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Reinsurance in Singapore, Key Trends and Opportunities to 2018

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Date: 30-Jan-2015
No. of pages: 85
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Synopsis

In terms of gross written premium, the Singaporean reinsurance segment grew at a compound annual growth rate (CAGR) of 8.9% during the review period (2009-2013), partially due to increasing risk awareness and expansion of the insurance industry, with insurers ceding a higher percentage of revenue to reinsurers. Growth was also supported by increased demand for reinsurance in key offshore markets following floods in Australia, China and Thailand, earthquakes in New Zealand and Japan, and a tsunami in Japan, all of which made insurers in the affected countries keen to cede a greater proportion of their premium to reinsurers based in Singapore to avoid significant losses through future natural disasters.

Summary

The report provides in-depth market analysis, information and insights into the Singaporean reinsurance segment, including:


  • The Singaporean reinsurance segment's growth prospects by reinsurance category

  • Key trends and drivers for the reinsurance segment

  • Singaporean reinsurance segment's growth prospects by reinsurance ceded from direct insurance

  • The competitive landscape in the Singaporean reinsurance segment

  • Scope

  • This report provides a comprehensive analysis of the reinsurance segment in Singapore:

  • It provides historical values for Singapore's reinsurance segment for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

  • It offers a detailed analysis of the key categories in Singapore's reinsurance segment, along with market forecasts until 2018.

  • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Singaporean its growth prospects.


Reasons To Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Singaporean reinsurance segment and each sector within it

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean reinsurance segment

  • Identify the 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

  • In terms of gross written premium, the Singaporean reinsurance segment grew at a CAGR of 8.9% during the review period , partially due to increasing risk awareness and expansion of the insurance industry, with insurers ceding a higher percentage of revenue to reinsurers.

  • Singapore is rapidly becoming a regional hub for reinsurance, with reinsurers operating in the state generating significant proportions their revenues from overseas markets.

  • The Singaporean government offers incentives to reinsurers through its Offshore Insurance Business (OIB) scheme, the most widely used tax incentive in Singapore's insurance industry.

  • Offshore revenues were generated in the wake of significant losses from natural disasters during the review period, such as floods in Australia and Thailand, earthquakes in New Zealand and Japan, and a tsunami in Japan.

  • Over the forecast period, demand for reinsurance in Singapore is expected to increase due to the rapid development of the country's high-profit-margin insurance industry, which performed strongly during the review period.

Reinsurance in Singapore, Key Trends and Opportunities to 2018

Table of Contents

1 Key Facts and Events

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 Singaporean Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018

5 Reinsurance Growth Dynamics and Challenges
5.1 Reinsurance Segment Size, 2009-2018
5.2 Reinsurance Segment Size by Premium Ceded, 2009-2018

6 Key Industry Drivers
6.1 Reinsurance Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers

7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in Singaporean Reinsurance Segment
7.3 Comparison of the Top Five Insurers
7.3.1 Gross written premium
7.3.2 Gross claims
7.3.3 Total assets
7.4 Munich Reinsurance Company Singapore - Company Overview
7.4.1 Munich Reinsurance Company Singapore - key facts
7.4.2 Munich Reinsurance Company Singapore - key financials
7.5 Swiss Reinsurance Company Ltd - Company Overview
7.5.1 Swiss Reinsurance Company Ltd - key facts
7.5.2 Swiss Reinsurance Company Ltd - key financials
7.6 Asia Capital Reinsurance Group Pte Ltd - Company Overview
7.6.1 Asia Capital Reinsurance Group Pte Ltd - key facts
7.6.2 Asia Capital Reinsurance Group Pte Ltd - key financials
7.7 Allianz SE Reinsurance Branch Asia-Pacific - Company Overview
7.7.1 Allianz SE Reinsurance Branch Asia Pacific - key facts
7.7.2 Allianz SE Reinsurance Branch Asia Pacific - key financials
7.8 Scor Global Life SE Singapore Branch - Company Overview
7.8.1 Scor Global Life SE Singapore Branch - key facts
7.8.2 Scor Global Life SE Singapore Branch - key financials
7.9 IAG Re Singapore Pte Ltd - Company Overview
7.9.1 IAG Re Singapore Pte Ltd - key facts
7.9.2 IAG Re Singapore Pte Ltd - key financials
7.1 Everest Reinsurance Company - Company Overview
7.10.1 Everest Reinsurance Company - key facts
7.10.2 Everest Reinsurance Company - key financials
7.11 Odyssey Reinsurance Company - Company Overview
7.11.1 Odyssey Reinsurance Company - key facts
7.11.2 Odyssey Reinsurance Company - key financials
7.12 Partner Reinsurance Europe SE (Singapore Branch) - Company Overview
7.12.1 Partner Reinsurance Europe SE (Singapore Branch) - key facts
7.12.2 Partner Reinsurance Europe SE (Singapore Branch) - key financials
7.13 Scor Reinsurance Asia-Pacific Pte Ltd - Company Overview
7.13.1 Scor Reinsurance Asia-Pacific Pte Ltd - key facts
7.13.2 Scor Reinsurance Asia-Pacific Pte Ltd - key financials

8 Appendix-1
8.1 Market Capitalization Trend - Singapore Exchange Ltd (SGX), Singapore
8.2 Economic Performance
8.2.1 GDP at constant prices (US$)
8.2.2 GDP per capita at constant prices (US$)
8.2.3 GDP at current prices (US$)
8.2.4 GDP by key sector
8.2.5 Agriculture, hunting, forestry and fishing net output at current prices (US$)
8.2.6 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
8.2.7 Manufacturing net output at current prices (US$)
8.2.8 Manufacturing net output at current prices as a percentage of GDP
8.2.9 Mining, manufacturing and utilities at current prices (US$)
8.2.10 Mining, manufacturing and utilities at current prices, as percentage of GDP
8.2.11 Construction net output at current prices (US$)
8.2.12 Construction net output at current prices as a percentage of GDP
8.2.13 Inflation rate
8.2.14 Exports as a percentage of GDP
8.2.15 Imports as a percentage of GDP
8.2.16 Merchandise exports growth
8.2.17 Merchandise imports growth
8.2.18 Annual average exchange rate SGD-US$
8.3 Infrastructure
8.3.1 Commercial vehicle exports - total value
8.3.2 Commercial vehicle imports - total value
8.3.3 Automotive exports - total value
8.3.4 Automotive imports - total value
8.3.5 Total internet subscribers
8.4 Labor Force
8.4.1 Labor force
8.4.2 Unemployment rate
8.5 Demographics
8.5.1 Household consumption expenditure (US$)
8.5.2 Total population
8.5.3 Age distribution of the total population
8.5.4 Life expectancy

9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables

Table 1: Singaporean Reinsurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Singaporean Insurance - Gross Written Premium by Segment (SGD Billion), 2009-2013
Table 4: Singaporean Insurance - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 5: Singaporean Insurance - Gross Written Premium by Segment (SGD Billion), 2013-2018
Table 6: Singaporean Insurance - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 7: Singaporean Insurance - Segmentation, Gross Written Premium (Percentage Share), 2009-2018
Table 8: Singaporean Insurance - Direct Written Premium by Segment (SGD Billion), 2009-2013
Table 9: Singaporean Insurance - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 10: Singaporean Insurance - Direct Written Premium by Segment (SGD Billion), 2013-2018
Table 11: Singaporean Insurance - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 12: Singaporean Insurance - Segmentation, Direct Written Premium (Percentage Share), 2009-2018
Table 13: Singaporean Reinsurance - Premium Accepted (SGD Billion), 2009-2013
Table 14: Singaporean Reinsurance - Premium Accepted (SGD Billion), 2013-2018
Table 15: Singaporean Reinsurance - Premium Ceded by Type of Insurance (SGD Billion), 2009-2013
Table 16: Singaporean Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2009-2013
Table 17: Singaporean Reinsurance - Premium Ceded by Type of Insurance (SGD Billion), 2013-2018
Table 18: Singaporean Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2013-2018
Table 19: Singaporean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 20: Singaporean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 21: Singaporean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 22: Singaporean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 23: Singaporean Personal accident and health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 24: Singaporean Personal accident and health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 25: Number of Insurance Providers in Singapore, 2009-2013
Table 26: Shares of Key Companies in the Singaporean Reinsurance Segment (%), 2013
Table 27: Munich Reinsurance Company Singapore, Key Facts
Table 28: Munich Reinsurance Company Singapore, Key Financials (SGD Million), 2009-2013
Table 29: Swiss Reinsurance Company Ltd, Key Facts
Table 30: Swiss Reinsurance Company Ltd, Key Financials (SGD Million), 2009-2013
Table 31: Asia Capital Reinsurance Group Pte Ltd, Key Facts
Table 32: Asia Capital Reinsurance Group Pte Ltd, Key Financials (SGD Million), 2009-2013
Table 33: Allianz SE Reinsurance Branch Asia Pacific, Key Facts
Table 34: Allianz SE Reinsurance Branch Asia Pacific, Key Financials (SGD Million), 2009-2013
Table 35: Scor Global Life SE Singapore Branch, Key Facts
Table 36: Scor Global Life SE Singapore Branch, Key Financials (SGD Million), 2009-2013
Table 37: IAG Re Singapore Pte Ltd, Key Facts
Table 38: IAG Re Singapore Pte Ltd, Key Financials (SGD Million), 2011-2013
Table 39: Everest Reinsurance Company, Key Facts
Table 40: Everest Reinsurance Company, Key Financials (SGD Million), 2009-2013
Table 41: Odyssey Reinsurance Company, Key Facts
Table 42: Odyssey Reinsurance Company, Key Financials (SGD Million), 2009-2013
Table 43: Partner Reinsurance Europe SE (Singapore Branch), Key Facts
Table 44: Partner Reinsurance Europe SE (Singapore Branch), Key Financials (SGD Million), 2011- 2013
Table 45: Scor Reinsurance Asia-Pacific Pte Ltd, Key Facts
Table 46: Scor Reinsurance Asia-Pacific Pte Ltd, Key Financials (SGD Million), 2009-2013

List of Figures

Figure 1: Singaporean Insurance - Gross Written Premium by Segment (SGD Billion), 2009-2018
Figure 2: Singaporean Insurance - Dynamics by Segment, Gross Written Premium (2009-2018)
Figure 3: Singaporean Insurance - Direct Written Premium by Segment (SGD Billion), 2009-2018
Figure 4: Singaporean Insurance - Dynamics by Segment, Direct Written premium (2009-2018)
Figure 5: Singaporean Reinsurance - Premium Accepted (SGD Billion), 2009-2013
Figure 6: Singaporean Reinsurance - Premium Accepted (SGD Billion), 2013-2018
Figure 7: Singaporean Reinsurance - Premium Ceded by Type of Insurance (SGD Billion), 2009-2018
Figure 8: Singaporean Reinsurance - Premium Ceded Dynamics by Type of Insurance, 2009-2018
Figure 9: Singaporean Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 10: Singaporean Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 11: Singaporean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 12: Singaporean Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 13: Singaporean Personal accident and health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 14: Singaporean Personal accident and health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 15: Shares of Key Companies in the Singaporean Reinsurance Segment (%), 2013
Figure 16: Gross Written Premium - Top Five Singaporean Reinsurers (SGD Billion), 2013
Figure 17: Gross Claims - Top Five Singaporean Reinsurers (SGD Billion), 2013
Figure 18: Total Assets - Top Five Singaporean Reinsurers, (SGD Billion), 2013
Figure 19: Singaporean Stock Exchange Market Capitalization (US$ Billion), 2008-2012
Figure 20: Singaporean GDP at Constant Prices (US$ Billion), 2009-2013
Figure 21: Singaporean GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 22: Singaporean GDP at Current Prices (US$ Billion), 2009-2013
Figure 23: Singaporean GDP by Key Sector (%) 2008 and 2012
Figure 24: Singaporean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Million), 2008-2012
Figure 25: Singaporean Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 26: Singaporean Manufacturing Net Output at Current Prices (US$ Billion), 2008-2012
Figure 27: Singaporean Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 28: Singaporean Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008-2012
Figure 29: Singaporean Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2008-2012
Figure 30: Singaporean Construction Net Output at Current Prices (US$ Billion), 2008-2012
Figure 31: Singaporean Construction Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 32: Singaporean Inflation Rate (%), 2009-2013
Figure 33: Singaporean Exports as a Percentage of GDP (%), 2008-2012
Figure 34: Singaporean Imports as a Percentage of GDP (%), 2008-2012
Figure 35: Singaporean Merchandise Exports Growth (%), 2009-2012
Figure 36: Singaporean Merchandise Imports Growth (%), 2009-2012
Figure 37: Singaporean Annual Average Exchange Rate US$-SGD, 2009-2013
Figure 38: Singaporean Commercial Vehicles Exports - Total Value (US$ Million), 2009-2013
Figure 39: Singaporean Commercial Vehicles Imports - Total Value (US$ Million), 2009-2013
Figure 40: Singaporean Automotive Exports - Total Value (US$ Million), 2009-2013
Figure 41: Singaporean Automotive Imports - Total Value (US$ Billion), 2009-2013
Figure 42: Singaporean Internet Subscriptions (Millions), 2009-2013
Figure 43: Singaporean Size of Labor Force (Million), 2008-2012
Figure 44: Singaporean Unemployment Rate (%), 2009-2013
Figure 45: Singaporean Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 46: Singaporean Total Population (Million), 2009-2013
Figure 47: Singaporean Population Distribution by Age (%), 2009-2013
Figure 48: Singaporean Life Expectancy (Number of Years), 2009-2013

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