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Singapore

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Singapore Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Singapore includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Singapore can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +8
Singapore
SGD
5.90 mn
339,733.57
0.74%
28,649.15
7.7

The Republic of Singapore is a city state comprising Singapore Island and 58 smaller islands with a total area of 639 square kilometres.

The Monetary Authority of Singapore (MAS) is never far from the marketplace in some shape or form, whether by regulation or by innovation and likes to be seen as a driver. It has recently initiated two specific thrusts involving what it considers to be of immediate relevance as noted below.

Gross written non-life premium income in 2017 including personal accident (PA) and healthcare business written in the non-life account was SGD 3.96bn.

In 2019 the non-life market comprised 60 direct insurers for Singapore Insurance Fund (SIF/onshore) business, including eight composite offices. Of these, 16 offices are designated class insurers. There are also currently 20 active underwriting service companies writing for various syndicates under the Lloyd's Asia Scheme, although the majority of Lloyd's income is from offshore activities.

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