The Singaporian insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

Regulatory authority: Ministry of economy and finance
Premiums (2005): 10 387 million USD
Insurance density (2005): 1 983 USD
Penetration rate (2005): 7.47%

Market structure in 2006

Life companies: 7
Non life companies: 100
Composite companies: 7
Reinsurance companies: 31

Identity

Area: 647.8 Km²
Population (2006): 4 492 000 inhabitants
GDP (2006): 132.2 billion USD
GDP per capita (2006): 29 429 USD
GDP growth rate (2006): 7.9%
Inflation rate (2006): 1%
Main economic sectors: industry, construction, transport, communication, services

Major cities

(in number of inhabitants)

Singapore (capital): 900 000

Turnover evolution: 2000-2005

in millions USD

Written premiums	2000	2001	2002	2003	2004	2005	2004/05 growth rate
Non life	1 024	2 270	2 694	3 024	3 108	3 211	3.81%
Life	2 942	2 914	3 026	5 584	6 711	7 176
Total	3 966	5 184	5 270	8 608	9 819	10 387

Breakdown of non-life premiums: 2000-2005

in millions USD

Classes	2000	2001	2002	2003	2004	2005
Local market
Motor	286	292	371	413	417	410
Workmen's Compensation	69	67	85	93	94	96
Fire	117	129	185	196	195	198
Marine	132	166	229	218	232	228
Miscellaneous	333	353	466	508	439	482
Total	937	1 007	1 336	1 428	1 377	1 414
Offshore market
Marine	136	131	248	196	216	255
Property	490	599	816	885	982	1 085
Miscellaneous	326	385	479	512	532	458
Total	952	1 115	1 543	1 593	1 730	1798

Loss ratio: 2000-2005

Classes	2000	2001	2002	2003	2004	2005
Local market
Fire	28.5%	28.1%	28%	33.3%	31.8%	34.1%
Marine	90.6%	86.1%	47.2%	60.4%	40.4%	36%
Motor	19.3%	92%	91%	81.6%	69.5%	63.6%
Workmen's Compensation	82.1%	84.6%	104.1%	83.9%	81.8%	95.2%
Miscellaneous	10.5%	60.1%	52.7%	39.5%	49.6%	47.9%
Total	78.7%	68.7%	66.1%	58.4%	56.3%	53.6%
Offshore market
Marine	NA	NA	NA	NA	NA	NA
Property	58.7%	94.2%	56.4%	56.7%	69.2%	50.1%
Miscellaneous	72.8%	66%	66%	59.1%	55.7%	56.8%
Total	66.4%	81.7%	59.9%	60.3%	64.2%	52.9%

NA: Non available

Exchange rate USD/SGD as at 31/12	2000	2001	2002	2003	2004	2005
Exchange rate USD/SGD as at 31/12	1.73	1.85	1.73	1.70	1.63	1.66

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Wed, 15/05/2013 - 17:12

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