|
Singapore Insurance Report |
Was: $1030.00 | |
| Now: $875.00 | ||
| You save: $155.00 (15%) |
The Singapore Insurance Report
- Independent 5-year insurance industry forecast for Singapore .
- Original insurance market research and insurance sector trend analysis for Singapore ’s insurance industry.
- Competitive intelligence, regional insurance company rankings and SWOT analyses on international and domestic insurance companies in Singapore .
The Singapore Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for Singapore through end- ; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in Singapore ; and analysis of the latest insurance industry developments, trends and regulatory changes in Singapore .
Business Monitor International's Singapore Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Singaporean insurance industry.
Coverage
Singapore Insurance Sector At A Glance
Key insights into the insurance market, covering industry trends, key players and the regulatory environment, plus snapshots of life and non-life premium values in local currency and US$.
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%) |
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%) |
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%) |
Africa |
| Algeria, Egypt, Libya, Morocco, Nigeria, South Africa and Tunisia |
Asia |
| Australia, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, South Korea, Taiwan, Thailand and Vietnam |
Caribbean |
| Bahamas, Barbados, Bermuda, Dominican Republic, Jamaica and Trinidad & Tobago |
Europe |
| Bulgaria, Croatia, Czech Republic, Estonia, Germany, Greece, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine and United Kingdom |
Latin America |
| Argentina, Brazil and Mexico |
Middle East |
| Bahrain, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Turkey and United Arab Emirates |
Business Monitor InternationalA Market Leader in Country Risk, Industry Intelligence and Company Research Mermaid House, 2 Puddle Dock, Blackfriars, London EC4V 3DS, UK |
BUSINESS MONITOR INTERNATIONAL's country risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporates, banks, government departments and multilateral organisations in over 125 countries around the world. Country Risk Analysis and Forecasts Industry Intelligence and Market Research Company Research |