LONDON, Dec. 19, 2016 /PRNewswire/ -- Includes 3 FREE quarterly updates
Singapore's non-life segment is dominated by coverage of commercial risks outside the city state. We remain of the view that the economic headwinds facing the ASEAN region should diminish through 2017 and that non-life premium growth will accelerate. We believe that the life segment will continue to achieve steady growth through the forecast period, thanks to innovation by the insurers in a wealthy country with a structurally high rate of savings.
Latest Updates And Forecasts
- In Q117, we have not changed our projections for life premiums. Premiums should grow steadily through the forecast period thanks to innovation (in terms of product development and distribution) by the insurance companies - in a country where life insurance plays a central role in the organised savings landscape. Nevertheless, the market remains very competitive. Zurich International Life stopped issuing new policies in late 2015. We suspect that other foreign groups will reconsider their commitment to the market through 2016 and 2017.
- We continue to forecast the non-life segment to grow faster than nominal GDP. We expect that 2016 will see sub-par growth in premiums in the non-life segment. The slowdown is, in turn, the result of the deceleration of China's economy and uncertainty over the prospects for energy prices. From 2017, though, offshore property & casualty covers, which account for well over two thirds of all business written by Singapore's non-life segment, should grow by 6-7% annually.
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