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BMI View: Singapore's non-life segment is dominated by coverage of commercial risks outside the city
state. We remain of the view that the entire ASEAN region will face economic headwinds over the coming
year or so, and have left our forecasts broadly unchanged. We think that the life segment will continue to
achieve steady growth through the forecast period, thanks to innovation by the insurers in a wealthy
country with a structurally high rate of savings.
Latest Updates And Forecasts
? In Q416, we have not changed our projections for life premiums. Premiums should grow steadily through
the forecast period thanks to innovation (in terms of product development and distribution) by the
insurance companies - in a country where life insurance plays a central role in the organised savings
landscape. Nevertheless, the market remains very competitive. Zurich International Life stopped
issuing new policies in late 2015. We suspect that other foreign groups will reconsider their commitment
to the market through 2016 and 2017.
? We continue to forecast the non-life segment to grow faster than nominal GDP. We expect that 2016 and
2017 will see sub-par growth in premiums in the non-life segment. The slowdown is, in turn, the result of
the deceleration of China's economy and uncertainty over the prospects for energy prices. From 2018,
though, offshore property & casualty covers, which account for well over two thirds of all business
written by Singapore's non-life segment, should grow by 7-8% annually.