Life and Non-Life Insurance Market in Singapore - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

The life and Non-Life Insurance Market in Singapore is segmented by Insurance Type (Life and Non-life) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Singapore Life and Non-Life Insurance Market Overview
Study Period: 2017- 2026
Base Year: 2020
CAGR: <5 %
Singapore Life and Non-Life Insurance Market Major Players

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Market Overview

The life and non-life insurance market in Singapore are estimated to record a CAGR of approximately 5% during the forecast period.

The stringent lockdown measures imposed by the government to curb the spread of the COVID-19 pandemic resulted in the decline of economic activity. As a result, Singapore's economy was down by 13.2% in the second quarter of 2020 compared to the same period the previous year. Subsequently, the life insurance business, which recorded SGD 1.66 billion in weighted new business premiums during H12020, declined by 13% compared to the same period in 2019.

Singapore's life insurance industry recorded a total of SGD 4.38 billion in weighted new business premiums for year-to-date 4Q2020, a positive 3% growth, compared to 2019. There was a rebound in the second half of the year after the initial fallout from COVID-19, which affected policy uptake significantly in the second quarter of the year. The uptake of new policies purchased online saw a significant increase to 206,679 in 2020 compared to 9,971 in 2019. The life insurance industry will continue to accelerate its digital transformation efforts and upskill the future workforce.

Overall, the industry recorded a total of SGD 2.99 billion in weighted new business premiums for year-to-date 3Q2020, a decline of 2% from the same period in 2019. However, there was a notable 90.6% increase in new business premiums recorded in 3Q2020 compared to 2Q2020. In 2020, motor insurance gross premiums written amounted to SGD 1.13 billion. The COVID-19 pandemic heightened the awareness about adequate protection and compelled consumers to prioritize health insurance even more during the pandemic. The health insurance segment recorded SGD 692.7 million in gross written premiums for the financial year, a 3.9% increase compared to the previous year, with underwriting profit at SGD 17.9 million. Property insurance observed a 10% increase, or SGD 591.8 million, in gross written premiums and recorded an underwriting profit of SGD 43.7 million in 2020. In 2019, the segment saw SGD 538 million in gross written premiums and noted an underwriting loss of SGD 22.4 million. Figures reported by the sector can be attributed to downward adjustments in market capacity and the impact of changing rates.

Scope of the Report

This report aims to provide a detailed analysis of the life and non-life insurance market in Singapore. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it analyzes the key players and the competitive landscape in the life and non-life insurance market in Singapore. The life and non-life insurance market in Singapore is segmented by insurance type (life and non-life) and distribution channel (direct, agency, banks, and other distribution channels).

By Insurance type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Other Non-life Insurance
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels

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Key Market Trends

Increase in GDP Per Capita of Finance and Insurance Industry

GDP per capita is a very important indicator of the economic strength of a country, and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and is expected to continue during the forecast period. In 2020, growth in the finance and insurance sector was 4.9% Y-o-Y, faster than the 4.2% expansion in the third quarter. The sector's strong performance was largely due to healthy expansions in the banking and insurance segments. On a quarter-on-quarter seasonally-adjusted annualized basis, the finance and insurance sector grew by 3.8%, accelerating from the 0.9% growth in the preceding quarter.

Singapore Life and Non-Life Insurance Market Share

Recovery in Underwriting Profit in Motor Vehicle Insurance

In 2020, motor insurers made a stunning turnaround to record an underwriting profit of almost SGD 104.5 million, up from a loss of SGD 17.44 million. Motor and travel claims saw a decrease in 2020 following an improvement in the overall road traffic situation during the COVID-19 pandemic and suspension of key activities in air travel.

Singapore Life and Non-Life Insurance Market Statistics

Competitive Landscape

The report covers the major players operating in the life and non-life insurance market in Singapore. The market is fragmented, and it is expected to grow during the forecast period due to the recovering economy and many other factors.

Recent Developments

  • July 2021 - Great Eastern deepened its commitment toward being a sustainability-driven company in the financial services sector with the launch of the first green life insurance product in Singapore - GREAT Green SP, which invests its portfolio assets to achieve a positive environmental impact. The insurer said its green investments finance projects in climate change mitigation and support global and local initiatives across diverse areas, such as renewable energy producers, green buildings, and the deployment of electric vehicle charging stations.
  • June 2021 - KGISL completed the acquisition of AETINS, expanding expertise in the insurance space. AETINS brings aboard an exceptional range of insurance solutions for life, general, and takaful, bundled with unmatched domain expertise.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-life Insurance

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Aon Singapore Pte Ltd

      2. 6.3.2 MSIG Insurance (Singapore) Pte Ltd

      3. 6.3.3 Swiss Life (Singapore) Pte Ltd

      4. 6.3.4 Tokio Marine Life Insurance Singapore Ltd

      5. 6.3.5 AIA Singapore Private Limited

      6. 6.3.6 The Great Eastern Life Assurance Company Limited

      7. 6.3.7 Aviva Ltd

      8. 6.3.8 Swiss Re Asia Pte Ltd

      9. 6.3.9 SCOR Services Asia-Pacific Pte Ltd

      10. 6.3.10 Liberty Insurance Pte Ltd*

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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Frequently Asked Questions

The Life and Non-Life Insurance Market in Singapore market is studied from 2017 - 2026.

The Life and Non-Life Insurance Market in Singapore is growing at a CAGR of <5% over the next 5 years.

AON SINGAPORE PTE LTD, MSIG INSURANCE (SINGAPORE) PTE. LTD., SWISS LIFE (SINGAPORE) PTE. LTD., TOKIO MARINE LIFE INSURANCE SINGAPORE LTD., AIA SINGAPORE PRIVATE LIMITED are the major companies operating in Life and Non-Life Insurance Market in Singapore.

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