Executive summary

---

Scope

• This report provides a comprehensive analysis of the reinsurance market in Singapore:
• It provides historical values for the Singaporean reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
• It offers a detailed analysis of the key sub-segments in the Singaporean reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Singapore and its growth prospects
• It profiles the top reinsurance companies in Singapore

---

Key highlights

• Over the forecast period, the demand for reinsurance in the country is expected to increase due to the rapid development of the country’s high-profit-margin insurance industry, which performed strongly throughout the past decade.
• During the review period, Singaporean reinsurance companies were exposed to the impact of natural disasters as a result of their significant operations in flood-prone countries such as Australia, Japan, Thailand and New Zealand.
• According to the World Bank’s ease doing business index 2012, Singapore is considered as the best place for doing business in the world. Singapore has an open economy and applies no barriers to foreign investors participating in its insurance industry.
• The Singaporean reinsurance market is highly concentrated and is dominated by the multinationals. The Singaporean reinsurance market is dominated by overseas reinsurers including Munich Re, Allianz Se and Swiss Re.
• The implementation of Solvency II will lead to larger foreign capital inward investments as domestic companies look to raise funds through various strategic alliances, joint ventures and partial sale of equity in order to meet the higher capital requirements.

---

Reasons to buy

• Make strategic business decisions using in depth historic and forecast market data related to the Singaporean reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Singaporean reinsurance market
• Assess the competitive dynamics in the reinsurance 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 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance segment size, 2007–2016
3.2.2 Reinsurance market size by insurance segment, 2007–2016
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Growth Drivers
4.3 Non-Life Insurance Growth Drivers
4.4 Personal Accident and Health Insurance Growth Drivers
4.5 Recent Market Developments
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the Singapore Reinsurance Market
5.3 Comparison of top five insurers
5.3.1 Gross Written Premium
5.3.2 Outwards reinsurance expense
5.3.3 Gross Claims
5.3.4 Paid Claims
5.3.5 Total Assets
5.3.6 Total investment income
5.4 Munich Reinsurance Company Singapore – Company Overview
5.4.1 Munich Reinsurance Company Singapore – key facts
5.4.2 Munich Reinsurance Company Singapore – Key Financials
5.5 Allianz SE Reinsurance Branch Asia Pacific – Company Overview
5.5.1 Allianz SE Reinsurance Branch Asia Pacific – key facts
5.5.2 Allianz SE Reinsurance Branch Asia Pacific – Key Financials
5.6 Swiss Reinsurance Company Ltd – Company Overview
5.6.1 Swiss Reinsurance Company Ltd – key facts
5.6.2 Swiss Reinsurance Company Ltd – Key Financials
5.7 Asia Capital Reinsurance Group Pte Ltd. – Company Overview
5.7.1 Asia Capital Reinsurance Group Pte Ltd. – key facts
5.7.2 Asia Capital Reinsurance Group Pte Ltd. – Key Financials
5.8 General Reinsurance AG – Company Overview
5.8.1 General Reinsurance AG – key facts
5.8.2 General Reinsurance AG – Key Financials
5.9 Everest Reinsurance Company – Company Overview
5.9.1 Everest Reinsurance Company – key facts
5.9.2 Everest Reinsurance Company – Key Financials
5.1 Odyssey Reinsurance Company – Company Overview
5.10.1 Odyssey Reinsurance Company – key facts
5.10.2 Odyssey Reinsurance Company – Key Financials
5.11 SCOR Reinsurance Company – Company Overview
5.11.1 SCOR Reinsurance Company – key facts
5.11.2 SCOR Reinsurance Company – Key Financials
5.12 Singapore Reinsurance Company – Company Overview
5.12.1 Singapore Reinsurance Company – key facts
5.12.2 Singapore Reinsurance Company – Key Financials
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Business expectations index for the manufacturing sector
6.1.2 Market capitalization trend – Singapore Stock Exchange, Singapore
6.2 Economic Performance
6.2.1 GDP at constant prices (US dollar)
6.2.2 GDP per capita at constant prices (US dollar)
6.2.3 GDP at current prices (US dollar)
6.2.4 GDP per capita at current prices (US dollar)
6.2.5 GDP by key segments
6.2.6 Agricultural net output at current prices (SGD)
6.2.7 Agricultural net output at current prices (US dollar)
6.2.8 Agricultural net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (SGD)
6.2.10 Manufacturing net output at current prices (US dollar)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (SGD)
6.2.13 Mining, manufacturing and utilities at current prices (US dollar)
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
6.2.15 Construction net output at current prices (SGD)
6.2.16 Construction net output at current prices, (US dollar)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Current account balance as a percentage of GDP
6.2.20 Exports as a percentage of GDP
6.2.21 Imports as a percentage of GDP
6.2.22 Exports growth
6.2.23 Imports growth
6.2.24 Annual average exchange rate US$–SGD
6.2.25 End-of-period exchange rate US$–SGD
6.3 Infrastructure Quality and Availability
6.3.1 Total airports and sea ports
6.3.2 Railways and roadways
6.3.3 Automotive component exports trend
6.3.4 Automotive component imports trend
6.3.5 Passenger car penetration
6.3.6 Healthcare expenditure
6.3.7 Healthcare expenditure as a percentage of GDP
6.3.8 Healthcare expenditure per capita
6.3.9 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Annual disposable income
6.5.2 Annual per capita disposable income
6.5.3 Total population
6.5.4 Urban and rural population
6.5.5 Female percentage of population
6.5.6 Male percentage of population
6.5.7 Mean age of the population
6.5.8 Median age of population
6.5.9 Population density
6.5.10 Age distribution of the total population
6.5.11 Age distribution of the male population
6.5.12 Age distribution of the female population
6.5.13 Number of households
6.6 Political and Social Risk
6.6.1 Political stability
6.6.2 Terrorism index
6.6.3 Transparency index
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of tables

Table 1: Insurance Industry Definitions
Table 2: Singapore Insurance Overall Written Premium by Segment (SGD Billion), 2007–2011
Table 3: Singapore Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Singapore Insurance Overall Written Premium by Segment (SGD Billion), 2011–2016
Table 5: Singapore Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Singapore Insurance Segmentation (% Share), 2007–2016
Table 7: Singapore Reinsurance Market Size by Category (SGD Billion), 2007–2011
Table 8: Singapore Reinsurance Market Size by Category (US$ Billion), 2007–2011
Table 9: Singapore Reinsurance Market Size by Category (SGD Billion), 2011–2016
Table 10: Singapore Reinsurance Market Size by Category (US$ Billion), 2011–2016
Table 11: Singapore Reinsurance Premium Ceded by Segment (SGD Billion), 2007–2011
Table 12: Singapore Reinsurance Premium Ceded by Segment (US$ Billion), 2007–2011
Table 13: Singapore Reinsurance Premium Ceded by Segment (SGD Billion), 2011–2016
Table 14: Singapore Reinsurance Premium Ceded by Segment (US$ Billion), 2011–2016
Table 15: Singapore Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Singapore Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 17: Singapore Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 18: Singapore Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 19: Singapore Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Singapore Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Singapore Reinsurance Market Share (%), 2007–2011
Table 22: Munich Reinsurance Company Singapore, Key Facts
Table 23: Munich Reinsurance Company Singapore, Key Financials (SGD Million)
Table 24: Allianz SE Reinsurance Branch Asia Pacific, Key Facts
Table 25: Allianz SE Reinsurance Branch Asia Pacific, Key Financials (SGD Million)
Table 26: Swiss Reinsurance Company Ltd, Key Facts
Table 27: Swiss Reinsurance Company Ltd, Key Financials (SGD Million)
Table 28: Asia Capital Reinsurance Group Pte Ltd., Key Facts
Table 29: Asia Capital Reinsurance Group Pte Ltd., Key Financials (SGD Million)
Table 30: General Reinsurance AG, Key Facts
Table 31: General Reinsurance AG, Key Financials (SGD Million)
Table 32: Everest Reinsurance Company, Key Facts
Table 33: Everest Reinsurance Company, Key Financials (SGD Million)
Table 34: Odyssey Reinsurance Company, Key Facts
Table 35: Odyssey Reinsurance Company, Key Financials (SGD Million)
Table 36: SCOR Reinsurance Company, Key Facts
Table 37: SCOR Reinsurance Company, Key Financials (SGD Million)
Table 38: Singapore Reinsurance Company, Key Facts
Table 39: Singapore Reinsurance Company, Key Financials (SGD Million)

List of figures

Figure 1: Singapore Insurance Overall Written Premium by Segment (SGD Billion), 2007–2016
Figure 2: Singapore Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Singapore Reinsurance Market Size by Category (SGD Billion), 2007–2016
Figure 4: Singapore Reinsurance Market Size by Category (% Share), 2011 and 2016
Figure 5: Singapore Reinsurance Market Dynamics by Category, 2007–2016
Figure 6: Singapore Reinsurance Premium Ceded by Segment (SGD Billion), 2007–2016
Figure 7: Singapore Reinsurance Market Dynamics by Segment, 2007–2016
Figure 8: Singapore Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Singapore Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Singapore Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 11: Singapore Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 12: Singapore Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Singapore Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Singapore Reinsurance Market Share (%), 2007 and 2011
Figure 15: Gross Written Premium – Top Five Singapore Reinsurance Insurers, 2011
Figure 16: Outwards Reinsurance Expense – Top Five Singapore Reinsurance Insurers, 2011
Figure 17: Gross Claims –Top Five Singapore Reinsurance Insurers, 2011
Figure 18: Paid Claims –Top Five Singapore Reinsurance Insurers, 2011
Figure 19: Total Assets –Top Five Singapore Reinsurance Insurers, 2011
Figure 20: Total Investment Income – Top Five Singapore Reinsurance Insurers, 2011
Figure 21: Singapore Business Expectations Index for Manufacturing Sector, Q1–2008 to Q1–2012
Figure 22: Singapore Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 23: Singapore GDP at Constant Prices (US$ Billion), 2007–2011
Figure 24: Singapore GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 25: Singapore GDP at Current Prices (US$ Billion), 2007–2011
Figure 26: Singapore GDP Per Capita at Current Prices (US$), 2007–2011
Figure 27: Singapore GDP by Key Segments (%) 2009 and 2011
Figure 28: Singapore Agricultural Net Output at Current Prices (SGD Billion), 2007–2011
Figure 29: Singapore Agricultural Net Output at Current Prices (US$ Billion), 2007–2011
Figure 30: Singapore Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 31: Singapore Manufacturing Net Output at Current Prices (SGD Billion), 2007–2011
Figure 32: Singapore Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 33: Singapore Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 34: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices (SGD Billion), 2007–2011
Figure 35: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 36: Singapore Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 37: Singapore Construction Net Output at Current Prices (SGD Billion), 2007–2011
Figure 38: Singapore Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 39: Singapore Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 40: Singapore Inflation Rate (%), 2007–2011
Figure 41: Singapore Current Account Balance as a Percentage of GDP(%), 2007–2011
Figure 42: Singapore Exports as a Percentage of GDP (%), 2007–2011
Figure 43: Singapore Imports as a Percentage of GDP (%), 2007–2011
Figure 44: Singapore Exports Growth (%), 2007–2011
Figure 45: Singapore Imports Growth (%), 2007–2011
Figure 46: Singapore Annual Average Exchange Rate US$–SGD, 2007–2011
Figure 47: Singapore End-of-Period Exchange Rate US$–SGD, 2007–2011
Figure 48: Singapore Airports and Sea Ports (Number), 2011
Figure 49: Singapore Railways and Roadways (Kilometers), 2011
Figure 50: Singapore Automotive Component Exports (US$ Million), 2007–2011
Figure 51: Singapore Automotive Component Imports (US$ Million), 2007–2011
Figure 52: Singapore Passenger Car Penetration (per thousand people), 2007–2011
Figure 53: Singapore Healthcare Expenditure (US$ Billion), 2007–2011
Figure 54: Singapore Healthcare Expenditure as a Percentage of GDP (%), 2007–2011
Figure 55: Singapore Per Capita Healthcare Expenditure (US$), 2007–2011
Figure 56: Singapore Internet Subscriptions (Million), 2007–2011
Figure 57: Singapore Size of Labor Force in 15–59 Age Group (Million), 2007–2011
Figure 58: Singapore Unemployment Rate (%), 2007–2011
Figure 59: Singapore Annual Disposable Income (US$ Billion), 2007–2011
Figure 60: Singapore Annual Per Capita Disposable Income (US$), 2007–2011
Figure 61: Singapore Total Population (Million), 2007–2011
Figure 62: Singapore Urban and Rural Population (%), 2007–2011
Figure 63: Singapore Female as Percentage of Population (%), 2007–2011
Figure 64: Singapore Male as Percentage of Population (%), 2007–2011
Figure 65: Singapore Mean Age of Population (Years), 2007–2011
Figure 66: Singapore Median Age of Population (Years), 2007–2011
Figure 67: Singapore Population Density (per Square Kilometer), 2007–2011
Figure 68: Singapore Population Distribution by Age (%), 2007–2011
Figure 69: Singapore Male Population Distribution by Age (%), 2007–2011
Figure 70: Singapore Female Population Distribution by Age (%), 2007–2011
Figure 71: Singapore Households, Number of (Million), 2007–2011
Figure 72: Global Terrorism Heat Map, 2011
Figure 73: Singapore Transparency Index, 2007–2011