New market study, "Singapore Insurance Report Q4 2014", has been published

As of the end of 2014 both the non-life and life segments have performed well confirming our view that Singapore's insurance industry is expansive, dynamic and well developed. In particular life insurance seems to growing at a faster rate with weighed single premium products growing at double digit rates for the first half of 2014. In terms of the non-life market while it was not as successful, improving economic conditions auger well for the prospects of the sector. In summary we still maintain our view that the insurance industry as a whole will grow at single digit figures through the forecast period .

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By most metrics Singapore has a very well developed insurance sector both in the life and non life sectors with future growth in premiums expected to be in the mid to high single figure range. There are a few key reasons why we feel this is the case.

Firstly Singapore has a strong economy with good long term prospects, low employment, and growing disposable income which for obvious reasons should stimulate increased demand for life and non-life products in the future . Along with this we must take into account the overall economic activity of South East Asia, given the large portion of offshore business in Singapore's non-life segment. The offshore portion of the business is where we feel a large amount of activity in Singapore non-life sector will stem from in the future and the booming South East asian econmies should help boost the sector.

The second reason we feel that Singapore instance sector will continue to grow is as a result of the dynamism of the life insurance segment, which has much in common with its counterpart in Hong Kong.

In both city-states, life insurance premiums continue to grow strongly thanks to 'demand-related' and 'supply-related' factors. High income levels, high savings rates, widespread understanding of the benefits of life insurance, and low interest rates from bank deposits, all ensure that the demand for life...

The Singapore Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Singapore Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Singaporean insurance industry.

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