In April 2018, Life Insurance Association (LIA) enhanced the Register of Unclaimed Life Insurance Proceeds with the inclusion of unclaimed amounts from individual accident & health (A&H) policies. The objective of enhancing the provision is to include unclaimed amounts from a broader range of individual insurance policies. In June, 2018, the MAS amended the market conduct standards for all DLI.
Under the provision, a DLI can offer the life insurance policy through online means, before ensuring the availability of equivalent DPI products. A DLI must provide an online copy of documents mentioned in the Market Conduct Standards. All conditions in the policy must be highlighted and a platform must be established by the DLI for customer queries through online channels. The Inland Revenue Authority of Singapore governs taxation under the Income Tax Act. The Singaporean government does not impose insurance premium tax, but it levies a standard Goods and Service Tax (GST) of 7.0%. Life insurance products and services are exempted from GST, whereas general policies are subject to a GST of 7.0%.
- Singapore’s life insurance segment is expected to grow at a CAGR of 7.9% over the forecast period (2017-2022)
- Retail lines accounted for 98.6% of the segment’s GWP in 2017, and are expected to grow at a CAGR of 8.0% over the forecast period
- The commercial life segment is expected to grow at a CAGR of 1.7% over the forecast period
- The segment’s total assets are expected to grow at a CAGR of 6.6% over the forecast period; total assets stood at SGD202.9 billion (US$146.9 billion) in 2017
- The segment’s total investment is expected to grow at a CAGR of 6.7% over the forecast period, largely due to increased investment in investment funds, which is expected to grow at a CAGR of 8.1% over the forecast period
- The top ten insurers constituted 95.1% of the segment’s GWP in 2017
- The top two domestic insurers - The Great Eastern Life Assurance and NTUC Income - accounted for a 36.3% market share
- In January 2019, China Taiping Insurance launched its life insurance business in Singapore, establishing itself as a composite insurer
- Agencies were the largest distribution channel, growing at a review-period (2013-2017) CAGR of 11.5%. The channel accounted for 38.0% of the segment’s new business DWP in 2017
- Bancassurance was the second largest distribution channel, followed by brokers and direct marketing
The report provides a detailed outlook by product category for the Singaporean life insurance segment. It provides values for key performance indicators such as written premium, gross claims, life insurance penetration, total assets and total investment income during the review period (2013-2017) and forecast period (2017-2022).
The report "Strategic Market Intelligence: Life Insurance in Singapore - Key Trends and Opportunities to 2022", provides the following in-depth analysis -
- Key insights into the dynamics of the Singaporean life insurance industry
- Comparison of Singapore’s life insurance segments, along with premium and claim trends
- A comprehensive overview of the Singaporean economy, government initiatives, FDI, country risk, and investment opportunities
- Singapore’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements
- Singaporean life insurance industry’s market structure giving details of retail and commercial lines of business with market shares
- Distribution channels deployed by Singapore’s life insurers
- Details of the competitive landscape, M&A and competitors’ profiles
Companies mentioned: "The Great Eastern Life Assurance Co., Ltd., Prudential Assurance Co. Singapore (Pte) Ltd., AIA Manulife (Singapore) Pte. Ltd., NTUC Income Insurance Co-operative Ltd., Aviva LTD, AXA Tokio Marine Life Insurance Singapore Ltd, HSBC Insurance (Singapore) Pte. Ltd, Swiss Life (Singapore) Pte. Ltd.
- This report provides a comprehensive analysis of the life insurance segment in Singapore.
- It provides historical values for the Singaporean life insurance segment for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key categories in the Singaporean life insurance segment, and market forecasts to 2022.
- It analyzes the various distribution channels for life insurance products in Singapore.
- It profiles the top life insurance companies in Singapore and outlines the key regulations affecting them.
Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Singapore’s life insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Singaporean insurance industry, and their impact on companies and the industry’s future.