Executive summary

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Scope

• This report provides a comprehensive analysis of the life insurance market in Singapore:
• It provides historical values for the Singapore life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key sub-segments in the Singapore life insurance market, along with market forecasts until 2016
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
• It analyses the various distribution channels for insurance products in Singapore
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Singapore for life insurance business
• It provides a detailed analysis of the reinsurance market in Singapore and its growth prospects
• It profiles the top life insurance companies in Singapore and outlines the key regulations affecting them

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Key highlights

• In Singapore, life insurance companies have adopted several strategies to access the uninsured population, and have also designed multipurpose products to serve high net worth individuals (HNWIs) in the country.
• The rising number of HNWIs provides a unique opportunity for life insurers to develop customized products; HNWIs tend to buy insurance products which can provide life cover with an investment option, and therefore have a tendency to buy unit-linked products, which provide a modest return on investment with a life coverage option.
• Singapore’s population is aging rapidly, and the older age group accounted for 9.9% of the country’s total population in 2011. This is expected to grow at a rapid rate of 5.8% annually from 2012 to 2020.
• Demand for life insurance products is expected to grow rapidly due to the low interest rates offered by local banks on saving products, offering scope for investment-linked insurance products.
• The life insurance segment is expected to post stable growth over the forecast period. This will be driven by the positive economic development in Singapore, which is projected by the International Monetary Fund (IMF) to record a CAGR of 4.7% over the forecast period.

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Reasons to buy

• Make strategic business decisions using in depth historic and forecast market data related to the Singaporean life insurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Singaporean life insurance market
• Assess the competitive dynamics in the life insurance market
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Singaporean insurance market and its impact on companies and the market's future

Table of contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Singaporean Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2007–2016
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments
4 Life Insurance Segment Outlook
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category
4.1.2 Individual general annuity category
4.1.3 Individual endowment insurance
4.1.4 Individual unit-linked insurance
4.1.5 Individual term life insurance
4.1.6 Individual others category
4.1.7 Group life insurance category
4.2 Life Insurance Growth Prospects by Policy Type
4.2.1 Individual single-premium category
4.2.2 Individual non-single-premium policies
4.2.3 Group single-premium policies
4.2.4 Group non-single-premium policies
5 Analysis by Distribution Channel
5.1 Direct Marketing Channel
5.2 Bancassurance Channel
5.3 Agencies Channel
5.4 E-Commerce Channel
5.5 Brokers Channel
5.6 Other Channels
6 Regulatory Policies
7 Porter’s Five Forces Analysis – Singaporean Life Insurance
7.1 Bargaining Power of Supplier: Medium
7.2 Bargaining Power of Buyer: Low to Medium
7.3 Barriers to Entry: Low
7.4 Intensity of Rivalry: Medium
7.5 Threat of Substitutes: Low to Medium
8 Reinsurance Growth Dynamics and Challenges
8.1 Reinsurance Market Size, 2007–2016
8.2 Reinsurance Market Size by Type of Insurance, 2007–2016
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Singaporean Life Insurance Market
9.3 Comparison of the Top Five Insurers
9.3.1 Gross written premium
9.3.2 Outwards reinsurance expense
9.3.3 Gross claims
9.3.4 Paid claims
9.3.5 Total assets
9.3.6 Total investment income
9.4 NTUC Income Insurance Co-operative Limited – Company Overview
9.4.1 NTUC Income Insurance Co-operative Limited – key facts
9.4.2 NTUC Income Insurance Co-operative Limited – key financials
9.5 Great Eastern Life Assurance Co Ltd – Company Overview
9.5.1 Great Eastern Life Assurance Co Ltd – key facts
9.5.2 Great Eastern Life Assurance Co Ltd – Key Financials
9.6 Prudential Assurance Company Singapore (Pte) Ltd – Company Overview
9.6.1 Prudential Assurance Company Singapore (Pte) Ltd – key facts
9.6.2 Prudential Assurance Company Singapore (Pte) Ltd – key financials
9.7 American International Assurance Company, Limited (Singapore) – Company Overview
9.7.1 American International Assurance Company, Limited (Singapore) – key facts
9.7.2 American International Assurance Company, Limited (Singapore) – key financials
9.8 Aviva Ltd – Company Overview
9.8.1 Aviva Ltd – key facts
9.8.2 Aviva Ltd – key financials
9.9 Manulife (Singapore) Pte, Ltd – Company Overview
9.9.1 Manulife (Singapore) Pte, Ltd – key facts
9.9.2 Manulife (Singapore) Pte, Ltd – key financials
9.1 Overseas Assurance Corporation – Company Overview
9.10.1 Overseas Assurance Corporation – key facts
9.10.2 Overseas Assurance Corporation – key financials
9.11 HSBC Insurance (Singapore) Pte Limited – Company Overview
9.11.1 HSBC Insurance (Singapore) Pte Limited – key facts
9.11.2 HSBC Insurance (Singapore) Pte Limited – key financials
9.12 Tokio Marine Life Insurance Singapore Ltd – Company Overview
9.12.1 Tokio Marine Life Insurance Singapore Ltd – key facts
9.12.2 Tokio Marine Life Insurance Singapore Ltd – key financials
9.13 Axa Life Insurance – Company Overview
9.13.1 Axa Life Insurance – key facts
9.13.2 Axa Life Insurance – key financials
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Business expectations index for the manufacturing sector
10.1.2 Market capitalization trend – Singapore Stock Exchange, Singapore
10.2 Economic Performance
10.2.1 GDP at constant prices (US dollars)
10.2.2 GDP per capita at constant prices (US dollars)
10.2.3 GDP at current prices (US dollars)
10.2.4 GDP per capita at current prices (US dollars)
10.2.5 GDP by key segments
10.2.6 Agricultural net output at current prices (Singapore dollars)
10.2.7 Agricultural net output at current prices (US dollars)
10.2.8 Agricultural net output at current prices as a percentage of GDP
10.2.9 Manufacturing net output at current prices (Singapore dollars)
10.2.10 Manufacturing net output at current prices (US dollars)
10.2.11 Manufacturing net output at current prices as a percentage of GDP
10.2.12 Mining, manufacturing and utilities net output at current prices (Singapore dollars)
10.2.13 Mining, manufacturing and utilities at current prices (US dollars)
10.2.14 Mining, manufacturing and utilities at current prices, as a percentage of GDP
10.2.15 Construction net output at current prices (Singapore dollars)
10.2.16 Construction net output at current prices, (US dollars)
10.2.17 Construction net output at current prices as a percentage of GDP
10.2.18 Inflation rate
10.2.19 Current account balance as a percentage of GDP
10.2.20 Exports as a percentage of GDP
10.2.21 Imports as a percentage of GDP
10.2.22 Exports growth
10.2.23 Imports growth
10.2.24 Annual average exchange rate US$–SGD
10.2.25 End-of-period exchange rate US$–SGD
10.3 Infrastructure Quality and Availability
10.3.1 Total airports and sea ports
10.3.2 Railways and roadways
10.3.3 Automotive component exports trend
10.3.4 Automotive component imports trend
10.3.5 Passenger car penetration
10.3.6 Healthcare expenditure
10.3.7 Healthcare expenditure as a percentage of GDP
10.3.8 Healthcare expenditure per capita
10.3.9 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Annual disposable income
10.5.2 Annual per capita disposable income
10.5.3 Total population
10.5.4 Urban and rural population
10.5.5 Female percentage of population
10.5.6 Male percentage of population
10.5.7 Mean age of the population
10.5.8 Median age of population
10.5.9 Population density
10.5.10 Age distribution of the total population
10.5.11 Age distribution of the male population
10.5.12 Age distribution of the female population
10.5.13 Number of households
10.6 Political and Social Risk
10.6.1 Political stability
10.6.2 Terrorism index
10.6.3 Transparency index
11 Appendix
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer

List of tables

Table 1: Insurance Industry Definitions
Table 2: Singaporean Insurance Overall Written Premium by Segment (SGD Billion), 2007–2011
Table 3: Singaporean Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Singaporean Insurance Overall Written Premium by Segment (SGD Billion), 2011–2016
Table 5: Singaporean Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Singaporean Insurance Segmentation (% Share), 2007–2016
Table 7: Singaporean Life Insurance Written Premium by Category (SGD Billion), 2007–2011
Table 8: Singaporean Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Singaporean Life Insurance Written Premium by Category (SGD Billion), 2011–2016
Table 10: Singaporean Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Singaporean Life Insurance – Earned Premium (SGD Billion), 2007–2011
Table 12: Singaporean Life Insurance – Earned Premium (SGD Billion), 2011–2016
Table 13: Singaporean Life Insurance – Sum Assured (SGD Trillion), 2007–2011
Table 14: Singaporean Life Insurance – Sum Assured (SGD Trillion), 2011–2016
Table 15: Singaporean Life Insurance – Paid Claims (SGD Billion), 2007–2011
Table 16: Singaporean Life Insurance – Paid Claims (SGD Billion), 2011–2016
Table 17: Singaporean Life Insurance – Incurred Loss (SGD Billion), 2007–2011
Table 18: Singaporean Life Insurance – Incurred Loss (SGD Billion), 2011–2016
Table 19: Singaporean Life Insurance – Loss Ratio (%), 2007–2011
Table 20: Singaporean Life Insurance – Loss Ratio (%), 2011–2016
Table 21: Singaporean Life Insurance – Commissions and Expenses (SGD Billion), 2007–2011
Table 22: Singaporean Life Insurance – Commissions and Expenses (SGD Billion), 2011–2016
Table 23: Singaporean Life Insurance – Combined Ratio (%), 2007–2011
Table 24: Singaporean Life Insurance – Combined Ratio (%), 2011–2016
Table 25: Singaporean Life Insurance – Frauds and Crimes (SGD Billion), 2007–2011
Table 26: Singaporean Life Insurance – Frauds and Crimes (SGD Billion), 2011–2016
Table 27: Singaporean Life Insurance – Total Assets (SGD Billion), 2007–2011
Table 28: Singaporean Life Insurance – Total Assets (SGD Billion), 2011–2016
Table 29: Singaporean Life Insurance – Total Investment Income (SGD Billion), 2007–2011
Table 30: Singaporean Life Insurance – Total Investment Income (SGD Billion), 2011–2016
Table 31: Singaporean Life Insurance – Retentions (SGD Billion), 2007–2011
Table 32: Singaporean Life Insurance – Retentions (SGD Billion), 2011–2016
Table 33: Singaporean Individual Life Insurance – Number of Active Policies (Thousand), 2007–2011
Table 34: Singaporean Individual Life Insurance Category – Number of Active Policies, 2011–2016
Table 35: Singaporean Individual Life Insurance – Written Premium (SGD Billion), 2007–2011
Table 36: Singaporean Individual Life Insurance – Written Premium (SGD Billion), 2011–2016
Table 37: Singaporean Individual General Annuity Insurance – Number of Active Policies (Thousand), 2007–2011
Table 38: Singaporean Individual General Annuity Insurance – Number of Active Policies (Thousand), 2011–2016
Table 39: Singaporean Individual General Annuity Insurance – Written Premium (SGD Billion), 2007–2011
Table 40: Singaporean Individual General Annuity Insurance – Written Premium (SGD Billion), 2011–2016
Table 41: Singaporean Individual Endowment Insurance – Number of Active Policies (Thousand), 2007–2011
Table 42: Singaporean Individual Endowment Insurance – Number of Active Policies (Thousand), 2011–2016
Table 43: Singaporean Individual Endowment Insurance – Written Premium (SGD Billion), 2007–2011
Table 44: Singaporean Individual Endowment Insurance – Written Premium (SGD Billion), 2011–2016
Table 45: Singaporean Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2007–2011
Table 46: Singaporean Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2011–2016
Table 47: Singaporean Individual Unit-linked Insurance – Written Premium (SGD Billion), 2007–2011
Table 48: Singaporean Individual Unit-linked Insurance – Written Premium (SGD Billion), 2011–2016
Table 49: Singaporean Individual Term Life Insurance – Number of Active Policies (Thousand), 2007–2011
Table 50: Singaporean Individual Term Life Insurance – Number of Active Policies (Thousand), 2011–2016
Table 51: Singaporean Individual Term Life Insurance – Written Premium (SGD Billion), 2007–2011
Table 52: Singaporean Individual Term Life Insurance – Written Premium (SGD Billion), 2011–2016
Table 53: Singaporean Other Individual Insurance – Number of Active Policies (Thousand), 2007–2011
Table 54: Singaporean Other Individual Insurance – Number of Active Policies (Thousand), 2011–2016
Table 55: Singaporean Other Individual Insurance – Written Premium (SGD Billion), 2007–2011
Table 56: Singaporean Other Individual Insurance – Written Premium (SGD Billion), 2011–2016
Table 57: Singaporean Group Life Insurance – Number of Active Policies (Thousand), 2007–2011
Table 58: Singaporean Group Life Insurance – Number of Active Policies (Thousand), 2011–2016
Table 59: Singaporean Group Life Insurance – Written Premium (SGD Billion), 2007–2011
Table 60: Singaporean Group Life Insurance – Written Premium (SGD Billion), 2011–2016
Table 61: Singaporean Individual Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Table 62: Singaporean Individual Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Table 63: Singaporean Individual Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Table 64: Singaporean Individual Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Table 65: Singaporean Individual Non-Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Table 66: Singaporean Individual Non-Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Table 67: Singaporean Individual Non-Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Table 68: Singaporean Individual Non-Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Table 69: Singaporean Group Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Table 70: Singaporean Group Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Table 71: Singaporean Group Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Table 72: Singaporean Group Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Table 73: Singaporean Group Non-Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Table 74: Singaporean Group Non-Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Table 75: Singaporean Group Non-Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Table 76: Singaporean Group Non-Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Table 77: Singaporean Life Insurance – Direct Marketing Commission Paid (SGD Billion), 2007–2011
Table 78: Singaporean Life Insurance – Direct Marketing Commission Paid (SGD Billion), 2011–2016
Table 79: Singaporean Life Insurance – New Business Written Premium Through Direct Marketing (SGD Billion), 2007–2011
Table 80: Singaporean Life Insurance – New Business Written Premium Through Direct Marketing (SGD Billion), 2011–2016
Table 81: Singaporean Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2007–2011
Table 82: Singaporean Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2011–2016
Table 83: Singaporean Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Table 84: Singaporean Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Table 85: Singaporean Life Insurance – Bancassurance Commission Paid (SGD Billion), 2007–2011
Table 86: Singaporean Life Insurance – Bancassurance Commission Paid (SGD Billion), 2011–2016
Table 87: Singaporean Life Insurance – New Business Written Premium Through Bancassurance (SGD Billion), 2007–2011
Table 88: Singaporean Life Insurance – New Business Written Premium Through Bancassurance (SGD Billion), 2011–2016
Table 89: Singaporean Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2007–2011
Table 90: Singaporean Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2011–2016
Table 91: Singaporean Life Insurance – Number of Bancassurance Distributors, 2007–2011
Table 92: Singaporean Life Insurance – Number of Bancassurance Distributors, 2011–2016
Table 93: Singaporean Life Insurance – Commission Paid to Agencies (SGD Billion), 2007–2011
Table 94: Singaporean Life Insurance – Commission Paid to Agencies (SGD Billion), 2011–2016
Table 95: Singaporean Life Insurance – New Business Written Premium Through Agencies (SGD Billion), 2007–2011
Table 96: Singaporean Life Insurance – New Business Written Premium Through Agencies (SGD Billion), 2011–2016
Table 97: Singaporean Life Insurance – New Policies Sold Through Agencies (Thousand), 2007–2011
Table 98: Singaporean Life Insurance – New Policies Sold Through Agencies (Thousand), 2011–2016
Table 99: Singaporean Life Insurance – Number of Agencies, 2007–2011
Table 100: Singaporean Life Insurance – Number of Agencies, 2011–2016
Table 101: Singaporean Life Insurance – E-Commerce Commission Paid (SGD Billion), 2007–2011
Table 102: Singaporean Life Insurance – E-Commerce Commission Paid (SGD Billion), 2011–2016
Table 103: Singaporean Life Insurance – New Business Written Premium Through E-Commerce (SGD Billion), 2007–2011
Table 104: Singaporean Life Insurance – New Business Written Premium Through E-Commerce (SGD Billion), 2011–2016
Table 105: Singaporean Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2007–2011
Table 106: Singaporean Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2011–2016
Table 107: Singaporean Life Insurance – Number of E-Commerce Distributors, 2007–2011
Table 108: Singaporean Life Insurance – Number of E-Commerce Distributors, 2011–2016
Table 109: Singaporean Life Insurance – Commission Paid to Brokers (SGD Billion), 2007–2011
Table 110: Singaporean Life Insurance – Commission Paid to Brokers (SGD Billion), 2011–2016
Table 111: Singaporean Life Insurance – New Business Written Premium Through Brokers (SGD Billion), 2007–2011
Table 112: Singaporean Life Insurance – New Business Written Premium Through Brokers (SGD Billion), 2011–2016
Table 113: Singaporean Life Insurance – New Policies Sold Through Brokers (Thousand), 2007–2011
Table 114: Singaporean Life Insurance – New Policies Sold Through Brokers (Thousand), 2011–2016
Table 115: Singaporean Life Insurance – Number of Brokers, 2007–2011
Table 116: Singaporean Life Insurance – Number of Brokers, 2011–2016
Table 117: Singaporean Life Insurance – Commission Paid to Other Channels (SGD Billion), 2007–2011
Table 118: Singaporean Life Insurance – Commission Paid to Other Channels (SGD Billion), 2011–2016
Table 119: Singaporean Life Insurance – New Business Written Premium Through Other Channels (SGD Billion), 2007–2011
Table 120: Singaporean Life Insurance – New Business Written Premium Through Other Channels (SGD Billion), 2011–2016
Table 121: Singaporean Life Insurance – New Policies Sold Through Other Channels (Thousand), 2007–2011
Table 122: Singaporean Life Insurance – New Policies Sold Through Other Channels (Thousand), 2011–2016
Table 123: Singaporean Life Insurance – Number of Distributors in Other Channels, 2007–2011
Table 124: Singaporean Life Insurance – Number of Distributors in Other Channels, 2011–2016
Table 125: Reinsurance Market in Singaporean by Category (SGD Billion), 2007–2011
Table 126: Reinsurance Market in Singaporean by Category (US$ Billion), 2007–2011
Table 127: Singaporean Reinsurance Market by Category (SGD Billion), 2011–2016
Table 128: Singaporean Reinsurance Market by Category (US$ Billion), 2011–2016
Table 129: Singapore – Premium Ceded to Reinsurance by Type of Insurance (SGD Billion), 2007–2011
Table 130: Singapore – Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2007–2011
Table 131: Singapore – Premium Ceded to Reinsurance by Type of Insurance (SGD Billion), 2011–2016
Table 132: Singapore – Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2011–2016
Table 133: Singaporean Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 134: Singaporean Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 135: Singapore Life Insurance Market Share (%), 2007–2011
Table 136: NTUC Income Insurance Co-operative Limited, Key Facts
Table 137: NTUC Income Insurance Co-operative Limited, Key Financials (SGD Million)
Table 138: Great Eastern Life Assurance Co Ltd., Key Facts
Table 139: Great Eastern Life Assurance Co Ltd., Key Financials (SGD Million)
Table 140: Prudential Assurance Company Singapore (Pte) Ltd, Key Facts
Table 141: Prudential Assurance Company Singapore (Pte) Ltd, Key Financials (SGD Million)
Table 142: American International Assurance Company, Limited (Singapore), Key Facts
Table 143: American International Assurance Company, Limited (Singapore), Key Financials (SGD Million)
Table 144: Aviva Ltd, Key Facts
Table 145: Aviva Ltd., Key Financials (SGD Million)
Table 146: Manulife (Singapore) Pte, Ltd, Key Facts
Table 147: Manulife (Singapore) Pte, Ltd., Key Financials (SGD Million)
Table 148: Overseas Assurance Corporation, Key Facts
Table 149: Overseas Assurance Corporation, Key Financials (SGD Million)
Table 150: HSBC Insurance (Singapore) Pte Limited, Key Facts
Table 151: HSBC Insurance (Singapore) Pte Limited, Key Financials (SGD Million)
Table 152: Tokio Marine Life Insurance Singapore Ltd, Key Facts
Table 153: Tokio Marine Life Insurance Singapore Ltd, Key Financials (SGD Million)
Table 154: Axa Life Insurance, Key Facts
Table 155: AXA Life Insurance, Key Financials (SGD Million)

List of figures

Figure 1: Singaporean Insurance Overall Written Premium by Segment (SGD Billion), 2007–2016
Figure 2: Singaporean Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Singaporean Life Insurance Written Premium by Category (SGD Billion), 2007–2016
Figure 4: Singaporean Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Singaporean Life Insurance Market Dynamics by Category, 2007–2016
Figure 6: Singaporean Life Insurance – Earned Premium (SGD Billion), 2007–2011
Figure 7: Singaporean Life Insurance – Earned Premium (SGD Billion), 2011–2016
Figure 8: Singaporean Life Insurance – Sum Assured (SGD Trillion), 2007–2011
Figure 9: Singaporean Life Insurance – Sum Assured (SGD Trillion), 2011–2016
Figure 10: Singaporean Life Insurance – Paid Claims (SGD Billion), 2007–2011
Figure 11: Singaporean Life Insurance – Paid Claims (SGD Billion), 2011–2016
Figure 12: Singaporean Life Insurance – Incurred Loss (SGD Billion), 2007–2011
Figure 13: Singaporean Life Insurance – Incurred Loss (SGD Billion), 2011–2016
Figure 14: Singaporean Life Insurance – Loss Ratio (%), 2007–2011
Figure 15: Singaporean Life Insurance – Loss Ratio (%), 2011–2016
Figure 16: Singaporean Life Insurance – Commissions and Expenses (SGD Billion), 2007–2011
Figure 17: Singaporean Life Insurance – Commissions and Expenses (SGD Billion), 2011–2016
Figure 18: Singaporean Life Insurance – Combined Ratio (%), 2007–2011
Figure 19: Singaporean Life Insurance – Combined Ratio (%), 2011–2016
Figure 20: Singaporean Life Insurance – Frauds and Crimes (SGD Billion), 2007–2011
Figure 21: Singaporean Life Insurance – Frauds and Crimes (SGD Billion), 2011–2016
Figure 22: Singaporean Life Insurance – Total Assets (SGD Billion), 2007–2011
Figure 23: Singaporean Life Insurance – Total Assets (SGD Billion), 2011–2016
Figure 24: Singaporean Life Insurance – Total Investment Income (SGD Billion), 2007–2011
Figure 25: Singaporean Life Insurance – Total Investment Income (SGD Billion), 2011–2016
Figure 26: Singaporean Life Insurance – Retentions (SGD Billion), 2007–2011
Figure 27: Singaporean Life Insurance – Retentions (SGD Billion), 2011–2016
Figure 28: Singaporean Life Insurance – Investment Portfolio (SGD Billion), 2007–2011
Figure 29: Singaporean Life Insurance – Investment Portfolio, 2007 and 2011
Figure 30: Singaporean Life Insurance – Penetration (% of GDP), 2007–2011
Figure 31: Singaporean Life Insurance – Density (Number of Policies per Capita), 2007–2011
Figure 32: Singaporean Life Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 33: Singaporean Life Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 34: Singaporean Life Insurance – Premium Per-capita (SGD), 2007–2011
Figure 35: Singaporean Individual Life Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 36: Singaporean Individual Life Insurance Category – Number of Active Policies (Thousand), 2011–2016
Figure 37: Singaporean Individual Life Insurance Category – Written Premium (SGD Billion), 2007–2011
Figure 38: Singaporean Individual Life Insurance – Written Premium (SGD Billion), 2011–2016
Figure 39: Singaporean Individual General Annuity Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 40: Singaporean Individual General Annuity Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 41: Singaporean Individual General Annuity Insurance – Written Premium (SGD Billion), 2007–2011
Figure 42: Singaporean Individual General Annuity Insurance – Written Premium (SGD Billion), 2011–2016
Figure 43: Singaporean Individual Endowment Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 44: Singaporean Individual Endowment – Number of Active Policies (Thousand), 2011–2016
Figure 45: Singaporean Individual Endowment Insurance – Written Premium (SGD Billion), 2007–2011
Figure 46: Singaporean Individual Endowment – Written Premium (SGD Billion), 2011–2016
Figure 47: Singaporean Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 48: Singaporean Individual Unit-linked Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 49: Singaporean Individual Unit-linked Insurance – Written Premium (SGD Billion), 2007–2011
Figure 50: Singaporean Individual Unit-linked Insurance – Written Premium (SGD Billion), 2011–2016
Figure 51: Singaporean Individual Term Life Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 52: Singaporean Individual Term Life Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 53: Singaporean Individual Term Life Insurance – Written Premium (SGD Billion), 2007–2011
Figure 54: Singaporean Individual Term Life Insurance – Written Premium (SGD Billion), 2011–2016
Figure 55: Singaporean Other Individual Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 56: Singaporean Other Individual Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 57: Singaporean Other Individual Insurance – Written Premium (SGD Billion), 2007–2011
Figure 58: Singaporean Other Individual Insurance – Written Premium (SGD Billion), 2011–2016
Figure 59: Singaporean Group Life Insurance – Number of Active Policies (Thousand), 2007–2011
Figure 60: Singaporean Group Life Insurance – Number of Active Policies (Thousand), 2011–2016
Figure 61: Singaporean Group Life Insurance – Written Premium (SGD Billion), 2007–2011
Figure 62: Singaporean Group Life Insurance – Written Premium (SGD Billion), 2011–2016
Figure 63: Singaporean Individual Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Figure 64: Singaporean Individual Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Figure 65: Singaporean Individual Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Figure 66: Singaporean Individual Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Figure 67: Singaporean Individual Non-Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Figure 68: Singaporean Individual Non-Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Figure 69: Singaporean Individual Non-Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Figure 70: Singaporean Individual Non-Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Figure 71: Singaporean Group Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Figure 72: Singaporean Group Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Figure 73: Singaporean Group Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Figure 74: Singaporean Group Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Figure 75: Singaporean Group Non-Single-Premium Policies – Number of Active Policies (Thousand), 2007–2011
Figure 76: Singaporean Group Non-Single-Premium Policies – Number of Active Policies (Thousand), 2011–2016
Figure 77: Singaporean Group Non-Single-Premium Policies – Written Premium (SGD Billion), 2007–2011
Figure 78: Singaporean Group Non-Single-Premium Policies – Written Premium (SGD Billion), 2011–2016
Figure 79: Singaporean Life Insurance New Business Written Premium by Distribution Channel (% Share), 2011 and 2016
Figure 80: Singaporean Life Insurance – Direct Marketing Commission Paid (SGD Billion), 2007–2011
Figure 81: Singaporean Life Insurance – Direct Marketing Commission Paid (SGD Billion), 2011–2016
Figure 82: Singaporean Life Insurance – New Business Written Premium Through Direct Marketing (SGD Billion), 2007–2011
Figure 83: Singaporean Life Insurance – New Business Written Premium Through Direct Marketing (SGD Billion), 2011–2016
Figure 84: Singaporean Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2007–2011
Figure 85: Singaporean Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2011–2016
Figure 86: Singaporean Life Insurance – Number of Direct Marketing Distributors, 2007–2011
Figure 87: Singaporean Life Insurance – Number of Direct Marketing Distributors, 2011–2016
Figure 88: Singaporean Life Insurance – Bancassurance Commission Paid (SGD Billion), 2007–2011
Figure 89: Singaporean Life Insurance – Bancassurance Commission Paid (SGD Billion), 2011–2016
Figure 90: Singaporean Life Insurance – New Business Written Premium Through Bancassurance (SGD Billion), 2007–2011
Figure 91: Singaporean Life Insurance – New Business Written Premium Through Bancassurance (SGD Billion), 2011–2016
Figure 92: Singaporean Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2007–2011
Figure 93: Singaporean Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2011–2016
Figure 94: Singaporean Life Insurance – Number of Bancassurance Distributors, 2007–2011
Figure 95: Singaporean Life Insurance – Number of Bancassurance Distributors, 2011–2016
Figure 96: Singaporean Life Insurance – Commission Paid to Agencies (SGD Billion), 2007–2011
Figure 97: Singaporean Life Insurance – Commission Paid to Agencies (SGD Billion), 2011–2016
Figure 98: Singaporean Life Insurance – New Business Written Premium Through Agencies (SGD Billion), 2007–2011
Figure 99: Singaporean Life Insurance – New Business Written Premium Through Agencies (SGD Billion), 2011–2016
Figure 100: Singaporean Life Insurance – New Policies Sold Through Agencies (Thousand), 2007–2011
Figure 101: Singaporean Life Insurance – New Policies Sold Through Agencies (Thousand), 2011–2016
Figure 102: Singaporean Life Insurance – Number of Agencies, 2007–2011
Figure 103: Singaporean Life Insurance – Number of Agencies, 2011–2016
Figure 104: Singaporean Life Insurance – E-Commerce Commission Paid (SGD Billion), 2007–2011
Figure 105: Singaporean Life Insurance – E-Commerce Commission Paid (SGD Billion), 2011–2016
Figure 106: Singaporean Life Insurance – New Business Written Premium Through E-Commerce (SGD Billion), 2007–2011
Figure 107: Singaporean Life Insurance – New Business Written Premium Through E-Commerce (SGD Billion), 2011–2016
Figure 108: Singaporean Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2007–2011
Figure 109: Singaporean Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2011–2016
Figure 110: Singaporean Life Insurance – Number of E-Commerce Distributors, 2007–2011
Figure 111: Singaporean Life Insurance – Number of E-Commerce Distributors, 2011–2016
Figure 112: Singaporean Life Insurance – Commission Paid to Brokers (SGD Billion), 2007–2011
Figure 113: Singaporean Life Insurance – Commission Paid to Brokers (SGD Billion), 2011–2016
Figure 114: Singaporean Life Insurance – New Business Written Premium Through Brokers (SGD Billion), 2007–2011
Figure 115: Singaporean Life Insurance – New Business Written Premium Through Brokers (SGD Billion), 2011–2016
Figure 116: Singaporean Life Insurance – New Policies Sold Through Brokers (Thousand), 2007–2011
Figure 117: Singaporean Life Insurance – New Policies Sold Through Brokers (Thousand), 2011–2016
Figure 118: Singaporean Life Insurance – Number of Brokers, 2007–2011
Figure 119: Singaporean Life Insurance – Number of Brokers, 2011–2016
Figure 120: Singaporean Life Insurance – Commission Paid to Other Channels (SGD Billion), 2007–2011
Figure 121: Singaporean Life Insurance – Commission Paid to Other Channels (SGD Billion), 2011–2016
Figure 122: Singaporean Life Insurance – New Business Written Premium Through Other Channels (SGD Billion), 2007–2011
Figure 123: Singaporean Life Insurance – New Business Written Premium Through Other Channels (SGD Billion), 2011–2016
Figure 124: Singaporean Life Insurance – New Policies Sold Through Other Channels (Thousand), 2007–2011
Figure 125: Singaporean Life Insurance – New Policies Sold Through Other Channels (Thousand), 2011–2016
Figure 126: Singaporean Life Insurance – Number of Distributors in Other Channels, 2007–2011
Figure 127: Singaporean Life Insurance – Number of Distributors in Other Channels, 2011–2016
Figure 128: The Singaporean Personal Accident and Health Insurance Market – Five Forces Analysis
Figure 129: Singapore – Premium Ceded to Reinsurance by Category (SGD Billion), 2007–2016
Figure 130: Singapore – Premium Ceded to Reinsurance by Category (% Share), 2011 and 2016
Figure 131: Singaporean Reinsurance Market Dynamics by Category, 2007–2016
Figure 132: Singapore – Premium Ceded to Reinsurance by Type of Insurance (SGD Billion), 2007–2016
Figure 133: Singapore – Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 134: Singaporean Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 135: Singaporean Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 136: Singapore Life Insurance Market Share (%), 2007 and 2011
Figure 137: Gross Written Premium – Top Five Singapore Life Insurers, 2011
Figure 138: Outwards Reinsurance Expense – Top Five Singapore Life Insurers, 2011
Figure 139: Gross Claims –Top Five Singapore Life Insurers, 2011
Figure 140: Paid Claims –Top Five Singapore Life Insurers, 2011
Figure 141: Total Assets –Top Five Singapore Life Insurers, 2011
Figure 142: Total Investment Income – Top Five Singapore Life Insurers, 2011
Figure 143: Singapore Business Expectations Index for Manufacturing Sector, Q1–2008 to Q1–2012
Figure 144: Singapore Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 145: Singapore GDP at Constant Prices (US$ Billion), 2007–2011
Figure 146: Singapore GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 147: Singapore GDP at Current Prices (US$ Billion), 2007–2011
Figure 148: Singapore GDP Per Capita at Current Prices (US$), 2007–2011
Figure 149: Singapore GDP by Key Segments (%) 2009 and 2011
Figure 150: Singapore Agricultural Net Output at Current Prices (SGD Billion), 2007–2011
Figure 151: Singapore Agricultural Net Output at Current Prices (US$ Billion), 2007–2011
Figure 152: Singapore Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 153: Singapore Manufacturing Net Output at Current Prices (SGD Billion), 2007–2011
Figure 154: Singapore Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 155: Singapore Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 156: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices (SGD Billion), 2007–2011
Figure 157: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 158: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 159: Singapore Construction Net Output at Current Prices (SGD Billion), 2007–2011
Figure 160: Singapore Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 161: Singapore Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 162: Singapore Inflation Rate (%), 2007–2011
Figure 163: Singapore Current Account Balance as a Percentage of GDP(%), 2007–2011
Figure 164: Singapore Exports as a Percentage of GDP (%), 2007–2011
Figure 165: Singapore Imports as a Percentage of GDP (%), 2007–2011
Figure 166: Singapore Exports Growth (%), 2007–2011
Figure 167: Singapore Imports Growth (%), 2007–2011
Figure 168: Singapore Annual Average Exchange Rate US$–SGD, 2007–2011
Figure 169: Singapore End-of-Period Exchange Rate US$–SGD, 2007–2011
Figure 170: Singapore Airports and Sea Ports (Number), 2011
Figure 171: Singapore Railways and Roadways (Kilometers), 2011
Figure 172: Singapore Automotive Component Exports (US$ Million), 2007–2011
Figure 173: Singapore Automotive Component Imports (US$ Million), 2007–2011
Figure 174: Singapore Passenger Car Penetration (per Thousand People), 2007–2011
Figure 175: Singapore Healthcare Expenditure (US$ Billion), 2007–2011
Figure 176: Singapore Healthcare Expenditure as a Percentage of GDP (%), 2007–2011
Figure 177: Singapore Per Capita Healthcare Expenditure (US$), 2007–2011
Figure 178: Singapore Internet Subscriptions (Million), 2007–2011
Figure 179: Singapore Size of Labor Force in 15–59 Age Group (Million), 2007–2011
Figure 180: Singapore Unemployment Rate (%), 2007–2011
Figure 181: Singapore Annual Disposable Income (US$ Billion), 2007–2011
Figure 182: Singapore Annual Per Capita Disposable Income (US$), 2007–2011
Figure 183: Singapore Total Population (Million), 2007–2011
Figure 184: Singapore Urban and Rural Population (%), 2007–2011
Figure 185: Singapore Female as Percentage of Population (%), 2007–2011
Figure 186: Singapore Male as Percentage of Population (%), 2007–2011
Figure 187: Singapore Mean Age of Population (Years), 2007–2011
Figure 188: Singapore Median Age of Population (Years), 2007–2011
Figure 189: Singapore Population Density (per Square Kilometer), 2007–2011
Figure 190: Singapore Population Distribution by Age (%), 2007–2011
Figure 191: Singapore Male Population Distribution by Age (%), 2007–2011
Figure 192: Singapore Female Population Distribution by Age (%), 2007–2011
Figure 193: Singapore Households, Number of (Million), 2007–2011
Figure 194: Global Terrorism Heat Map, 2011
Figure 195: Singapore Transparency Index, 2007–2011