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Synopsis
Timetric’s 'Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Singaporean life insurance segment, and a comparison of the Singaporean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Singaporean economy and demographics, 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 'Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Singaporean life insurance segment, including:

- An overview of the Singaporean life insurance segment

- The Singaporean life insurance segment’s growth prospects by category

- A comprehensive overview of the Singaporean economy and demographics

- A comparison of the Singaporean life insurance segment with its regional counterparts

- The various distribution channels in the Singaporean life insurance segment

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

- Details of regulatory policy applicable to the Singaporean insurance industry

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

- It provides historical values for the Singaporean life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the Singaporean life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Singaporean life insurance segment with its regional counterparts

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

- It profiles the top 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 life insurance segment, and each category within it.

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

- Assess the competitive dynamics in the 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 Timetric, the Singaporean insurance industry ranked seventh in the Asia-Pacific region in 2015, and 27th globally in terms of gross written premium.

- The Singaporean life insurance segment accounted for 69.3% of the industry’s direct written premium in 2015.

- In April 2015, a new DPI system was introduced in Singapore, requiring life insurers to offer simple term and whole life insurance that can be directly bought from customer service centers or company websites.

- Agencies was the largest distribution channel during the review period, accounting for 40.0% of the segment’s new business direct written premium in 2015.

- The Singaporean insurance industry is well-regulated and competitive, due to a large number of life insurers catering to a low population, resulting in strong competition to acquire new customers.

Table Of Contents

Life Insurance in Singapore, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographic
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Singapore Private Ltd - company overview
7.1.2 Prudential Assurance Company Singapore (Pte) Ltd - company overview
7.1.3 Great Eastern Life Assurance Co. Ltd - company overview
7.1.4 NTUC Income Insurance Co-Operative Ltd - company overview
7.1.5 Aviva Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor vehicle third-party liability insurance
8.4.2 Workmen's compensation insurance
8.4.3 Government health insurance
8.4.4 Aviation carriers' liability insurance
8.4.5 Professional indemnity insurance
8.4.6 Insurance against oil pollution from ships
8.4.7 Third-party liability cover for certain pleasure craft and vessels operating in Singapore
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Monetary Authority of Singapore
8.5.3 General Insurance Association of Singapore (GIA)
8.5.4 Life Insurance Association of Singapore (LIA)
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Insurance Brokers and Agencies
9.5 Bancassurance and Other Distribution Channels
9.6 Individual Life Insurance
9.7 Individual Life Insurance by Product
9.8 Group Life Insurance
9.9 Group Life Insurance by Product
9.1 Individual Life - Single vs. Non-Single Premium
9.11 Group Life - Single vs. Non-Single Premium
9.12 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer



List of Tables
Table 1: Singaporean Life Insurance - Key Facts, 2015
Table 2: Singaporean Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Singaporean Government Credit Ratings
Table 4: Singaporean Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015
Table 5: Singaporean Life Insurance - Penetration (%), 2011-2015
Table 6: Singaporean Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020
Table 7: Singaporean Life Insurance - Penetration (%), 2015-2020
Table 8: Singaporean Life Insurance - New Business Direct Written Premium (SGD Billion and US$ Billion), 2011-2015
Table 9: Singaporean Life Insurance - New Business Direct Written Premium (SGD Billion and US$ Billion), 2015-2020
Table 10: Singaporean Life Insurance - Premium per Capita (SGD and US$), 2011-2015
Table 11: Singaporean Life Insurance - Premium per Capita (SGD and US$), 2015-2020
Table 12: Singaporean Life Insurance - Number of Policies Sold (Million), 2011-2015
Table 13: Singaporean Life Insurance - Number of Policies Sold (Million), 2015-2020
Table 14: Singaporean Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2011-2015
Table 15: Singaporean Life Insurance - Paid Claims (SGD Billion and US$ Billion), 2015-2020
Table 16: Singaporean Life Insurance - Sum Assured (SGD Billion and US$ Billion), 2011-2015
Table 17: Singaporean Life Insurance - Sum Assured (SGD Trillion and US$ Billion), 2015-2020
Table 18: Singaporean Life Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015
Table 19: Singaporean Life Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020
Table 20: Singaporean Life Insurance - Total Investment Income (SGD Billion and US$ Billion), 2011-2015
Table 21: Singaporean Life Insurance - Total Investment Income (SGD Billion and US$ Billion), 2015-2020
Table 22: Singaporean Life Insurance - Investment Portfolio (SGD Billion), 2011-2015
Table 23: Singaporean Life Insurance - Investment Portfolio (SGD Billion), 2015-2020
Table 24: Singaporean Life Insurance - Direct Written Premium by Sub-Segment (SGD Billion), 2011-2015
Table 25: Singaporean Life Insurance - Direct Written Premium by Sub-Segment (SGD Billion), 2015-2020
Table 26: Singaporean Individual Life Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015
Table 27: Singaporean Individual Life Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020
Table 28: Singaporean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
Table 29: Singaporean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
Table 30: Singaporean Group Life Insurance - Direct Written Premium by Category (SGD Million), 2011-2015
Table 31: Singaporean Group Life Insurance - Direct Written Premium by Category (SGD Million), 2015-2020
Table 32: Singaporean Group Life Insurance - Number of Policies Sold by Category, 2011-2015
Table 33: Singaporean Group Life Insurance - Number of Policies Sold by Category , 2015-2020
Table 34: Singaporean Life Insurance - New Business Direct Written Premium by Distribution Channel (SGD Billion), 2011-2015
Table 35: Singaporean Life Insurance - New Business Direct Written Premium by Distribution Channel (SGD Billion), 2015-2020
Table 36: Singaporean Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 37: Singaporean Insurance Industry - Market Shares of Leading Insurers (%), 2014
Table 38: Singapore Private Ltd - Key Facts
Table 39: Singapore Private Ltd - Key Financials (SGD Million), 2011-2015
Table 40: Prudential Assurance Company Singapore (Pte) Ltd - Key Facts
Table 41: Prudential Assurance Company Singapore (Pte) Ltd - Key Financials (SGD Million), 2011-2015
Table 42: Great Eastern Life Assurance Co. Ltd - Key Facts
Table 43: Great Eastern Life Assurance Co. Ltd - Key Financials (SGD Million), 2011-2015
Table 44: NTUC Income Insurance Co-Operative Ltd - Key Facts
Table 45: NTUC Income Insurance Co-Operative Ltd - Key Financials (SGD Million), 2011-2015
Table 46: Aviva Ltd - Key Facts
Table 47: Aviva Ltd - Key Financials (SGD Million), 2011-2015
Table 48: Singapore - Insurance Regulatory Framework Key Features
Table 49: Singapore- Life Insurance Regulatory Framework
Table 50: Singapore - Property Insurance Regulatory Framework
Table 51: Singapore - Motor Insurance Regulatory Framework
Table 52: Singapore - No-Claims Discounts on Motor Insurance Policies
Table 53: Singapore - Liability Insurance Regulatory Framework
Table 54: Singapore- Minimum PII cover for Retail LFMC
Table 55: Singapore- Minimum Capital Requirements
Table 56: Singapore- Levy Rates Applicable to PPF Scheme Member
Table 57: Singapore- Minimum Capital Requirements
Table 58: Singapore - Corporate Tax Rates for the Financial Year 2016
Table 59: Singaporean Life Insurance - Policies and Premium, 2011-2015
Table 60: Singaporean Life Insurance - Policies and Premium, 2015-2020
Table 61: Singaporean Life Insurance - Claims and Expenses, 2011-2015
Table 62: Singaporean Life Insurance - Claims and Expenses, 2015-2020
Table 63: Singaporean Life Insurance - Assets and Investments, 2011-2015
Table 64: Singaporean Life Insurance - Assets and Investments, 2015-2020
Table 65: Singaporean Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 66: Singaporean Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 67: Singaporean Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 68: Singaporean Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 69: Singaporean Life Insurance - Individual Life Insurance, 2011-2015
Table 70: Singaporean Life Insurance - Individual Life Insurance, 2015-2020
Table 71: Singaporean Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 72: Singaporean Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 73: Singaporean Life Insurance - Group Life Insurance, 2011-2015
Table 74: Singaporean Life Insurance - Group Life Insurance, 2015-2020
Table 75: Singaporean Life Insurance - Group Life Insurance by Product, 2011-2015
Table 76: Singaporean Life Insurance - Group Life Insurance by Product, 2015-2020
Table 77: Singaporean Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 78: Singaporean Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 79: Singaporean Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 80: Singaporean Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 81: Singaporean Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 82: Singaporean Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 83: Insurance Industry Definitions


List of Figures
Figure 1: Singaporean Real GDP (SGD Billion), 2011-2020
Figure 2: Singaporean Consumer Price Inflation (%),2011-2020
Figure 3: Singaporean Current Account Balance as Percentage of GDP (%), 2011-2020
Figure 4: SGD-US$ Exchange Rate, 2011-2020
Figure 5: Singaporean Unemployment Rate, 2011-2020
Figure 6: Singaporean Population by Age Group, 1991-2025
Figure 7: Singaporean Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Singaporean Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Singaporean Life Insurance - Gross Written Premium (SGD Billion), 2011-2020
Figure 10: Singaporean Life Insurance - Penetration (%), 2011-2020
Figure 11: Singaporean Life Insurance - New Business Direct Written Premium (SGD Billion), 2011-2020
Figure 12: Singaporean Life Insurance - Premium per Capita (SGD), 2011-2020
Figure 13: Singaporean Life Insurance - Number of Policies Sold (Million), 2011-2020
Figure 14: Singaporean Life Insurance - Paid Claims (SGD Billion), 2011-2020
Figure 15: Singaporean Life Insurance - Sum Assured (SGD Trillion), 2011-2020
Figure 16: Singaporean Life Insurance - Total Assets (SGD Billion), 2011-2020
Figure 17: Singaporean Life Insurance - Total Investment Income (SGD Billion), 2011-2020
Figure 18: Singaporean Life Insurance - Investment Portfolio (SGD Billion), 2011-2020
Figure 19: Singaporean Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 20: Singaporean Life Insurance - Direct Written Premium by Sub-Segment (SGD Billion), 2011-2020
Figure 21: Singaporean Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 22: Singaporean Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 23: Singaporean Individual Life Insurance - Direct Written Premium by Category (SGD Billion), 2011-2020
Figure 24: Singaporean Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 25: Singaporean Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 26: Singaporean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2020
Figure 27: Singaporean Individual Life Insurance - Penetration (%), 2011-2015
Figure 28: Singaporean Individual Life Insurance - Penetration (%), 2015-2020
Figure 29: Singaporean Group Life Insurance - Direct Written Premium by Category (SGD Million), 2011-2020
Figure 30: Singaporean Group Life Insurance - Direct Written Premium Share by Category (Percentage), 2011-2020
Figure 31: Singaporean Group Life Insurance - Direct Written Premium Dynamics by Category (SGD Million), 2011-2020
Figure 32: Singaporean Group Life Insurance - Number of Policies Sold by Category, 2011-2020
Figure 33: Singaporean Group Life Insurance - Penetration (%), 2011-2015
Figure 34: Singaporean Group Life Insurance - Penetration (%), 2015-2020
Figure 35: Singaporean Life Insurance - New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 36: Singaporean Insurance Industry - Market Shares of Leading Insurers (%), 2014
Figure 37: Singapore - Insurance Supervision and Control at Various Levels
Figure 38: Singapore - Insurance Regulatory Frameworks for Company Registration and Operation

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