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Singapore Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 54 pages

Includes 3 FREE quarterly updates

BMI View: In Q316, the main development that is having an impact on our forecast is the softer-thanexpectedeconomic growth in ASEAN which, in turn, is partly due to uncertainty over the prospects forenergy prices and substantially due to the deceleration in China's economy. We have, accordingly, reviseddownwards our projections for premiums that are written by property & casualty (non-life) insurers, butwhich pertain to commercial risks outside Singapore, for 2016 and 2017. We think that the life segment willcontinue to achieve steady growth through the forecast period, thanks to innovation by the insurers in awealthy country with a structurally high rate of savings.

Latest Updates And Forecasts

- The announcement by Zurich International Life that it would cease writing new life insurance policiesin Singapore from the beginning of December 2015 indicates that competitive conditions for some of thesmaller international companies have been quite challenging. In Q316, we have not changed ourprojections for life premiums. Premiums should grow steadily through the forecast period thanks toinnovation (in terms of product development and distribution) by the insurance companies - in a countrywhere life insurance plays a central role in the organised savings landscape.

- We continue to look for the non-life segment to grow faster than nominal GDP. We have reviseddownwards our projections for 'other'/offshore property & casualty premiums in 2016 and 2017. This isbecause of the slowing of economic growth across the region in 2015 and H116. The slowdown is, inturn, the result of the deceleration of China's economy and uncertainty over the prospects for energyprices. From 2017, though, offshore property & casualty covers, which account for well over two thirdsof all business written by Singapore's non-life segment, should grow by 7-8% annually.

Table Of Contents

Singapore Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Singapore 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Singapore 2013-2020) 12
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 2009-2015) 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 Q316 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Non-Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Table: Non-Life Insurance Market (USDmn) 2008-2014 36
Table: Non-Life Insurance Market (%) 2008-2014 37
Company Profile 39
AIA Group 39
Allianz 42
NTUC Income 45
Methodology 48
Industry Forecast Methodology 48
Risk/Reward Index Methodology 51
Table: Indicators 53
Table: Weighting of Indicators 54

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