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Non-Life Insurance in Singapore, Key Trends and Opportunities to 2020

Published: Dec, 2016 | Pages: 134 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Non-Life Insurance in Singapore Key Trends and Opportunities to 2020' 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 (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, 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 2020' report provides in-depth market analysis, information and insights into the Singaporean non-life insurance segment, including: • The Singaporean non-life segment's detailed outlook by product category • A comprehensive overview of the Singaporean economy and demographics • A comparison of the Singaporean non-life insurance segment with its regional counterparts • The various distribution channels in the Singaporean non-life insurance segment • 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 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 non-life insurance segment, and market forecasts to 2020. • It provides a comparison of the Singaporean non-life insurance segment with its regional counterparts • It analyzes the various distribution channels for non-life insurance products in Singapore. • It analyzes various natural hazards and their impact on the Singaporean insurance industry • 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
• The Singaporean non-life direct written premium increased at a review-period CAGR of 6.0%. • Telematics, or usage-based insurance, is emerging rapidly in Singapore for both the passenger and commercial vehicle segments. • The mixed economy and numerous commercial partnerships of Singapore gives countries such as China, India, Japan, Australia, New Zealand and Hong Kong access to its financial services industry. This enables the non-life segment - especially the property category - to generate business from overseas markets. • According to AIG Singapore, demand for cyber insurance in Singapore is expected to increase by 50% in 2016, as businesses look to mitigate the high reputational and financial risks associated with cyber breaches. • Brokers were the most popular distribution channel for non-life insurers during the review period, accounting for 59.6% of the segment's direct written premium in 2015. • In Singapore, the distribution of non-life insurance takes place primarily through bancassurance, agents and business partners.
 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 Profitability 4.2.3 Assets and investments 5 Outlook by Category 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Profitability 6 Distribution Channel Outlook 6.1 Analysis by Distribution Channel 7 Natural and Man-made Hazards 7.1 Flooding 7.2 Haze 7.3 Earthquakes 7.4 Exposure 8 Competitive Landscape 8.1 Company Profiles 8.1.1 First Capital Insurance Ltd - company overview 8.1.2 AIG Asia-Pacific Insurance - company overview 8.1.3 NTUC Income Insurance Co-Operative Ltd - company overview 8.1.4 MSIG Insurance - company overview 8.1.5 Allianz Global C&S - company overview 9 Governance, Risk and Compliance 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 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 9.4.4 Aviation carriers' liability insurance 9.4.5 Professional indemnity insurance 9.4.6 Insurance against oil pollution from ships 9.4.7 Third-party liability cover for certain pleasure craft and vessels operating in Singapore 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 Monetary Authority of Singapore 9.5.3 General Insurance Association of Singapore (GIA) 9.5.4 Life Insurance Association of Singapore (LIA) 9.6 Non-Admitted Insurance Regulation 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 Type 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 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Insurance Brokers and Agencies 10.5 Other Distribution Channels 10.6 Property Insurance 10.7 Property Insurance by Product 10.8 Motor Insurance 10.9 Liability Insurance 10.1 Marine, Aviation and Transit Insurance 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, 2015 Table 2: Singaporean Non-Life Insurance - Segment Shares of the Top Insurers, 2015 Table 3: Singaporean Government Credit Ratings Table 4: Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2011-2015 Table 5: Singaporean Non-Life Insurance - Gross Written Premium (SGD Billion and US$ Billion), 2015-2020 Table 6: Singaporean Non-Life Insurance - Penetration (%), 2011-2015 Table 7: Singaporean Non-Life Insurance - Penetration (%), 2015-2020 Table 8: Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2011-2015 Table 9: Singaporean Non-Life Insurance - Premium per Capita (SGD and US$), 2015-2020 Table 10: Singaporean Non-Life Insurance - Profitability Ratio (%), 2011-2015 Table 11: Singaporean Non-Life Insurance - Profitability Ratio (%), 2015-2020 Table 12: Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2011-2015 Table 13: Singaporean Non-Life Insurance - Total Assets (SGD Billion and US$ Billion), 2015-2020 Table 14: Singaporean Non-Life Insurance - Total Investment Income (SGD Million and US$ Million), 2011-2015 Table 15: Singaporean Non-Life Insurance - Total Investment Income (SGD Million and US$ Million), 2015-2020 Table 16: Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2011-2015 Table 17: Singaporean Non-Life Insurance - Investment Portfolio (SGD Billion), 2015-2020 Table 18: Singaporean Non-Life Insurance - Direct Written Premium by Category (SGD Billion), 2011-2015 Table 19: Singaporean Non-Life Insurance - Direct Written Premium by Category (SGD Billion), 2015-2020 Table 20: Singaporean Property Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015 Table 21: Singaporean Property Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020 Table 22: Singaporean Property Insurance - Loss Ratio (%), 2011-2015 Table 23: Singaporean Property Insurance - Loss Ratio (%), 2015-2020 Table 24: Singaporean Motor Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2011-2015 Table 25: Singaporean Motor Insurance - Direct Written Premium by Sub-Category (SGD Billion), 2015-2020 Table 26: Singaporean Motor Insurance - Loss Ratio (%), 2011-2015 Table 27: Singaporean Motor Insurance - Loss Ratio (%), 2015-2020 Table 28: Singaporean Liability Insurance - Direct Written Premium by Sub-Category (SGD Million), 2011-2015 Table 29: Singaporean Liability Insurance - Direct Written Premium by Sub-Category (SGD Million), 2015-2020 Table 30: Singaporean Liability Insurance - Loss Ratio (%), 2011-2015 Table 31: Singaporean Liability Insurance - Loss Ratio (%), 2015-2020 Table 32: Singaporean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (SGD Million), 2011-2015 Table 33: Singaporean Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (SGD Million), 2015-2020 Table 34: Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 Table 35: Singaporean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 Table 36: Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Billion), 2011-2015 Table 37: Singaporean Non-Life Insurance - Direct Written Premium by Distribution Channel (SGD Billion), 2015-2020 Table 38: Singaporean Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020 Table 39: Singaporean Insurance Industry - Market Shares of Leading Insurers (%), 2015 Table 40: First Capital Insurance Ltd - Key Facts Table 41: First Capital Insurance Ltd - Key Financials (SGD Million), 2011-2015 Table 42: AIG Asia-Pacific Insurance - Key Facts Table 43: AIG Asia-Pacific Insurance - 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: MSIG Insurance - Key Facts Table 47: MSIG Insurance - Key Financials (SGD Million), 2011-2015 Table 48: Allianz Global C&S - Key Facts Table 49: Allianz Global C&S - Key Financials (SGD Million), 2011-2015 Table 50: Singapore - Insurance Regulatory Framework Key Features Table 51: Singapore- Life Insurance Regulatory Framework Table 52: Singapore - Property Insurance Regulatory Framework Table 53: Singapore - Motor Insurance Regulatory Framework Table 54: Singapore - No-Claims Discounts on Motor Insurance Policies Table 55: Singapore - Liability Insurance Regulatory Framework Table 56: Singapore- Minimum PII cover for Retail LFMC Table 57: Singapore- Minimum Capital Requirements Table 58: Singapore- Levy Rates Applicable to PPF Scheme Member Table 59: Singapore- Minimum Capital Requirements Table 60: Singapore - Corporate Tax Rates for the Financial Year 2016 Table 61: Singaporean Insurance Industry - Policies and Premium, 2011-2015 Table 62: Singaporean Insurance Industry - Policies and Premium, 2015-2020 Table 63: Singaporean Non-Life Insurance - Claims and Expenses, 2011-2015 Table 64: Singaporean Non-Life Insurance - Claims and Expenses, 2015-2020 Table 65: Singaporean Non-Life Insurance - Assets and Investments, 2011-2015 Table 66: Singaporean Non-Life Insurance - Assets and Investments, 2015-2020 Table 67: Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015 Table 68: Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020 Table 69: Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015 Table 70: Singaporean Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020 Table 71: Singaporean Non-Life Insurance - Property Insurance, 2011-2015 Table 72: Singaporean Non-Life Insurance - Property Insurance, 2015-2020 Table 73: Singaporean Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 74: Singaporean Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 75: Singaporean Non-Life Insurance - Motor Insurance, 2011-2015 Table 76: Singaporean Non-Life Insurance - Motor Insurance, 2015-2020 Table 77: Singaporean Non-Life Insurance - Liability Insurance, 2011-2015 Table 78: Singaporean Non-Life Insurance - Liability Insurance, 2015-2020 Table 79: Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 80: Singaporean Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 81: Insurance Industry Definitions



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