DUBLIN--(BUSINESS WIRE)--The "Life and Non-Life Insurance Market in Singapore - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
Singapore's life insurance industry recorded a total of SGD 4.38 billion in weighted new business premiums for year-to-date 4Q2020, a positive 3% growth, compared to 2019. There was a rebound in the second half of the year after the initial fallout from COVID-19, which affected policy uptake significantly in the second quarter of the year.
The uptake of new policies purchased online saw a significant increase to 206,679 in 2020 compared to 9,971 in 2019. The life insurance industry will continue to accelerate its digital transformation efforts and upskill the future workforce.
Overall, the industry recorded a total of SGD 2.99 billion in weighted new business premiums for year-to-date 3Q2020, a decline of 2% from the same period in 2019. However, there was a notable 90.6% increase in new business premiums recorded in 3Q2020 compared to 2Q2020. In 2020, motor insurance gross premiums written amounted to SGD 1.13 billion. The COVID-19 pandemic heightened the awareness about adequate protection and compelled consumers to prioritize health insurance even more during the pandemic.
The health insurance segment recorded SGD 692.7 million in gross written premiums for the financial year, a 3.9% increase compared to the previous year, with underwriting profit at SGD 17.9 million. Property insurance observed a 10% increase, or SGD 591.8 million, in gross written premiums and recorded an underwriting profit of SGD 43.7 million in 2020. In 2019, the segment saw SGD 538 million in gross written premiums and noted an underwriting loss of SGD 22.4 million. Figures reported by the sector can be attributed to downward adjustments in market capacity and the impact of changing rates.
Key Market Trends
Increase in GDP Per Capita of Finance and Insurance Industry
GDP per capita is a very important indicator of the economic strength of a country, and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and is expected to continue during the forecast period. In 2020, growth in the finance and insurance sector was 4.9% Y-o-Y, faster than the 4.2% expansion in the third quarter. The sector's strong performance was largely due to healthy expansions in the banking and insurance segments. On a quarter-on-quarter seasonally-adjusted annualized basis, the finance and insurance sector grew by 3.8%, accelerating from the 0.9% growth in the preceding quarter.
Recovery in Underwriting Profit in Motor Vehicle Insurance
In 2020, motor insurers made a stunning turnaround to record an underwriting profit of almost SGD 104.5 million, up from a loss of SGD 17.44 million. Motor and travel claims saw a decrease in 2020 following an improvement in the overall road traffic situation during the COVID-19 pandemic and suspension of key activities in air travel.
Competitive Landscape
The report covers the major players operating in the life and non-life insurance market in Singapore. The market is fragmented, and it is expected to grow during the forecast period due to the recovering economy and many other factors.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER
Companies Mentioned
- Aon Singapore Pte Ltd
- MSIG Insurance (Singapore) Pte Ltd
- Swiss Life (Singapore) Pte Ltd
- Tokio Marine Life Insurance Singapore Ltd
- AIA Singapore Private Limited
- The Great Eastern Life Assurance Company Limited
- Aviva Ltd
- Swiss Re Asia Pte Ltd
- SCOR Services Asia-Pacific Pte Ltd
- Liberty Insurance Pte Ltd
For more information about this report visit https://www.researchandmarkets.com/r/1swuao
