BMI's Executive Summary for the Singapore Insurance Report

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This report differs from its predecessors in that it includes BMI's Insurance Business Environment Rating (IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI's Country Risk Rating (CRR). It is now much easier to consider the business environment for the insurance sector in any one country relative to the business environment for other industries in that country that are surveyed by BMI, and the business environment for the insurance sector in other countries.

Singapore's IBER is 76.2. Relative to other countries in Asia Pacific, it is an attractive insurance market for foreign insurers. Within the region, Singapore stands out for the low Country Risk Factors, and high quality of its regulatory framework. While the economic outlook is threatened by the possibility of US slowdown and the changing energy sector, the outlook remains positive. However, the IBER is held back by the underdevelopment of the non-life segment, relative to the projected capacity of the Singaporean market.

Over the forecast period, we anticipate that non-life premiums will grow by 12% annually in local currency terms, or by 14% in US dollar terms and 15% in euro terms. In contrast, Life premiums are expected to remain as they are, with 0% growth expected, although BMI is expecting that will translate to 2% in US dollar terms, and 3% in euro terms

The competitive landscape, in both the non-life and the life segment is busy, although not overcrowded. Both segments are very open to participation by foreign groups.

Singapore's regulatory framework remains excellent, and authorities are making sound attempts to institute broader economic measures, such as a decrease in Singapore's reliance on the manufacturing sector, which should shelter the economy from the worst effects of the global economic cycle. The main weakness of Singapore's insurance sector is the under-development of the non-life segment, and the anticipated slow growth in life premiums for the forecast period.

Contents of the Singapore Insurance Report

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Chapter 1 - The Sector At A Glance

Table: Overview

Key Features Of This Report & Likely Future Changes

Chapter 2 - Latest News

Recent Developments

Chapter 3 - Evolution Since The Mid-1990s

Table: Evolution Of The Insurance Sector (In Millions Of Currency Specified)

Evolution

Chapter 4 - Projections And Forecasts

Table: BMI Projections (In Millions Of Currency Specified)

Projections And Drivers Of Growth

Chapter 5 - Macroeconomic Outlook

Table: Singapore - Economic Activity

Chapter 6 - Country Update

Political Risk - Bridge Negotiations

Economic Risk - Tighter Monetary Policy

Business Environment - Singapore Is Global Leader

Table: Non-Life Segment Rankings Of Markets

Table: Presence Of Cross-Border Insurers Non-Life

Table: Selected Local Insurers

Table: Life Segment Rankings Of Markets

Table: Presence Of Cross-Border Insurers Life

Table: Selected Local Life Insurers

Whos Who In The Asia-Pacific Region?

Chapter 7 - Regional Context

Table: Regional Context - Premiums

Table: Regional Context Total Premiums

Chapter 8 - Methodology And Objectives

Introduction

Background

Forecasts

Chapter 9 - Appendix

Table: Latest Estimates / Actual Figures For 2005

Table: Latest Estimates For 2010

Table: Latest Estimates For 2005-2010 (Growth In US Dollar Terms)

Competitive Landscape for Asia Insurance Reports: Sample of
    Companies Ranked

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A cross-border overview of key players and their insurance market share across Asia. Tables and graphs show country presence of multinationals across the region. Comparative company analyses and rankings by premium income (life and non-life). Company SWOTS for leading life and non-life insurers, covering network of offices, presence of foreign stakeholders, strategic relationships, joint ventures; portfolio of clients; diversity of product range; profit growth, investment strategy and risk exposure.

Network of Insurance Sources

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BMI's Asian Insurance Reports are based on an extensive network of multilateral organisations, government departments, insurance industry associations, chambers of commerce and company reports. Information sources include:

Read about our other Insurance Reports