Fast Market Research recommends "Non-Life Insurance in Singapore, Key Trends and Opportunities to 2016" from Timetric, now available
Boston, MA -- (SBWIRE) -- 09/06/2012 -- The Singaporean non-life insurance segment generates a larger proportion of its business from overseas markets than the life and personal accident and health insurance segments. Consequently, macro- and micro economic conditions in neighboring countries have a significant impact on the growth of the Singaporean non-life insurance segment, with overall economic growth in the region following the global financial crisis in 2009 resulting in increased demand for property, motor and liability insurance products. This improvement in offshore business, coupled with Singapore's impressive economic growth in 2010 and 2011, accelerated the growth of the non-life insurance segment during the review period.
- The Singaporean non-life insurance segment in general, and the property insurance category in particular, depend on key offshore markets such as China, Japan, New Zealand and Australia for a significant proportion of their revenues.
- Singapore is currently considering whether to implement Solvency II regulations in accordance with the EU, regulations for which an increased capital requirement for insurance companies is a key part. This potential increase, coupled with the rising number of HNWIs doing business in Singapore, is expected to attract larger foreign capital inward investments over the forecast period.
- Despite these significant growth opportunities, the Singaporean non-life insurance segment is still expected to face numerous challenges over the forecast period, with some of the most notable being related to the negative economic and business outlook in the world's leading economies, rising levels of public debt in the EU, and political instability in neighboring countries.
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This report provides a comprehensive analysis of the non-life insurance market in Singapore:
- It provides historical values for the Singapore non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Singapore non-life insurance market, along with market forecasts until 2016
- 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 insurance products in Singapore
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for non-life insurance business
- It provides a detailed analysis of the reinsurance market in Singapore and its growth prospects
- It profiles the top non-life insurance companies in Singapore and outlines the key regulations affecting them
Companies Mentioned in this Report: Lloyd's Asia Scheme, First Capital Insurance Limited, American Home Assurance Company, NTUC Income Insurance Co-operative Limited, AXA Insurance Singapore Pte Ltd, MSIG Insurance (Singapore) Pte Ltd, India International Insurance Pte Ltd, QBE Insurance (International) Limited, Royal & Sun Alliance Insurance plc, Liberty Insurance Pte Ltd
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