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Non-Life Insurance in Singapore, Key Trends and Opportunities to 2020

Non-Life Insurance in Singapore, Key Trends and Opportunities to 2020

Synopsis

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Singaporean insurance industry, 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 'Non-Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Singaporean non-life insurance segment, including:

  • The Singaporean non-life segment’s detailed outlook by product category
  • A comprehensive overview of the Singaporean economy and demographics
  • A comparison of the Singaporean non-life insurance segment with its regional counterparts
  • The various distribution channels in the Singaporean non-life insurance segment
  • Detailed analysis of natural hazards and their impact on the Singaporean insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Singapore
  • Details of regulatory policy applicable to the Singaporean insurance industry
Scope

This report provides a comprehensive analysis of the non-life insurance segment in Singapore:
  • It provides historical values for the Singaporean non-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 non-life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Singaporean non-life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for non-life insurance products in Singapore.
  • It analyzes various natural hazards and their impact on the Singaporean insurance industry
  • It profiles the top non-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 non-life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean non-life insurance segment.
  • Assess the competitive dynamics in the non-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
  • The Singaporean non-life direct written premium increased at a review-period CAGR of 6.0%.
  • Telematics, or usage-based insurance, is emerging rapidly in Singapore for both the passenger and commercial vehicle segments.
  • The mixed economy and numerous commercial partnerships of Singapore gives countries such as China, India, Japan, Australia, New Zealand and Hong Kong access to its financial services industry. This enables the non-life segment – especially the property category – to generate business from overseas markets.
  • According to AIG Singapore, demand for cyber insurance in Singapore is expected to increase by 50% in 2016, as businesses look to mitigate the high reputational and financial risks associated with cyber breaches.
  • Brokers were the most popular distribution channel for non-life insurers during the review period, accounting for 59.6% of the segment’s direct written premium in 2015.
  • In Singapore, the distribution of non-life insurance takes place primarily through bancassurance, agents and business partners.


  • Key Facts and Highlights
    • Table Singaporean Non-Life Insurance - Key Facts, 2015
    • Table Singaporean Non-Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Singaporean Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Non-Life Insurance - Penetration (%), 2011-2015
        • Table Singaporean Non-Life Insurance - Penetration (%), 2015-2020
        • Table Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2011-2015
        • Table Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2015-2020
      • Profitability
        • Table Singaporean Non-Life Insurance - Profitability Ratio (%), 2011-2015
        • Table Singaporean Non-Life Insurance - Profitability Ratio (%), 2015-2020
      • Assets and investments
        • Table Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015
        • Table Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020
        • Table Singaporean Non-Life Insurance - Total Investment Income (SGD Million and US$ Million), 2011-2015
        • Table Singaporean Non-Life Insurance - Total Investment Income (SGD Million and US$ Million), 2015-2020
        • Table Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2011-2015
        • Table Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2015-2020
  • Outlook by Category
    • Table Singaporean Non-Life Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015
    • Table Singaporean Non-Life Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020
    • Property Insurance
      • Product overview
      • Premium
        • Table Singaporean Property Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015
        • Table Singaporean Property Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020
      • Profitability
        • Table Singaporean Property Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Property Insurance - Loss Ratio (%), 2015-2020
    • Motor Insurance
      • Product overview
      • Premium
        • Table Singaporean Motor Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015
        • Table Singaporean Motor Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020
      • Profitability
        • Table Singaporean Motor Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Motor Insurance - Loss Ratio (%), 2015-2020
    • Liability Insurance
      • Product overview
      • Premium
        • Table Singaporean Liability Insurance - Direct Written Premium by Sub-Category (SGD Million), 2011-2015
        • Table Singaporean Liability Insurance - Direct Written Premium by Sub-Category (SGD Million), 2015-2020
      • Profitability
        • Table Singaporean Liability Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Liability Insurance - Loss Ratio (%), 2015-2020
    • Marine, Aviation and Transit Insurance
      • Product overview
      • Premium
        • Table Singaporean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (SGD Million), 2011-2015
        • Table Singaporean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (SGD Million), 2015-2020
      • Profitability
        • Table Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
        • Table Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Billion), 2011-2015
      • Table Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Billion), 2015-2020
      • Table Singaporean Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020
  • Natural and Man-made Hazards
    • Flooding
    • Haze
    • Earthquakes
    • Exposure
  • Competitive Landscape
    • Table Singaporean Insurance Industry - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • First Capital Insurance Ltd - company overview
        • Table First Capital Insurance Ltd - Key Facts
        • Table First Capital Insurance Ltd - Key Financials (SGD Million), 2011-2015
      • AIG Asia-Pacific Insurance - company overview
        • Table AIG Asia-Pacific Insurance - Key Facts
        • Table AIG Asia-Pacific Insurance - 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
      • MSIG Insurance - company overview
        • Table MSIG Insurance - Key Facts
        • Table MSIG Insurance - Key Financials (SGD Million), 2011-2015
      • Allianz Global C&S - company overview
        • Table Allianz Global C&S - Key Facts
        • Table Allianz Global C&S - 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 Insurance Industry - Policies and Premium, 2011-2015
      • Table Singaporean Insurance Industry - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Singaporean Non-Life Insurance - Claims and Expenses, 2011-2015
      • Table Singaporean Non-Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Singaporean Non-Life Insurance - Assets and Investments, 2011-2015
      • Table Singaporean Non-Life Insurance - Assets and Investments, 2015-2020
    • Insurance Brokers and Agencies
      • Table Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Other Distribution Channels
      • Table Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Property Insurance
      • Table Singaporean Non-Life Insurance - Property Insurance, 2011-2015
      • Table Singaporean Non-Life Insurance - Property Insurance, 2015-2020
    • Property Insurance by Product
      • Table Singaporean Non-Life Insurance - Property Insurance by Product, 2011-2015
      • Table Singaporean Non-Life Insurance - Property Insurance by Product, 2015-2020
    • Motor Insurance
      • Table Singaporean Non-Life Insurance - Motor Insurance, 2011-2015
      • Table Singaporean Non-Life Insurance - Motor Insurance, 2015-2020
    • Liability Insurance
      • Table Singaporean Non-Life Insurance - Liability Insurance, 2011-2015
      • Table Singaporean Non-Life Insurance - Liability Insurance, 2015-2020
    • Marine, Aviation and Transit Insurance
      • Table Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
      • Table Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance, 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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