Singapore Insurance Report Q4 2016

Publisher Name :
Date: 07-Sep-2016
No. of pages: 55

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.

Singapore Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Singapore 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Singapore 2013-2020) 11
Table: Life Insurance Claims (Singapore 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Singapore 2013-2020) 16
Table: Non-Life Insurance Claims (Singapore 2009-2014) 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Singapore 2013-2020) 28
Industry Risk Reward Index 29
Asia Pacific Industry Risk/Reward Index 29
Table: Asia Pacific Insurance Risk/Reward Index Q416 30
Market Overview 31
Life Market Overview 31
Product Offering 31
Competitive Landscape 32
Table: Life Insurance Market (%) 2009-2014 33
Non-Life Market Overview 34
Product Offering 34
The Competitive Landscape 35
Table: Non-Life Insurance Market (USDmn) 2008-2014 37
Table: Non-Life Insurance Market (%) 2008-2014 38
Company Profile 40
AIA Group 40
Allianz 43
NTUC Income 46
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

List of Tables

Table: Headline Insurance Forecasts (Singapore 2013-2020)
Table: Life Premiums (Singapore 2013-2020)
Table: Life Insurance Claims (Singapore 2008-2014)
Table: Non-Life Premiums (Singapore 2013-2020)
Table: Non-Life Insurance Claims (Singapore 2009-2014)
Table: Non-Life Insurance Premiums by Product Line (Singapore 2013-2020)
Table: Asia Pacific Insurance Risk/Reward Index Q416
Table: Life Insurance Market (%) 2009-2014
Table: Non-Life Insurance Market (USDmn) 2008-2014
Table: Non-Life Insurance Market (%) 2008-2014
Table: Indicators
Table: Weighting of Indicators
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