New Insurance market report from Timetric: "Life Insurance in Singapore, Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 11/01/2013 -- Unlike other South Asian countries, and the non-life insurance segment, the Singaporean life insurance segment generates business largely from the domestic market, although business is generated from Australia, China, Hong Kong, India, New Zealand and Japan. Consequently, the country's sustained economic development, rapidly growing older population, rising life expectancy and increased high net worth individual (HNWI) business contributed to the segment's growth during the review period (2008-2012); the written premium of the life insurance segment grew a CAGR of 2.3%.
- The Singaporean life insurance segment grew at a CAGR of 2.3% during the review period
- The country's life insurance penetration decreased from 6.0% in 2008 to 5.1% in 2012. However, the figure is high compared to other Asian countries, and for a population of just 5.3 million
- Agencies play a critical role in the growth of the life insurance segment in most South Asian countries including Singapore and accounted for 46.0% of the total new written premium in Singapore's life insurance segment in 2012
- The Singaporean insurance industry is supervised and regulated by the Monetary Authority of Singapore (MAS), and rules and regulations governing the Singaporean insurance industry are stipulated in the Insurance Act of Singapore
- The Singaporean life insurance segment is highly concentrated with the 10 leading leading companies accounting for a combined share of 96.7% of the segment's written premiums in 2011
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance segment in Singapore:
- It provides historical values for Singapore's life insurance segment for the report's 2008-2012 review period, and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key categories in Singapore's life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Singapore
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for the life insurance business
- It provides a detailed analysis of the reinsurance segment in Singapore and its growth prospects
- It profiles the top life insurance companies in Singapore and outlines the key regulations affecting them
Reasons to Get This Report
- Make strategic business decisions using in depth historic and forecast market data related to the Singaporean life insurance segment and each category within it
Companies Mentioned in this Report: NTUC Income, Great Eastern Life, AIA, Prudential, Aviva, Manulife, HSBC Insurance, OAC, Tokio Marine Life, Axa Life Singapore,
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