Economy Progress Drives Singapore Life Insurance Sector: Ken Research
Posted on 02 February 2017 by KenResearch Banking Financial Services and Insurance,
Ken research announced recent publication on “Life Insurance in Singapore Key Trends and Opportunities to 2020”. The report gives a comprehensive analysis on the life insurance sector of Singapore. The report provides an in depth analysis on size, growth, major segments, and leading players in the life insurance market in Singapore. It uses eve forces of analysis to determine the sector’s competitive intensity and therefore attractiveness. Additionally the report hass profiles of leading companies that reveals details of key life insurance market players' global operations and financial performance
The strength of this economy lies in its stable political and sound economic system. The nation is known for its excellent business environment and banking sector. Singapore has emerged as a high income country that is major trading regional and global hub for financial and trading services. Thus, this nation has become one of the very few nation ,which has current account surplus, ample foreign reserves and very low public external debt. However, on the other hand Singapore is highly dependent on exports, has a quite volatile.
The range of products offered by the life insurance sector is the traditional whole-of-life, endowment, term and annuity plans as well as investment-linked insurance plans. The sector saw growth in all the quarters of 2016. Till the last quarter of 2016, this sector has amassed 2331 million Singaporean dollar in terms of new business premiums . The total sum assured for new business grew by 15% .An additional of 10,000 Singapore residents get additional health insurance coverage, mostly through Integrated Shield Plans and/or riders.
It is monitored by the life insurance association, which was established in 1962. The Monetary Authority of Singapore licenses this association. Its 29 members comprise 22 life insurers and seven life reinsurers. The Singaporean life insurance market had total gross written premiums of USD14.9bn in 2015, representing a compound annual growth rate (CAGR) of 9.6% between 2011 and 2015.
The life insurance segment was the markets most lucrative in 2015, with total gross written premiums of USD14.6bn, equivalent to 97.6% of the market's overall value.
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Ankur Gupta, Head Marketing & Communications