unless specifically identified otherwise, the purchase option is Single User. Below is a helpful description of that license, along with a sampling of others most commonly offered.

  • This license allows only one user to have access to and to use/read the report. It is not one user at a time or one user group; it is an individual who will be reading and utilizing the report.

  • This license allows for the entire purchasing company to read and use the report. This is the license level that would allow for a report to be placed on an internal company shared drive for access by all employees of that direct company. This license does not extend to parent or sister company use.

  • This license is designed to allow an entire department within a company full access to a report. The departmental license is a great option for companies that have more than one location and the department is spread out all over the country/world

  • This license is for companies that have one location where they want the report to be accessible by all employees within that physical location.

  • This is the most flexible of the licensing options. Some publishers will allow you to get a license for a preset number of people (typically 5). These licenses are ideal for small work groups.

License options are at the discretion of each publisher. As such, not all licenses indicated above are available for every product. If you are uncertain of the best license for your needs or would like a license that is not proactively available, please contact us and we will be happy to assist.

Head shot

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
Chat Now
Contact Us