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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Singaporean non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Singapore's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Singapore non-life (P&C) market as well as trends by line of business. Axco analysts also report on Singapore's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Singapore's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Singapore, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Singapore, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Singapore with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The market is currently striving hard to counter the effects of the COVID-19 pandemic, not only in the country itself, but also from the worldwide economic turndown resulting in reduced consumer demand and thus industrial output and reduced premium volume. The tourism and leisure sector has been considerably disadvantaged, with travel bans in and out of the country, while high-tech industries face reduced demand.
The up-side for insurers is a considerably reduced road accident incidence ....
This is a brief extract of information; more updated information may be available in the latest published report.
