Singapore Insurance Report
Was: $1030.00
Now: $875.00
You save: $155.00 (15%)
Singapore Insurance Report

The Singapore Insurance Report

The Singapore Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for Singapore through end- ; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in Singapore ; and analysis of the latest insurance industry developments, trends and regulatory changes in Singapore .

Business Monitor International's Singapore Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Singaporean insurance industry.

Coverage

Singapore Insurance Sector At A Glance

Key insights into the insurance market, covering industry trends, key players and the regulatory environment, plus snapshots of life and non-life premium values in local currency and US$.

Evolution of the Singaporean Insurance Market

Analysis of recent developments in the local insurance market, including data on life and non-life premium values, density and penetration, dating from 1998.

BMI 5-Year Industry Forecasts for Singapore

Analysis of market growth drivers, including 5-year projections (to end- ) for premium values. Forecasts section also includes BMI risk ratings on local economy, politics and business environment. Industry indicators covered include:
Number of life and non-life insurance companies; total and per capita Property/Casualty premiums and claims; total and per capita Life/Health premiums and claims; total premium income; total claims/expenses; total operating expenses; total assets and investments; industry density (per capita premiums) and penetration (premiums as a portion of GDP)

BMI 5-Year Macroeconomic Forecast for Singapore

BMI forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Insurance Company Rankings in Singapore

Comparative company analyses and rankings by premium income (life and non-life).

Insurance Industry Competitive Landscape in Asia

A cross-border overview of key players and their market share across the region. Tables and graphs show country presence of multinationals throughout the region.

Singapore Insurance Report
Was: $1030.00
Now: $875.00
You save: $155.00 (15%)
Table of Contents

Chapter - The Sector At A Glance

Table: Overview Of Singapore'''s Insurance Sector
Key Insights On Singapore'''s Insurance Sector

Chapter - SWOT Analysis

Singapore Insurance Industry SWOT
Singapore Political SWOT
Singapore Economic SWOT
Singapore Business Environment SWOT

Chapter - Development Of BMI'''s Insurance Reports

Comment ''“ The Global Financial Crisis
Table: Selected European Countries: Budget And Current Account, 2008 (as % of GDP)
Revision Of Data And Forecasts

Chapter - Projections And Forecasts

Table: Premiums, 2006-2013
Projections And Drivers Of Growth
Table: Growth Drivers

Chapter - Country Update

Macroeconomic Outlook
Table: Singapore ''“ Economic Activity, 2006 ''“ 2013

Chapter - Political Outlook

Domestic Politics

Chapter - Insurance Business Environment Rating

Table: Singapore ''“ Insurance Business Environment Indicators
Table: Asia Insurance Business Environment Rankings

Chapter - Regional Context

Table: Non-Life Premiums In A Regional Context, 2008
Table: Life Premiums In A Regional Context, 2008
Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006

Chapter - Analysis Of Competitive Conditions

Regional Overview

Chapter - Company Profiles

AEGON
AIG
Allianz
Aviva
AXA
Cardif
Fortis
Generali
Groupama
HDI-Gerling
HSBC Insurance
ING
Liberty Mutual
Manulife
MetLife
Prudential Financial
Prudential Plc
QBE
RSA
Sun Life Financial
The Hartford
The Principal
Zurich

Chapter - Country Snapshot: Singapore Demographic Data

Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2000-2030
Section 2: Education And Healthcare
Table: Education, 2000-2004
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)

Chapter - Methodology

Basis Of Projections
Insurance Business Environment Rating
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
Singapore Insurance Report
Was: $1030.00
Now: $875.00
You save: $155.00 (15%)
Executive Summary

As a country with a heavy dependence on exports for economic growth, Singapore has been hard hit by the sharp slowdowns in its main export markets: the US and Europe. We are currently anticipating Singapore's GDP to contract by 7.2% in 2009, due in large part to a deteriorating external environment.

Indeed, the double-digit declines in export growth numbers in recent months serve to reinforce our view that the island will suffer a sharp recession this year. Singapore's current account balance for Q408 shrank by 26% quarter-on-quarter (q-o-q), due to a sharp fall in exports of goods and services, and in light of the poor export growth registered thus far in 2009, we expect this trend to continue into Q109.

Singapore's industrial output slumped by 22.4% y-o-y in February, improving slightly from the 29.8% decline registered in the preceding month, according to the latest figures by the Economic Development Board. Electronics and biomedical manufacturing continued to be the worst performing areas, with output dropping by 37.3% and 27.9%, respectively. Meanwhile, the transport engineering segment remained a bright spot, growing by 18.5% y-o-y in February. We expect the rate of decline of industrial output to continue to moderate in the coming months, but nonetheless caution that production is likely to remain very subdued over the coming months.

The rapid contraction of Singapore's container traffic is also a worrying development in light of the city's importance as a regional trading centre. As the region's shipping hub and significant re-exporter of goods made elsewhere in Asia, Singapore's trade activity can be seen as a proxy for trade across South-east Asia, and the latest figures compound our concerns that slowing Asian trade will weigh on the region's growth prospects.

Prime Minister Lee Hsien Loong has assured citizens that the government will step up efforts to combat the recession, and has announced that more measures to boost growth will be announced. New measures will focus on limiting rental and wage bills and possibly implementing more financing support for enterprises. Several off-budget initiatives have already been announced in the last few months as the government reacted quickly to the economic crisis. These have included a government-backed retraining scheme aimed at helping companies and employees upgrade their skills, thereby avoiding layoffs.

During the height of the Asian Financial Crisis in 1997-98, 30,000 people lost their jobs, and layoffs on a similar scale are looking increasingly likely in 2009. Some 6,418 employees lost their jobs in the first three quarters of 2008 and the number is expected to spike higher in Q408 and 2009 in spite of the government's recently unveiled measures. This will strike a further blow to domestic demand. However, with more government stimulus expected, Singapore's society should be able to ride out the current downturn and we are currently projecting a mild recovery – with growth of 2.3% – in 2010.

The weakening external trade environment will likely prompt the Monetary Authority of Singapore (MAS) to depart from its existing neutral bias and adopt a more aggressive stand to weaken the currency at its semi-annual policy meeting in April. We feel that a re-centring of the midpoint of the policy band to be the most likely measure utilised by the MAS, as it may minimise potential political implications with other countries in the region.

In the Asia Pacific, we profile 23 companies. These are AEGON, AIG, Allianz, Aviva, AXA, Cardif, Fortis, Generali, Groupama, HDI-Gerling, HSBC Insurance, ING Group, Liberty Mutual, Manulife, MetLife, Prudential Financial, Prudential plc, QBE, RSA, Sun Life Financial, The Hartford, Principal Financial Group and Zurich Financial Services.

We also look at various local firms that are active in the region: some of these companies rank, in terms of the premiums that they write, among the largest in the world. We estimate that, over the course of 2008, total premiums in Singapore rose 17% to SGD26,254mn, nonlife premiums rose 13% to SGD7,023mn, while annual life premiums rose 18% to SGD19,231mn.

Between now and the end of the forecast period, we expect that annual non-life premiums will grow by SGD1,750mn, while annual life premiums should increase by SGD4,003mn. Growth in non-life premiums should be driven by the general growth in nominal GDP plus a rise in non-life penetration to 3.50%. Growth in life premiums should be driven by the change in the overall population and a rise in life density to US$3,500.00 per capita.

BMI's Insurance Business Environment Rating is 75.2.

Singapore Insurance Report
Was: $1030.00
Now: $875.00
You save: $155.00 (15%)
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