A strong regulatory environment and entry of a number of global companies and brokers has seen Singapore established as a key regional centre for insurance and reinsurance, and domestically the penetration of life and health products continues to … Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments. All rights reserved. GDP growth is expected to register 1.4% in 2020 … ̤ China and emerging Asia to remain the engines of growth for the insurance industry for many years. If it were a person, the insurance industry’s … Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments.On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a    . Emerging markets once again will likely lead the way while advanced markets continue to struggle (figure 2). . Two of the newest entries to Singapore's insurance market have seen over 100% growth in the past year alone, compared to single digit growth of the major players. 2020 Insurance Industry Outlook As insurance firms adapt to maturing markets and economic turbulence, their growth depends on integrating technology and innovating business models. The Outlook For Insurance Industry In 2020 Pushan Mahapatra - 29 January 2020 The Indian insurance industry is at an inflection point. The companies generally compete mainly based on two factors including the quality of the services and price that they provide. Singapore Insurance Demand Outlook to 20263.1 Singapore Life Insurance Premiums Market Outlook, 2016- 20263.2 Singapore Motor vehicle insurance Market Outlook, 2016- 20263.3 Property insurance Market Outlook, 2016- 20263.4 Transport insurance Market Outlook, 2016- 20263.5 Personal accident insurance Market Outlook, 2016- 20263.6 Health insurance Market Outlook, 2016- 20263.7 General liability insurance Market Outlook, 2016- 20263.8 Credit/financial guarantee insurance Market Outlook, 2016- 20263.9 Other insurance Market Outlook, 2016- 20264. Global Insurance, Asia Pacific, Europe, Middle East Africa, North America, and South & Central America Insurance market outlook is also presented in the report to provide a global perspective of the industry.Business and SWOT profiles of three of the leading Insurance companies in Singapore are detailed in the report along with strategic initiatives, recent developments and their impact on overall market growth. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency. The report also analyzes the competitive landscape of companies in the Singapore insurance market. Today, mutual insurers have a market share of around 30%. Click here to read read more. Moody’s Investors Service’s outlook for the global property/casualty insurance sector remains stable for 2020 as economic growth, good capitalization and increased prices help … Insurance markets “Life and non-life insurance premiums are expected at trend growth in 2020/2021. 2020 Insurance Outlook Report. 2020 had begun, full of hopes and cheer. Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments.On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a CAGR of 6.45% during the forecast period owing to increasing regulatory requirement for vehicle insurance. SWOT Profiles of Insurance Companies in Singapore5.1 Company A5.2 Company B5.3 Company C6. ̤ Emerging market share of global premiums forecast to be 28% in 2028, up from 18.8% in 2017. It also outlines imperatives and … A trough in the growth cycle is in the making, with outlook expected to improve gradually. LifeKey trends. Strong demand for insurance of vehicles, property, health and other insurances across Singapore are driving the revenues of insurance companies in the country. The Singapore insurance industry provides a broad range of life, health, general, commercial and reinsurance coverage to individuals and businesses. Annual premium policies recorded a steady 3% increase from the same period last year. The life insurance industry in Singapore recorded a total of SGD 4.3 billion in weighted new business premiums for YTD 4Q2019, … 8 Meanwhile, annuity sales also took a big hit. GROWTH in Singapore's general insurance industry was slower in 2016 given the intense competition and what the General Insurance Association (GIA) described as "Singapore's economic maturity". Life premiums totaled USD104 billion in 2018, with a market penetration of 7.4% and per-capita premiums of USD2,050. Singapore Insurance Industry Insights2.1 Industry Overview, 2019 2.2 Singapore Total Insurance Market Value Outlook, 2016- 20262.3 Singapore Insurance Market Trends and Insights2.4 Key strategies Planned by Market Leaders2.5 SWOT Analysis 2.5.1 Key Strengths 2.5.2 Key Weaknesses 2.5.3 Potential Opportunities 2.5.4 Potential Threats3. ", Khor went on to warn the outlook could worsten: "However, with circuit breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters.". The LIA said single premium par and non-par products comprised 73% of new business, with single premium linked products made up the remaining 27%. www.orbisresearch.com. were the finance & insurance and information & communications sectors, which expanded by 5.0 per cent and 2.1 per cent respectively. Many large organizations self-insure for most of their employee benefits like health coverage that lowers market scope for insurance companies.Economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in Singapore. The government's policy of insuring the uninsured has progressively pushed the insurance penetration in Singapore and the proliferation of insurance schemes.The increasing number of digital distribution channels is favoring the insurers to easily obtain insurance policies. With 2019 shaping up to be banner year, longer term challenges like the potential for economic slowdown and ongoing disputes over tariffs and trade rules may cast a shadow on the insurance market outlook. The sub-par payoff on previous transformation and technology investments is further evidence that insurers must adjust their approach and Singapore's insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. The insurance industry stands on the precipice of profound change. But more customers are buying insurance products at banks or Rate trends for commercial lines are firming while low interest ratesare an industry challenge.” Strong demand for insurance of vehicles, property, health and other insurances across Singapore are driving the revenues of insurance companies in the country. 2021 insurance industry outlook Deloitte Insights. Demanding customers, new competitors and a changing set of challenges are transforming the insurance industry. The Life and Non-Life insurance market in Singapore are estimated to grow at a CAGR of approximately 5% during the forecast period. Irvin Seah, Philip Wee, Eugene Leow, Joanne Goh / November 18, 2019. … We will continue working closely with regulators to facilitate support measures effectively and efficiently," he added. msig-asia.com Preliminary outlook for 2020 The global spread of COVID-19 in 2020 has created major challenges around the world, with individuals at risk of being infected and many businesses shut down for public health purposes. Khor Hock Seng, president of the LIA Singapore, said: "The industry continues to make headway in bridging protection gaps in the first quarter as more consumers take action to secure their financial future in view of covid-19's drastic impact on global and local markets. How well insurers resolve the “synthesis challenge”—integrating innovation in technology, talent, and business models into change-resistant legacy environments—may be the biggest success factor for the industry in the decade ahead. Read more at The Business Times. When the clock struck midnight on December 31, 2019 there were the usual celebrations that accompany the arrival of a new year. Singapore outlook 2020: Getting out of the woods. The four trends that define insurance in 2020. Latest Insurance Industry Trends and Developments8. And this disruption is not just digital. They complement the NextWave series, which takes a longer-term perspective (five years and beyond). Many of the issues addressed in our 2020 Insurance Outlook were prevalent in previous editions, suggesting that challenges haven’t been fully addressed or opportunities seized boldly enough. Read more. Six months later, the mood is different – to put it mildly. GDP of the finance and insurance industry in Singapore 2011-2020. Through different distribution channels, insurance companies in Singapore are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations. This global health and economic crisis is also set to have an impact on insurance companies. A demanding future. Singapore Insurance Industry Benchmarking4.1 Overall Ranking 4.2 Demand Index4.3 Supply Index4.4 Growth Index5. ̤ Emerging market GDP forecast to increase 4.9% in 2019 and 2020 annually, from 4.7% in 2018. Insurance Business Act states that only insurers can be structured as mutual companies. The Life Insurance Association, Singapore, today released its 1Q set of industry results posting a 31% rise in QoQ single premiums issued. Insurance gross premiums written Singapore 2014-2019. Shifting channels Tied sales representatives, including life planners, remain a prominent sales channel, especially for life insurance. In support of the (re)insurance industry in the region, MSIG is a proud sponsor of the ‘General Reinsurer of the Year’ award for the 13th consecutive year at the 2020 Asia Insurance Industry Awards. The annual EY Insurance Outlooks represent a preview of key issues shaping the industry in the near term (three years). The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers. Insurance gross premiums value Singapore 2018 by type. 2. The Life Insurance Association, Singapore, today released its 1Q set of industry results posting a 31% rise in QoQ single premiums issued. Singapore's life insurance industry recorded a total of S$965.8m in weighted new business premiums1 for 1Q2020, a 10% increase on the same period in 2019. Strong demand for insurance of vehicles, property, health and other insurances across Singapore are driving the revenues of insurance companies in the country. This amounted to S$672.4 million in total weighted annual premiums. Singapore FinTech Festival World’s largest festival for the FinTech community to connect, collaborate and co-create The report focuses on market dynamics, recent trends, and insights on the insurance market. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country. Insurance Markets in Figures Box 1. 1. This will provide ways to meet the emerging demands of every end-use customer and propel net sales.Local market players in the country are focusing on marketing their competitive edge by rolling out more plans customized to diverse sectors and developing more innovative digital features.The Singapore Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. New insurers in Singapore succeed easier due to its smaller market and the comparatively larger size of foreign entrants. GDP of the finance and insurance industry in Singapore 2011-2020 Insurance gross premiums written Singapore 2014-2019 Insurance gross premiums value Singapore 2018 by type 2020 insurance industry outlook singapore insurance industry outlook 2020 malaysia insurance industry outlook 2020 us insurance industry outlook 2020 global insurance industry outlook 2020. Insurance Market research identifies that the competition continues to intensify year-on-year with emerging applications. The first section of this report discusses major developments in the insurance industry in 2016 and also presents a forward-looking view until 2020, including the factors contributing to the worldwide premium growth. Singapore Demographic and Macroeconomic Outlook to 20266.1 Singapore GDP (Gross Domestic Product, Current Prices) Outlook, 2006- 20266.2 Private Final Consumption Growth, 2016- 20266.3 Singapore Disposable Income Outlook, 2006-20266.4 Singapore Population Growth Outlook, 2006-20266.4.1 Population Outlook by Age, 2006-20266.4.2 Population Outlook by Gender, 2006-20266.4.3 Population Outlook by Area, 2006-20267. 2021 insurance industry outlook Deloitte Insights. The domestic life business is very concentrated, with the top player having a 23% market share. Singapore Life Insurance Premiums, Singapore Motor Vehicle Insurance, Singapore Property Insurance, Singapore Personal Accident Insurance, Singapore Health Insurance, Singapore General Liability Insurance, Singapore Credit/Financial Guarantee Insurance, and Other Insurance Markets are analyzed and forecast to 2026 in the report. Download here. It then provides in-depth information on the three regions Life Insurance Industry Outlook in Singapore ... As of 2016, key drivers that catalyze digital transformation for the Life Insurance Industry in Singapore include and are not limited to the pressure for digital transformation to ensure cost efficiency, ... April 6 – 9, 2020. Sustained economic growth, rising interest rates, and higher investment income contributed to a strong year for insurers in 2018. Singapore's recovery will start to take shape in the second half of 2020, aided by the manufacturing and financial services sectors, said an economist.. Read more at straitstimes.com. Singapore's life insurance industry recorded a total of S$965.8m in weighted new business premiums1 for 1Q2020, a 10% increase on the same period in 2019. Life insurance premiums may decline 6% globally through the end of 2020 and by 8% in advanced economies, while a recovery of 3% growth is projected overall for 2021. Appendix8.1 LNGAnalysis Expertise8.2 Sources and Research Methodology8.3 Contacts, 2020-2025 Global Insurance Market Report-Production and Consumption Professional Analysis (Impact of COVID-19), Global Insurance Market Growth (Status and Outlook) 2021-2026, Insurance Market 2021 Trend Analysis, Key End Users, Growth Opportunities, Leading Players, and 2028 Outlook, Insurance Market 2021 Analysis By Segments (Types, Applications, Key Players) Current Trends and Future Growth 2028, COVID-19 Outbreak-Global Insurance Industry Market Report-Development Trends, Threats, Opportunities and Competitive Landscape in 2020, Global Insurance Market Size, Status and Forecast 2020-2026, 2015-2027 Global Insurance Industry Market Research Report, Segment by Player, Type, Application, Marketing Channel, and Region, Global Insurance Market Growth (Status and Outlook) 2020-2025, For all enquiries, send us an email on :enquiry@orbisresearch.com, For sales send us an email on :sales@orbisresearch.com, Copyright © 2021 Orbis Research. Driving innovation and transformation to seize opportunities and sustain growth. "Singapore's life insurance industry remains resilient, united, and committed to providing support for customers and our workforce during these challenging times. Singapore Insurance Market is compared against five of its competitive markets in the region to analyze the role of Singapore on the regional front and benchmark its operations. Singapore population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Insurance markets. Economic Outlook for 2021 Since the last Economic Survey of Singapore in November 2020, there has been further progress in COVID … embedded in insurance business models. Our 2020 Global Insurance Outlook, along with the detailed regional Outlooks, highlights this unique moment for the industry: never before has such great potential been side-by-side with significant risks. 2020 Asia-Pacific Insurance Outlook. The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026. WEBINAR Overall, single premium business recorded a 31% QoQ increase in weighted single premiums, amounting to S$293.4m for 1Q2020, attributed to insurers' new product launches and associated promotional activities. In 2020, the gross domestic product (GDP) of the finance and insurance industry in Singapore amounted to approximately 70.3 billion Singapore dollars. 032020 South Korea Insurance Outlook. Introduction1.1 Market Scope and Definition1.2 Study Assumptions1.3 Research Methodology2. Subscribe to International Investment's free, twice-daily, newsletter, © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013, With circuit breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters.”, Digital publisher of the year 2010, 2013, 2016 & 2017, Singapore life Insurance industry reports rise in 3Q new business, Singapore life insurance industry announces new covid-19 support, Life insurers in Singapore change definitions of critical illnesses, Singapore's life insurance sector up 3% to S$4.2b in 2018, Aviva to sell entire shareholding in Italian joint-venture, Allianz Global and Manulife form alliance for Hong Kong MPF business, Singapore Life seeks to expand across SE Asia following Aviva deal, Quilter Int'l launches product for British expats in France.