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Synopsis
Timetric’s 'Non-Life Insurance in Singapore, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Singaporean non-life insurance segment, and a comparison of the Singaporean insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Singaporean economy and demographics, explains the various types of natural hazard and their impact on the Singaporean insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Non-Life Insurance in Singapore, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Singaporean non-life insurance segment, including:

- The Singaporean non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the Singaporean economy and demographics

- A comparison of the Singaporean insurance industry with its regional counterparts

- Detailed analysis of natural hazards and their impact on the Singaporean insurance industry

- Details of the competitive landscape in the non-life insurance segment in Singapore

- Details of regulatory policy applicable to the Singaporean insurance industry


Scope
This report provides a comprehensive analysis of the non-life insurance segment in Singapore:

- It provides historical values for the Singaporean non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Singaporean non-life insurance segment, and market forecasts to 2019.

- It analyzes the various distribution channels for non-life insurance products in Singapore.

- It profiles the top non-life insurance companies in Singapore, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Singaporean non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify 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
- According to the Economic Complexity Index released in 2013, Singapore ranked as the world’s 21st-largest export economy and the 10th-most-complex economy.

- Property insurance was the largest category in terms of gross written premium, and accounted for 48.8% of the non-life gross written premium in 2014.

- Singapore has a mixed economy and numerous commercial partnerships which give countries such as China, India, Japan, Hong Kong, Australia, New Zealand and Hong Kong access to its financial services industries. Consequently, the insurance industry, the non-life segment and the property category in particular generate significant business from overseas markets.

- Brokers were the most popular distribution channel for non-life insurers in Singapore during the review period, accounting for 66.8% of the total non-life direct written premium in 2014

- In terms of gross written premium, motor insurance was the third-largest category in the non-life segment, accounting for 19.0% of the non-life gross written premium in 2014.

- The non-life segment is moderately concentrated, with the 10 leading companies collectively accounting for 57.4% of the segment’s total gross written premium in 2014.

Table Of Contents

Non-Life Insurance in Singapore, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Insurance brokers
6.1.3 E-commerce
6.1.4 Bancassurance
6.1.5 Other channels
7 Natural Hazards
7.1 Flooding
7.2 Haze
7.3 Earthquake
7.4 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 First Capital Insurance Ltd
8.3.2 AIG Asia Pacific Insurance Pte Ltd
8.3.3 Axa Insurance Singapore Pte Ltd
8.3.4 NTUC Income Insurance Co-Operative Ltd
8.3.5 MSIG Insurance (Singapore) Pte Ltd
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor vehicle third-party liability insurance
9.4.2 Workmen's compensation insurance
9.4.3 Government health insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 Monetary Authority of Singapore
9.5.3 General Insurance Association of Singapore
9.5.4 Life Insurance Association of Singapore (LIA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer



List of Tables
Table 1: Singaporean Non-Life Insurance - Key Facts, 2014
Table 2: Singaporean Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Singaporean Government Credit Ratings
Table 4: Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2010-2014
Table 5: Singaporean Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2014-2019
Table 7: Singaporean Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2010-2014
Table 9: Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2014-2019
Table 10: Singaporean Non-Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2010-2014
Table 11: Singaporean Non-Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2014-2019
Table 12: Singaporean Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 13: Singaporean Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 14: Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2010-2014
Table 15: Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2014-2019
Table 16: Singaporean Non-Life Insurance - Total Investment Income (SGD Billion and US$ Million), 2010-2014
Table 17: Singaporean Non-Life Insurance - Total Investment Income (SGD Billion and US$ Million), 2014-2019
Table 18: Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2010-2014
Table 19: Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2014-2019
Table 20: Singaporean Non-Life Insurance - Gross Written Premium by Category (SGD Billion), 2010-2014
Table 21: Singaporean Non-Life Insurance - Gross Written Premium by Category (SGD Billion), 2014-2019
Table 22: Singaporean Property Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2014
Table 23: Singaporean Property Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2014-2019
Table 24: Singaporean Property Insurance - Paid Claims (SGD Million and US$ Million), 2010-2014
Table 25: Singaporean Property Insurance - Paid Claims (SGD Million and US$ Million), 2014-2019
Table 26: Singaporean Property Insurance - Loss Ratio (%), 2010-2014
Table 27: Singaporean Property Insurance - Loss Ratio (%), 2014-2019
Table 28: Singaporean Motor Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2014
Table 29: Singaporean Motor Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2014-2019
Table 30: Singaporean Motor Insurance - Paid Claims (SGD Million and US$ Million), 2010-2014
Table 31: Singaporean Motor Insurance - Paid Claims (SGD Million and US$ Million), 2014-2019
Table 32: Singaporean Motor Insurance - Loss Ratio (%), 2010-2014
Table 33: Singaporean Motor Insurance - Loss Ratio (%), 2014-2019
Table 34: Singaporean Liability Insurance - Gross Written Premium (SGD Million), 2010-2014
Table 35: Singaporean Liability Insurance - Gross Written Premium (SGD Million), 2014-2019
Table 36: Singaporean Liability Insurance - Paid Claims (SGD Million and US$ Million), 2010-2014
Table 37: Singaporean Liability Insurance - Paid Claims (SGD Million and US$ Million), 2014-2019
Table 38: Singaporean Liability Insurance - Loss Ratio (%), 2010-2014
Table 39: Singaporean Liability Insurance - Loss Ratio (%), 2014-2019
Table 40: Singaporean Marine, Aviation and Transit Insurance - Gross Written Premium (SGD Billion), 2010-2014
Table 41: Singaporean Marine, Aviation and Transit Insurance - Gross Written Premium (SGD Billion), 2014-2019
Table 42: Singaporean Marine, Aviation and Transit Insurance - Paid Claims (SGD Million and US$ Million), 2010-2014
Table 43: Singaporean Marine, Aviation and Transit Insurance - Paid Claims (SGD Million and US$ Million), 2014-2019
Table 44: Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 45: Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 46: Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Million), 2010-2014
Table 47: Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Million), 2014-2019
Table 48: Singaporean Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2010-2019
Table 49: Number of Insurance Providers in Singapore, 2010-2014
Table 50: Shares of Key Insurers in the Singaporean Non-Life Segment (%), 2014
Table 51: First Capital Insurance Ltd - Key Facts
Table 52: First Capital Insurance Ltd - Key Financials (SGD Million), 2010-2014
Table 53: AIG Asia Pacific Insurance Pte Ltd - Key Facts
Table 54: AIG Asia Pacific Insurance Pte. Ltd - Key Financials (SGD Million), 2011-2014
Table 55: Axa Insurance Singapore Pte Ltd - Key Facts
Table 56: Axa Insurance Singapore Pte, Ltd - Key Financials (SGD Million), 2009-2013
Table 57: NTUC Income Insurance Co-Operative Ltd - Key Facts
Table 58: NTUC Income Insurance Co-Operative Ltd - Key Financials (SGD Million), 2010-2014
Table 59: MSIG Insurance (Singapore) Pte Ltd - Key Facts
Table 60: MSIG Insurance (Singapore) Pte Ltd - Key Financials (SGD Million), 2009-2013
Table 61: Singapore - Insurance Regulatory Framework Key Features
Table 62: Singapore - Life Insurance Regulatory Framework
Table 63: Singapore - Property Insurance Regulatory Framework
Table 64: Singapore - Motor Insurance Regulatory Framework
Table 65: Singapore - No-Claims Discounts on Motor Insurance Policies
Table 66: Singapore - Liability Insurance Regulatory Framework
Table 67: Singapore - Minimum Capital Requirements
Table 68: Singapore - Corporate Tax Rates for the Financial Year 2015
Table 69: Singaporean Insurance Industry - Policies and Premium, 2010-2014
Table 70: Singaporean Insurance Industry - Policies and Premium, 2014-2019
Table 71: Singaporean Non-Life Insurance - Policies and Premium, 2010-2014
Table 72: Singaporean Non-Life Insurance - Policies and Premium, 2014-2019
Table 73: Singaporean Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 74: Singaporean Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 75: Singaporean Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 76: Singaporean Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 77: Singaporean Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 78: Singaporean Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 79: Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 80: Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 81: Singaporean Non-Life Insurance - Gross Written Premium by Sub-Category (SGD), 2010-2014
Table 82: Singaporean Non-Life Insurance - Gross Written Premium by Sub-Category (SGD), 2014-2019
Table 83: Singaporean Non-Life Insurance - Direct Written Premium by Sub-Category (SGD), 2010-2014
Table 84: Singaporean Non-Life Insurance - Direct Written Premium by Sub-Category (SGD), 2014-2019
Table 85: Singaporean Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 86: Singaporean Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 87: Insurance Industry Definitions



List of Figures
Figure 1: Singaporean Real GDP (US$ Billion), 2010-2019
Figure 2: SGD - US$ Exchange Rate, 2010-2019
Figure 3: Singaporean Consumer Price Inflation, 2010-2019
Figure 4: Singaporean Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 5: Singaporean Unemployment Rate, 2010-2019
Figure 6: Singaporean Population by Age Group, 1990-2025
Figure 7: Singaporean Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 8: Singaporean Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014
Figure 9: Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion), 2010-2019
Figure 10: Singaporean Non-Life Insurance - Penetration (%), 2010-2019
Figure 11: Singaporean Non-Life Insurance - Premium per Capita (SGD), 2010-2019
Figure 12: Singaporean Non-Life Insurance - Paid Claims (SGD Billion), 2010-2019
Figure 13: Singaporean Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 14: Singaporean Non-Life Insurance - Total Assets (SGD Billion), 2010-2019
Figure 15: Singaporean Non-Life Insurance - Total Investment Income (SGD Million), 2010-2019
Figure 16: Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2010-2019
Figure 17: Singaporean Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 18: Singaporean Non-Life Insurance - Gross Written Premium by Category (SGD Billion and US$ Billion), 2010-2019
Figure 19: Singaporean Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 20: Singaporean Property Insurance - Construction Value Output by Category (SGD Billion), 2010-2014
Figure 21: Singaporean Property Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2019
Figure 22: Singaporean Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 23: Singaporean Property Insurance - Paid Claims (SGD Million), 2010-2019
Figure 24: Singaporean Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (SGD Billion and %), 2010-2019
Figure 25: Singapore - Total Vehicle Sales, 2010-2014
Figure 26: Singapore - Motor Vehicle Population By Type (% Share), 2014
Figure 27: Singaporean Motor Insurance - Gross Written Premium by Sub-Category (SGD Billion), 2010-2019
Figure 28: Singaporean Motor Insurance - Paid Claims (SGD Million), 2010-2019
Figure 29: Singaporean Motor Insurance- Earned Premium, Incurred Loss and Loss Ratio (SGD Billion and %), 2010-2019
Figure 30: Singaporean Liability Insurance - Gross Written Premium (SGD Million), 2010-2019
Figure 31: Singaporean Liability Insurance - Paid Claims (SGD Million), 2010-2019
Figure 32: Singaporean Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (SGD Billion and %), 2010-2019
Figure 33: Singaporean Goods Exports and Imports (SGD Billion), 2010-2014
Figure 34: Singaporean Marine, Aviation and Transit Insurance - Gross Written Premium (SGD Billion), 2010-2019
Figure 35: Singaporean Marine, Aviation and Transit Insurance - Paid Claims (SGD Million), 2010-2019
Figure 36: Singaporean Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (SGD Billion and %), 2010-2019
Figure 37: Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 38: Shares of Key Insurers in the Singaporean Non-Life Segment (%), 2014
Figure 39: Singaporean Non-Life Insurance - Top Insurers' Gross Written Premium Growth Relative to Segment Overall (%), 2010-2014
Figure 40: Singapore - Insurance Supervision and Control at Various Levels
Figure 41: Singapore - Insurance Regulatory Frameworks For Company Registration and Operation

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