Strategic Market Intelligence: Reinsurance in Singapore - Key Trends and Opportunities to 2022

Strategic Market Intelligence: Reinsurance in Singapore - Key Trends and Opportunities to 2022

  • March 2019 •
  • 33 pages •
  • Report ID: 5759636 •
  • Format: PDF
Strategic Market Intelligence: Reinsurance in Singapore - Key Trends and Opportunities to 2022

Summary
On January 1, 2019 new regulations pertaining to General Provisions and Exemptions for Special Purpose Reinsurance Vehicles became effective. Under this regulation, SPRV insurers must have a minimum paid-up share capital of SGD 20,000 (US$14,483), while the assets of insurance fund must not be less than the liabilities, and the capital adequacy requirement of a SPRV must not be less than the SPRV liabilities.

Also, on January 1, 2019, new rules on writing of in-house and non in-house risks, updating the definitions of in-house and non in-house risks, and the treatment of non in-house risks, became effective.The mandatory provisions include the requirement of the authority’s prior approval to write non-in-house risks.

Captive insurers’ parent corporations, with 20% shareholding directly or indirectly in the insured, are exempted from this provision.Captive insurers do not require the stipulated letter if non-in-house risks are written as reinsurance.

The submission of a statement on gross premiums for all non-in-house risks is mandatory.

Key Findings
- Singapore’s reinsurance segment is expected to grow at a forecast-period (2017-2022) CAGR of 8.5%
- The life insurance segment recorded premium ceded of 26.0% of its GWP in 2017. Within general insurance, property reported the highest premium ceded as a percentage of GWP with 65.8% in 2017, followed by marine, aviation and transit and financial lines with 59.5% and 54.5% respectively
- Singapore has a large structured credit and political risk market. Consequently, the cession rates for liability and financial lines improved during the review period (2013-2017)
- Singapore’s reinsurance segment remained competitive in the January 2019 renewals, due to excess capacity
- According to Willis Re, reinsurers followed a proportional pricing strategy across Asia
- Both catastrophe and non-catastrophe exposed property loss free portfolio were renewed at risk-adjusted rates of between -2.5% and -10.0%. For loss making aforementioned accounts, renewals recorded a change of 0% to 2.5%
- Life insurance accounted for 80.0% of the insurance industry GWP in 2017
- The segment is expected to grow at a CAGR of 7.9% over the forecast period
- General insurance segment is expected to grow at a CAGR of 4.9% over the same period, and value SGD10.2 billion (US$8.1 billion) in 2022

The report provides a detailed outlook by product category for the Singaporean reinsurance segment.It provides values for key performance indicators such as premium accepted, premium ceded and cession rates, during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Singaporean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report "Strategic Market Intelligence: Reinsurance in Singapore - Key Trends and Opportunities to 2022", provides the following in-depth Insights -
- Key insights into the dynamics of Singapore’s reinsurance industry
- Comparison of Singapore’s reinsurance segment with regional counterparts, along with premium accepted, premium ceded trends and cession rates
- A comprehensive overview of the Singaporean economy, government initiatives, FDI, country risk, investment opportunities and enterprise structure
- Singapore insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements
- Singapore’s reinsurance industry’s market structure giving details of premium accepted and premium ceded along with cession rates
- Distribution channels deployed by Singapore’s reinsurers
- Details of the competitive landscape, M&A and competitors’ profiles

Companies mentioned: "Singapore Reinsurance Corporation Ltd, Munich Re, Swiss Reinsurance Company Limited, Scor Reinsurance Asia-Pacific Pte Ltd.

Scope
- This report provides a comprehensive analysis of the reinsurance segment in Singapore.
- It provides historical values for the Singaporean reinsurance segment for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key categories in the Singaporean reinsurance segment, and market forecasts to 2022.
- It provides an overview of the various distribution channels for reinsurance products in Singapore.
- It profiles the top reinsurance companies in Singapore, and outlines the key regulations affecting them.

Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to Singapore’s reinsurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Singaporean reinsurance segment.
- Assess the competitive dynamics in the reinsurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Singaporean insurance industry, and their impact on companies and the industry’s future.
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