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Life Insurance in Singapore, Key Trends and Opportunities to 2020

Life Insurance in Singapore, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Singaporean life insurance segment, and a comparison of the Singaporean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

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 brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Singaporean life insurance segment, including:

  • An overview of the Singaporean life insurance segment
  • The Singaporean life insurance segment’s growth prospects by category
  • A comprehensive overview of the Singaporean economy and demographics
  • A comparison of the Singaporean life insurance segment with its regional counterparts
  • The various distribution channels in the Singaporean life insurance segment
  • Details of the competitive landscape in the life insurance segment in Singapore
  • Details of regulatory policy applicable to the Singaporean insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Singapore:
  • It provides historical values for the Singaporean life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Singaporean life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Singaporean life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Singapore.
  • It profiles the top life 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean life insurance segment.
  • Assess the competitive dynamics in the life 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.
Key Highlights
  • According to Timetric, the Singaporean insurance industry ranked seventh in the Asia-Pacific region in 2015, and 27th globally in terms of gross written premium.
  • The Singaporean life insurance segment accounted for 69.3% of the industry’s direct written premium in 2015.
  • In April 2015, a new DPI system was introduced in Singapore, requiring life insurers to offer simple term and whole life insurance that can be directly bought from customer service centers or company websites.
  • Agencies was the largest distribution channel during the review period, accounting for 40.0% of the segment’s new business direct written premium in 2015.
  • The Singaporean insurance industry is well-regulated and competitive, due to a large number of life insurers catering to a low population, resulting in strong competition to acquire new customers.


  • Key Facts and Highlights
    • Table Singaporean Life Insurance - Key Facts, 2015
    • Table Singaporean Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographic
    • Table Singaporean Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Singaporean Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - Penetration (%), 2011-2015
        • Table Singaporean Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Life Insurance - Penetration (%), 2015-2020
        • Table Singaporean Life Insurance - New Business Direct Written Premium (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - New Business Direct Written Premium (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Life Insurance - Premium per Capita (SGD and US$), 2011-2015
        • Table Singaporean Life Insurance - Premium per Capita (SGD and US$), 2015-2020
      • Policies sold
        • Table Singaporean Life Insurance - Number of Policies Sold (Million), 2011-2015
        • Table Singaporean Life Insurance - Number of Policies Sold (Million), 2015-2020
      • Claims
        • Table Singaporean Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2015-2020
      • Sum assured
        • Table Singaporean Life Insurance - Sum Assured (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - Sum Assured (SGD Trillion and US$ Billion), 2015-2020
      • Assets and investments
        • Table Singaporean Life Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Life Insurance - Total Investment Income (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Life Insurance - Total Investment Income (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Life Insurance - Investment Portfolio (SGD Billion), 2011-2015
        • Table Singaporean Life Insurance - Investment Portfolio (SGD Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table Singaporean Life Insurance - Direct Written Premium by Sub-Segment (SGD Billion), 2011-2015
    • Table Singaporean Life Insurance - Direct Written Premium by Sub-Segment (SGD Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Singaporean Individual Life Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015
        • Table Singaporean Individual Life Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020
      • Policies sold
        • Table Singaporean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Singaporean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Singaporean Group Life Insurance - Direct Written Premium by Category (SGD Million), 2011-2015
        • Table Singaporean Group Life Insurance - Direct Written Premium by Category (SGD Million), 2015-2020
      • Policies sold
        • Table Singaporean Group Life Insurance - Number of Policies Sold by Category, 2011-2015
        • Table Singaporean Group Life Insurance - Number of Policies Sold by Category , 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Singaporean Life Insurance - New Business Direct Written Premium by Distribution Channel (SGD Billion), 2011-2015
      • Table Singaporean Life Insurance - New Business Direct Written Premium by Distribution Channel (SGD Billion), 2015-2020
      • Table Singaporean Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Table Singaporean Insurance Industry - Market Shares of Leading Insurers (%), 2014
    • Company Profiles
      • Singapore Private Ltd - company overview
        • Table Singapore Private Ltd - Key Facts
        • Table Singapore Private Ltd - Key Financials (SGD Million), 2011-2015
      • Prudential Assurance Company Singapore (Pte) Ltd - company overview
        • Table Prudential Assurance Company Singapore (Pte) Ltd - Key Facts
        • Table Prudential Assurance Company Singapore (Pte) Ltd - Key Financials (SGD Million), 2011-2015
      • Great Eastern Life Assurance Co. Ltd - company overview
        • Table Great Eastern Life Assurance Co. Ltd - Key Facts
        • Table Great Eastern Life Assurance Co. Ltd - Key Financials (SGD Million), 2011-2015
      • NTUC Income Insurance Co-Operative Ltd - company overview
        • Table NTUC Income Insurance Co-Operative Ltd - Key Facts
        • Table NTUC Income Insurance Co-Operative Ltd - Key Financials (SGD Million), 2011-2015
      • Aviva Ltd - company overview
        • Table Aviva Ltd - Key Facts
        • Table Aviva Ltd - Key Financials (SGD Million), 2011-2015
  • Governance, Risk and Compliance
    • Table Singapore - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Singapore- Life Insurance Regulatory Framework
      • Property insurance
        • Table Singapore - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Singapore - Motor Insurance Regulatory Framework
        • Table Singapore - No-Claims Discounts on Motor Insurance Policies
      • Liability insurance
        • Table Singapore - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor vehicle third-party liability insurance
      • Workmen's compensation insurance
      • Government health insurance
      • Aviation carriers' liability insurance
      • Professional indemnity insurance
        • Table Singapore- Minimum PII cover for Retail LFMC
      • Insurance against oil pollution from ships
      • Third-party liability cover for certain pleasure craft and vessels operating in Singapore
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Monetary Authority of Singapore
      • General Insurance Association of Singapore (GIA)
      • Life Insurance Association of Singapore (LIA)
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Singapore- Minimum Capital Requirements
      • Solvency margins
        • Table Singapore- Levy Rates Applicable to PPF Scheme Member
      • Reserve requirements
      • Investment regulations
        • Table Singapore- Minimum Capital Requirements
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Singapore - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Policies and Premium
      • Table Singaporean Life Insurance - Policies and Premium, 2011-2015
      • Table Singaporean Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Singaporean Life Insurance - Claims and Expenses, 2011-2015
      • Table Singaporean Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Singaporean Life Insurance - Assets and Investments, 2011-2015
      • Table Singaporean Life Insurance - Assets and Investments, 2015-2020
    • Insurance Brokers and Agencies
      • Table Singaporean Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Singaporean Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table Singaporean Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Singaporean Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Individual Life Insurance
      • Table Singaporean Life Insurance - Individual Life Insurance, 2011-2015
      • Table Singaporean Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Singaporean Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Singaporean Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Singaporean Life Insurance - Group Life Insurance, 2011-2015
      • Table Singaporean Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table Singaporean Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table Singaporean Life Insurance - Group Life Insurance by Product, 2015-2020
    • Individual Life - Single vs. Non-Single Premium
      • Table Singaporean Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Singaporean Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs. Non-Single Premium
      • Table Singaporean Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table Singaporean Life Insurance - Group Life Insurance by Premium, 2015-2020
    • Linked vs. Non-Linked Policies
      • Table Singaporean Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
      • Table Singaporean Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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