Recently published research from Timetric, "Non-Life Insurance in Singapore, Key Trends and Opportunities to 2017", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 10/29/2013 -- The Singaporean non-life insurance segment registered a CAGR at 11.7% during the review period. The growth was driven by strong demand in offshore markets, rising passenger car sales in the domestic market, expanding construction activity and sustained economic development. Significant public spending on infrastructure development also contributed to the growth. Since 2009, the Singaporean government has spent approximately SGD15 billion annually towards the development of physical infrastructure, which has had both direct and indirect impacts on the country's financial sector, including insurance. However, the growth moderated in 2012 as a result of a decrease in reinsurance underwriting activity after natural disasters in the Asia-Pacific region in 2011. The positive economic trend, favorable regulatory framework, continuous public spending on infrastructure development and healthy offshore business are likely to drive the non-life segment over the forecast period.
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- The Singaporean non-life insurance segment registered a CAGR at 11.7% during the review period
- Offshore business remains healthy
- Infrastructure financing continues to be one of the major contributors to the country's financial markets.
- 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 non-life insurance segment is moderately concentrated, with the 10 leading companies collectively accounting for 64.1% of the total segment's written premiums in 2011
This report provides a comprehensive analysis of the non-life insurance segment in Singapore:
- It provides historical values for Singapore's non-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 non-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 non-life insurance products in Singapore
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for the non-life insurance segment
- It provides a detailed analysis of the reinsurance segment 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, Chartis Insurance, NTUC Income, Axa Singapore, MSIG, RSA Ins, India International, QBE, Liberty Insurance
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