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.
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.
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. |
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.
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.
The life and non-life insurance market has been segmented on the basis of
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.
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