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The market is segmented by Insurance type (Life and Non-life) by Distribution Channel (Direct, Agency, Banks, and Others)
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 on various product and application types. Also, it analyses the key players and the competitive landscape in the Life and Non-Life insurance market in Singapore.
|By Insurance type|
|By Distribution channel|
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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 expected to continue. In 2019, Growth in the finance & insurance sector came in at 5.2% year-on-year, faster than the 3.2% expansion in the previous quarter. The sector’s strong performance was largely due to expansions in fund management, foreign exchange trading, and other segments. On a quarter-on-quarter seasonally-adjusted annualized basis, the finance and insurance sector grew by 7.6%, accelerating from the 4.9% growth in the first quarter.
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For the year 2018, Motor insurers made a stunning turnaround to record an underwriting profit of almost SGD 9.96 million, up from a loss of SGD 27.2 million. This turnaround is primarily attributed to a 1.5% decrease in incurred claims, reflecting efforts of effective fraud management initiatives by the sector as well as a decline in the number of road traffic accidents in 2018.
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The report covers the major players operating in the Life and Non-Life insurance market in Singapore. The market is Fragmented, the market is expected to grow during the forecast period due to recovering in the economy and many other factors.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Life Insurance
5.1.2 Non-Life Insurance
5.2 By Distribution channel
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 AON SINGAPORE PTE LTD
6.3.2 MSIG INSURANCE (SINGAPORE) PTE. LTD.
6.3.3 SWISS LIFE (SINGAPORE) PTE. LTD.
6.3.4 TOKIO MARINE LIFE INSURANCE SINGAPORE LTD.
6.3.5 AIA SINGAPORE PRIVATE LIMITED
6.3.6 THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED
6.3.7 AVIVA LTD
6.3.8 SWISS RE ASIA PTE. LTD.
6.3.9 SCOR SERVICES ASIA-PACIFIC PTE. LTD.
6.3.10 LIBERTY INSURANCE PTE LTD
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability