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The COVID-19 pandemic resulted in a flat growth rate for the sector during 2020. The gross premium for the sector was marginally decreased by 0.2% for the period. Motor and Travel insurance showed the largest decrease in claims during the year 2020 following an improvement in the overall road traffic situation during the circuit breaker period and suspension of key activities in air travel.
The Property and Casualty sector started to show improvement as measures and COVID-related restrictions were eased after the first half of 2020. With the key economic and social activities regained in 2021, the property and casualty sector has achieved a stable growth of an 8% increase in annual gross premium. The sector ensured protection for a population that is transitioning to an endemic COVID-19 with the resumption of key economic and social activities in the new normal. The sector has shown a remarkable growth rate in all the segment lines such as Motor, Property, Employers liability etc. Motor Insurance is the largest segment of the property and casualty insurance market in Singapore, contributing more than one-fourth of the total insurance premium in the country. Despite more claims being paid out in Motor and employers liability insurance, the total general insurance segment showed a profit of SGD 262.7 million for 2021.
Scope of the Report
Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of Singapore's Property and Casualty insurance market. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Singapore. The Property and Casualty Insurance Market in Singapore can be segmented into Product Type (Motor Insurance, Fire and Property Insurance, Employer's Liability Insurance, and Others) and Distribution Channels (Agents, Brokers, Banks, and Others).
|By Product Type|
|Fire and Property Insurance|
|Employer's Liability Insurance|
|By Distribution Channel|
|Other Distribution Channel|
Key Market Trends
Motor Insurance Represents the largest segment in Property and Casualty Insurance in Singapore
Motor Insurance contributes more than one-fourth of the gross premium written for general insurance in the country. In 2021, the vehicle insurance segment grew at a steady pace, generating SGD 1.15 billion in gross written premiums, a 2.7 percent raise over the previous year. After the year, the underwriting profit was SGD 49.7 million. As additional operations restarted with the easing of lockdown, the segment's total claims paid out increased by 8.3%, or SGD 42.1 million. From 80 occurrences in 2020 to 100 cases in 2021, the number of fatal accidents has increased by 25%. Road traffic incidents have also increased the number of injuries. As Singapore moves closer to an endemic new normal, motor claims are projected to rise in the coming year.
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Property Insurance is on Rise with Increase in Singapore’s Commercial Real Estate Investment
Property Insurance contribution to the total gross premium written in Singapore is increasing and represent one of the largest segment in general insurance. The property industry witnessed a 20.9 percent growth in gross written premiums because of the booming property market in Singapore. In 2021, the volume of commercial real estate investment in Singapore increased by a factor of three. With development activities gradually increasing, the property insurance category is likely to continue to rise. Similarly, the other category of insurance, such as employers' liability insurance, is also showing growth in premiums. It showed a 4.7 percent increase from last financial year, with underwriting profit at SGD 29.9 million.
A large number of national and international players in Singapore are operating in the Property and Casualty insurance market in Singapore. Large and traditional players dominate property and Casualty insurance in Singapore; however, in Singapore number of new entrants are successfully growing their presence in the insurance landscape of Singapore. Singapore's Insurance environment and regulatory framework also provide a conducive environment for foreign players and new entrants to flourish in the market. AXA, SInglife with Aviva, and Prudential are some of the largest insurance players in the property and casualty insurance market in Singapore.
· In January 2022, AXA Insurance introduced an AI-powered financial planning tool to help customers keep track of their financial health and discover solutions that can address their needs and goals. The "My FinScore" program calculates a personal financial satisfaction score based on an individual's financial goals, existing savings, and protection coverage and compares it to simulated personal and market risks that affect one's future financial health.
· In March 2022, NTUC Income Partners Plug and Play to Create Financial Access within Digital Ecosystems in the Region. The strategic partnership, which spans Southeast Asia, will see Income working with regional insurers, start-ups, and digital ecosystem partners within Plug and Play's network to scale its innovative products and services to serve consumers across the ASEAN region.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Insight on Technologial Adoption in the Market
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of COVID-19 on market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Motor Insurance
5.1.2 Fire and Property Insurance
5.1.3 Employer's Liability Insurance
5.1.4 Other P&C
5.2 By Distribution Channel
5.2.4 Other Distribution Channel
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 AXA Singapore
6.1.2 Chubb Singapore
6.1.3 Ergo Insurance
6.1.4 NTUC Income
6.1.5 Liberty Insurance
6.1.7 Sompo Insurance Singapore
6.1.8 Tokio Marine Singapore
6.1.9 Allianz Insurance Singapore
6.1.10 Etiqa Insurance Singapore*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Singapore Property & Casualty Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Singapore Property & Casualty Insurance Market?
The Singapore Property & Casualty Insurance Market is growing at a CAGR of >6% over the next 5 years.
Who are the key players in Singapore Property & Casualty Insurance Market?
AXA Singapore, Chubb Singapore, Ergo Insurance Pvt.Ltd, NTUC Income, Liberty Insurance, MSIG are the major companies operating in Singapore Property & Casualty Insurance Market.