Boston, MA -- (ReleaseWire) -- 03/27/2014 -- Conventional wisdom might suggest that Singapore's insurance segment is mature. In practice, substantial opportunities for growth remain - especially in the sophisticated life segment and in offshore property & casualty (re)insurance.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
In world terms, Singapore ranks as a medium-sized market for insurance that, in spite of being well developed by most metrics, will likely grow quite rapidly during the forecast period. There are essentially three components to the sector. The first is a mature domestic non-life business - the Singapore insurance funds - in which premiums are growing at single digit rates. The second is a rapidly developing offshore non-life insurance business. The non-life insurers who are operating in/through Singapore are significant beneficiaries of the overall economic growth of South East Asia. The third is the dynamic life insurance segment, which has much in common with its counterpart in Hong Kong.
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In both city-states, life insurance premiums continue to grow strongly thanks to 'demand-related' and 'supply-related' factors. High income levels, high savings rates, widespread understanding of the benefits of life insurance, and low interest rates from bank deposits, all ensure that the demand for life insurance products continues to flourish. The importance of both Hong Kong and Singapore as regional business centres also underpins demand for group life products. Supply comes mainly from the local subsidiaries of world-class multi-national insurance companies. In both cases, the leading players include the subsidiary of a leading local commercial bank - HSBC Insurance in the case of Hong Kong and OCBC's Great Eastern in the case of Singapore. However, although both HSBC Insurance and Great Eastern would rank as extremely substantial life insurers in any market, they do not exercise crushing domination of their respective life segments. There remains the opportunity for other life companies to develop businesses through the introduction of innovative new products and/or focused distribution strategies.
Key BMI Insights
- Over the course of 2014, total insurance premiums will rise by 8.6% to US$26.4bn.
- Life premiums will grow by 8.3% to US$16.5bn.
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