Singapore Life and Non-life Insurance Market

Life and Non-life Insurance Market in Singapore by Insurance Types [Non-Life Insurance (Motor, Home, and Others) and Life Insurance (Group and Individual)], Distribution Channels [Agency, Bank, Direct, and Others], and Country [Singapore]-Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: BFSI-1047
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 169
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The life and non-life insurance market size was valued at USD 38.7 billion in 2019 and is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. Growth of the market is attributed to rapid development in health insurance sector, rapid adaptation of digitalization in insurance sector, and increasing customers buying power.

Singapore Life and Non-life Insurance Market Key Takeaways

A non-life insurance is an insurance policy that covers property of person and medical emergencies. A life insurance is agreement between an insurance company and an insurance policyholder. The insurance company promise to pay a sum of amount in exchange for a premium after death of policyholder and a set period.

The Covid-19 pandemic affected the life and non-life insurance market. Meanwhile governments are restraining the loss by taking part as insures of last resort. The Singapore insurance market estimates have suffered along with broader markets. The covid-19 pandemic is still growing, people are presently attentive to preserving their health instead of filing claims. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

  • Rapid development in the financial and insurance sector is projected to boost the market in the coming years.
  • Increasing confidence of customers in insurance sector is the major factor fueling the market.
  • Fraud management initiative by the industrial sector is anticipated to restrict the market growth in the coming years.
  • Lack of awareness about insurance sector possesses a main challenge that can hamper the market expansion during the forecast period.
  • R&D investment and technological advancement in life and non-life insurance market is projected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the in life and non-life insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Life and Non-life Insurance Market – Singapore Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018-2019

Forecast Period

2021-2028

Segmentation

Insurance Types [Non-life Insurance (Motor, Home, and Others) and Life Insurance (Group and Individual)] and Distribution Channels [Agency, Bank, Direct, and Others]

Country

Singapore

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players covered in the Report

AIA SINGAPORE PRIVATE LIMITED, SWISS LIFE [SINGAPORE] PTE.LTD., AON SINGAPORE PTE LTD, TOKIO MARINE LIFE INSURANCE SINGAPORE LTD., MSIG INSURANCE [SINGAPORE] PTE. LTD., FWD Singapore Pte. Ltd., Singapore Life, Direct Asia Management Services Pte Ltd, Life Insurance Corporation [Singapore] Pte Ltd, and Great Eastern Life Assurance Co. Ltd.


Market Segment Insights

The non-life insurance segment accounts for key share of the market and expected to grow at a rapid pace
Based on insurance types, the life and non-life insurance market market is bifurcated into non-life insurance and life insurance. The non-life insurance segment is further sub-segmented into motor, home, and others. The life insurance segment is bifurcated into group and individual. The non-life insurance segment accounts for key share of the market. Growth of the market is attributed to rapid development in health insurance sector, rapid adaptation of digitalization in insurance sector, and increasing customers buying power. The life insurance segment is anticipated to expand at a rapid pace during the forecast period due to rapid urbanization, acceptance of social media, and increased demand for insurance due to initial economic recovery.

The agency segment is estimated to hold a major market share
On the basis of distribution channels, the market of life and non-life insurance is categorized into agency, bank, direct, and others. The agency segment is projected to expand at a robust CAGR during the forecast period. An agency is enterprise that executes activities on behalf of other party. Insurance agency has permission to write policies and find consumers. For this service, the insurance agency receives some amount as a fee. The bank insurance is an assured by Federal Deposit Insurance Corporation for deposit in the bank. It provides security to savings in the bank deposited by individuals, against commercial bank liquidation. The direct insurance is insurance enterprise that does not work with insurance agents and brokers.

 Singapore Life and Non-life Insurance Market By Distribution Channels

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Life and Non-life Insurance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Life and Non-life Insurance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Life and Non-life Insurance Market - Supply Chain
  4.5. Global Life and Non-life Insurance Market Forecast
     4.5.1. Life and Non-life Insurance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Life and Non-life Insurance Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Life and Non-life Insurance Market Absolute $ Opportunity
5. Global Life and Non-life Insurance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Life and Non-life Insurance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Life and Non-life Insurance Demand Share Forecast, 2019-2026
6. North America Life and Non-life Insurance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Life and Non-life Insurance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Life and Non-life Insurance Demand Share Forecast, 2019-2026
7. Latin America Life and Non-life Insurance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Life and Non-life Insurance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Life and Non-life Insurance Demand Share Forecast, 2019-2026
8. Europe Life and Non-life Insurance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Life and Non-life Insurance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Life and Non-life Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Life and Non-life Insurance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Life and Non-life Insurance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Life and Non-life Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Life and Non-life Insurance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Life and Non-life Insurance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Life and Non-life Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Life and Non-life Insurance Market: Market Share Analysis
  11.2. Life and Non-life Insurance Distributors and Customers
  11.3. Life and Non-life Insurance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. AIA SINGAPORE PRIVATE LIMITED SWISS LIFE [SINGAPORE] PTE.LTD. AON SINGAPORE PTE LTD TOKIO MARINE LIFE INSURANCE SINGAPORE LTD.
Segments Covered in the Report
The life and non-life insurance market has been segmented on the basis of

Insurance Types
  • Non-Life Insurance
    • Motor
    • Home
    • Others
  • Life Insurance
    • Group
    • Individual
Distribution Channels
  • Agency
  • Banks
  • Direct
  • Others
Country
  • Singapore
Key Players
  • AIA SINGAPORE PRIVATE LIMITED
  • SWISS LIFE [SINGAPORE] PTE.LTD.
  • AON SINGAPORE PTE LTD
  • TOKIO MARINE LIFE INSURANCE SINGAPORE LTD.
  • MSIG INSURANCE [SINGAPORE] PTE. LTD.
  • FWD Singapore Pte. Ltd.
  • Singapore Life
  • Direct Asia Management Services Pte Ltd
  • Life Insurance Corporation [Singapore] Pte Ltd
  • Great Eastern Life Assurance Co. Ltd.

Key players competing in the life and non-life insurance market include AIA SINGAPORE PRIVATE LIMITED, SWISS LIFE [SINGAPORE] PTE.LTD., AON SINGAPORE PTE LTD, TOKIO MARINE LIFE INSURANCE SINGAPORE LTD., MSIG INSURANCE [SINGAPORE] PTE. LTD., FWD Singapore Pte. Ltd., Singapore Life, Direct Asia Management Services Pte Ltd, Life Insurance Corporation [Singapore] Pte Ltd, and Great Eastern Life Assurance Co. Ltd.

Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.

 Singapore Life and Non-life Insurance Market By Key Players

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