Singapore Insurance Report Q3 2008: Industry Report

Singapore Insurance Report Q3 2008

Product Type: Market Research Report
Published by: Business Monitor International
Published: September 2008
Product Code: R302-3948

Description

In Q308, the key change is that we have incorporated much more information about the companies thatare operating across the regions of which each country is a part. We have sought to make it much clearerwho is operating in each country and under what name(s). Perhaps equally importantly, our profilesmake it plain which multinational companies are not operating in each country.

In the Asia Pacific, we profile 23 companies. These are AEGON, AIG, Allianz, Aviva, AXA, Cardif,Fortis, Generali, Groupama, HDI-Gerling, HSBC Insurance, ING Group, Liberty Mutual,Manulife, MetLife, Prudential Financial, Prudential plc, QBE, RSA, Sun Life Financial, TheHartford, Principal Financial Group and Zurich Financial Services.

We also look at various local firms that are active in the region: some of these companies rank, in termsof the premiums that they write, among the largest in the world.

For almost all the countries whose reports we are updating, we are also able to include actual data forcalendar 2007: this was not the case for our Q208 reports.

In 2007, total premiums in the Singapore rose by 17% to SGD24,014mn. Non-life premiums rose by 11%to SGD6,105mn, while Life premiums rose by 19% to SGD17,908mn.

Between now and the end of the forecast period, we expect that annual Non-life premiums will grow bySGD3,657mn, while annual Life premiums should increase by SGD5,075mn. Growth in Non-lifepremiums should be driven by the general growth in nominal GDP plus a rise in Non-life penetrationfrom the current level of 2.71% to 3.50%. Growth in Life premiums should be driven by the change in theoverall population and a rise in life density from US$2,659.54 to US$3,500.00 per capita.BMI’s Insurance Business Environment Rating is 76.2.

Table of Contents

The Sector At A Glance: Table: Overview Of Singapore’s Insurance Sector; Key Insights On Singapore’s Insurance Sector; Singapore Industry SWOT; Development Of BMI’s Insurance Reports; Projections And Forecast; Table: Premiums - Historical Data And Forecast12; Projections And Drivers Of Growth; Table: Growth Driver12; Country Update; Macroeconomic Outlook; Table: Singapore - Economic Activity; Political Outlook; Table: Singapore - Insurance Business Environment In; Table: Asia Insurance Business Environment Rankings; Regional Context; Table: Non-Life Premiums In A Regional Contex; Table: Life Premiums In A Regional Contex; Table: Comparison Of Major Lines As % Of Non-Life Premium; Analysis Of Competitive Conditions; Singapore - Non-Life Segment; Singapore - Life Segment; Company Profiles; AEGON; AIG; Allianz; Aviva; AXA; Cardif; Fortis; Generali; Groupama; HDI-Gerling; HSBC Insurance; ING; Liberty Mutual; Manulife; MetLife; Prudential Financial; Prudential Plc; QBE; RSA; Sun Life Financial; The Hartford; The Principal; Zurich; Methodology; Basis Of Projections; Insurance Business Environment Rating; Table: Insurance Business Environment Indicators And Rationale; Table: Weighting Of Indicators

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