Singapore Non-Life Insurance Market to 2027
Summary
Non-Life Insurance in Singapore industry profile provides top-line qualitative and quantitative summary information including: market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is typically defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event.
- The Singaporean non-life insurance market had total gross written premiums of $3.8 billion in 2022, representing a compound annual growth rate (CAGR) of 5.6% between 2017 and 2022.
- The motor segment accounted for the market's largest proportion in 2022, with total gross written premiums of $0.8 billion, equivalent to 20.6% of the market's overall value.
- In 2022, the Singaporean non-life insurance market witnessed an annual growth of 10.1% due to the expansion of the distribution network. According to the Monetary Authority of Singapore (MAS), the broker network across the country reached 148 in 2023 as compared to 70 in 2013.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Singapore
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Singapore
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Singapore non-life insurance market with five year forecasts
- What was the size of the Singapore non-life insurance market by value in 2022?
- What will be the size of the Singapore non-life insurance market in 2027?
- What factors are affecting the strength of competition in the Singapore non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up Singapore's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strengths of the leading players?
- 7.4. Is there any important M&A activity on the horizon for next year?
- 8 Company Profiles
- 8.1. AIG Asia Pacific Insurance Pte. Ltd.
- 8.2. AXA SA
- 8.3. NTUC Income Insurance Co-operative Limited
- 8.4. MS First Capital Insurance Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Singapore non-life insurance market value: $ billion, 2017–22
- Table 2: Singapore non–life insurance market category segmentation: % share, by value, 2017–2022
- Table 3: Singapore non-life insurance market category segmentation: $ billion, 2017-2022
- Table 4: Singapore non–life insurance market geography segmentation: $ billion, 2022
- Table 5: Singapore non-life insurance market value forecast: $ billion, 2022–27
- Table 6: Singapore non-life insurance market share: % share, by value, 2022
- Table 7: AIG Asia Pacific Insurance Pte. Ltd.: key facts
- Table 8: AIG Asia Pacific Insurance Pte. Ltd.: Key Employees
- Table 9: AXA SA: key facts
- Table 10: AXA SA: Annual Financial Ratios
- Table 11: AXA SA: Key Employees
- Table 12: AXA SA: Key Employees Continued
- Table 13: AXA SA: Key Employees Continued
- Table 14: NTUC Income Insurance Co-operative Limited: key facts
- Table 15: NTUC Income Insurance Co-operative Limited: Key Employees
- Table 16: MS First Capital Insurance Ltd: key facts
- Table 17: Singapore size of population (million), 2018–22
- Table 18: Singapore gdp (constant 2005 prices, $ billion), 2018–22
- Table 19: Singapore gdp (current prices, $ billion), 2018–22
- Table 20: Singapore inflation, 2018–22
- Table 21: Singapore consumer price index (absolute), 2018–22
- Table 22: Singapore exchange rate, 2018–22
- List of Figures
- Figure 1: Singapore non-life insurance market value: $ billion, 2017–22
- Figure 2: Singapore non-life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: Singapore non–life insurance market geography segmentation: % share, by value, 2022
- Figure 4: Singapore non-life insurance market value forecast: $ billion, 2022–27
- Figure 5: Forces driving competition in the non-life insurance market in Singapore, 2022
- Figure 6: Drivers of buyer power in the non-life insurance market in Singapore, 2022
- Figure 7: Drivers of supplier power in the non-life insurance market in Singapore, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Singapore, 2022
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Singapore, 2022
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Singapore, 2022
- Figure 11: Singapore non-life insurance market share: % share, by value, 2022
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook