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Commercial Non-Life Insurance Brokers in Singapore

  • July 2015
  • -
  • Finaccord
  • -
  • 17 pages

Commercial Non-Life Insurance Brokers in Singapore plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in Singapore. This report first provides unique data for the size, segmentation and growth of the Singaporean commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of around 60 broking entities in total, it ranks the leading 15 brokers in Singapore according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Singapore
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life insurance, excluding other types of business 3
and on brokerage, even where intermediaries can act as both agents and brokers 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 4
Premiums 4
Abbreviations 4
Exchange rate 4
BrokerBASE 5
Finaccord 5
20 MARKET ANALYSIS 7
Introduction 7
Regulatory information 7
The minimum share capital requirement for setting up a brokerage depends on the type of activity 7
There are no restrictions on the foreign ownership of insurance brokerages in Singapore 8
Commercial non-life insurance market 8
Commercial liability insurance is the largest segment within the Singaporean commercial lines market… 8
and is also the most rapidly growing 8
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Brokers have consolidated their position as the dominant distribution channel for commercial lines 11
Competitor trends and specialisms 12
The commercial lines broking market is characterised by a fairly high degree of concentration… 12
… with the top three firms controlling more than 60% of commercial lines broking revenues 12
LCH is the largest indigenous brokerage in Singapore's commercial lines broking market 12
Honan Insurance Group has bolstered its position by acquiring MACS Insurance Brokers 13
Among the top 15, Texel Asia obtains the highest proportion of total revenues from commercial lines… 14
… and Pan Resources the least due to its primary focus on employee benefits 14
Brokers' distribution strategies 15
LCH is particularly strong as a provider of marine insurance to shipping industry clients 15
Four of the top 15 commercial non-life brokers are members of international networks 15
Future outlook 16
The value of Singapore's commercial lines broking market will edge up further between 2014 and 2018 16
COMMERCIAL NON-LIFE INSURANCE BROKERS IN SINGAPORE
© FINACCORD (07/2015) II
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for commercial non-life insurance brokers in Singapore 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 7
Segmentation of the commercial non-life insurance market in Singapore, 2014 9
Growth in the commercial non-life insurance market in Singapore by segment, 2010 to 2014 10
Size and growth of the commercial non-life insurance market in Singapore by segment, 2010 to 2014 (table) 10
Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014 11
Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014 (table) 12
Market concentration for commercial non-life insurance broking in Singapore, 2014 13
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Singapore, 2014 14
Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in Singapore 15
Partners of broker networks in Singapore, 2014 16
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018 17
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018 (table) 17

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