The Non Life Insurance Market in Singapore experiences a slow growth: Ken Research
Singapore has a GDP of USD 307.872 bn and is ranked 36th in the world (The World Bank statistics). The industry sector occupies 25% of the GDP while the service sector has 75%. The inflation rate and unemployment level is low and stable. Its corporate tax rate is at 17%, the lowest in the Asia- pacific region. It was the first Asian nation accreted with the AAA rating. The strength of this economy lies in its stable political and sound economic system. The nation is known for its excellent business environment and banking sector. Singapore has emerged as a high income country that is major trading regional and global hub for financial and trading services. Thus, this nation has become one of the very few nation ,which has current account surplus, ample foreign reserves and very low public external debt. However, on the other hand Singapore is highly dependent on exports, has a quite volatile.
The nation has a multiracial and multicultural population but is dominated by people of Chinese ethnicity. The fertility rate is quite low, around 1.25 and has been a concern for the government. The literacy rate ( 97%) is one of the highest in the world and the unemployment rate is low. The average life expectancy is approximately 83 years . The per capita income at USD 52,000 in terms of PPP is the third highest in the worlde economic growth, paucity of highly skilled professionals and very high old age dependency ratio.
Singapore has the most open insurance sector in the world and is fully open to foreign insurers. The MAS (monetary authority of Singapore) regulate the insurance market. This industry is currently in its boom phase as the investment and returns have been growing leaps and bounds. The introduction of FAIR ( Financial Advisory Industry Review) which has brought more transparency in production and sales. The MAS has also recommended direct purchasing of the insurance product to combat rising operating cost and help to attract and retain talent.
This move has drawn some flak from people citing that the nation is not ready for such a thing as yet but many insurance companies has supported this thought. Insurers can carry their business in Singapore as licensed insurers or foreign insurers. Licensed insurers can carry on direct life and/or general business, life and/or general reinsurance business or captive insurance. Foreign insurers operate in Singapore under a foreign insurer scheme established under Part IIA of the act There are two foreign insurer designs- The Lloyd's Scheme and the Lloyd’s Asia Scheme.
The general insurance business covers a wide range of risks such as fire, marine and aviation, motor, workmen's compensation and public liability. For the last fiscal year , the market grew by marginally and the profits fell slightly. This market is dominated by the motor insurance sector. The major motor insurance providers are Aviva and DirectAsia.com . There are many companies in this sector but is dominated by the Americans.
For more coverage click on the link below
Ankur Gupta, Head Marketing & Communications
Ken Research is a Global aggregator and publisher of Market intelligence research reports, equity reports, data base directories and economy reports. Our market research reports provides market sizing analysis, insights on promising industry segments, competition, future outlook and growth drivers in the space. The company is engaged in data analytics and aids clients in due-diligence, product expansion, plant setup, acquisition intelligence to all the other gamut of objectives through our research focus.
27A, TOWER B-2, SPAZE I TECH BUSINESS PARK, SOHNA ROAD, SECTOR 49
GURGAON, HARYANA - 122001, INDIA
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release The Non Life Insurance Market in Singapore experiences a slow growth: Ken Research here
News-ID: 428195 • Views: …
More Releases from NewsPR
Why you should opt for a Term Insurance Plan at a Young Age
With the rate at which the global health index is shaping nowadays, no one really knows what and when can affect your health. Along with health problems, road accidents are also becoming a common issue now, many times leading to death. Therefore, irrespective of your gender, it is essential to make sure that your family's financial future is safe and secure in your absence. And the best way of doing
How we assist in Education in Rural India
Dhinendra Lohmor heads the education event organized by the NewsPR for raising awareness in Rural Area near Delhi NewsPR organized an event in the rural areas near Delhi to raise awareness among the people regarding the education; especially the modern counterparts of the same. The event was headed by Mr. Dhinendra Lohmor who is a corporate banker and has a strong experience in the field of banking, finance and is also
Chain brands to lead growth in Luxury Jewellery Market in Germany: Ken Research
There was a 2% growth in sales of luxury jewellery in Germany, in 2016. As the interest on cash saving is low, people of Germany tend to buy luxury jewellery with the objective of investment. This type of investment was seen very popular in Germany and it became a factor of increase in growth of luxury jewellery. Germany showed a growth in costume jewellery and fine jewellery alike. Premium and
Blood Glucose Device Market & Forecast (Smbg) (Test Strips, Lancet, Meter)-World …
Self-Monitoring Blood Glucose (SMBG) Device Market is expected to cross over US$ 16 Billion by 2020 as incidence of diabetes is increasing dramatically. It is estimated that 642 Million people will develop the disease by 2040. This is putting pressure on governments and social institutions to take necessary steps to keep the disease in check and avoid complications in order to ensure that diabetic impact is kept to a minimum.
More Releases for Singapore
Magento development company singapore
Suria International, a leading Magento web development company An online shop is the need of the hour in the age of eCommerce and mCommerce. Advancing technology has introduced several platforms to build feature-rich online stores, but Magento has remained a preferred choice of many online retailers for years. High scalability, broad system support, and result-oriented adaptability have made Magento eCommerce development popular worldwide. Magento, with its three variants- Magento Community Edition, Magento
Digital banking in Singapore
What will be the impact of digital banks in Singapore? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times – Singapore. More and more countries worldwide are issuing full bank licenses to digital-only banks. The competition from digital banks is being seen as a favorable development for the consumer. Digital banks with fewer physical branches and Automated Teller Machines to maintain could incur lower costs
Peoplewave selected for Startup Station Singapore by Facebook and IMDA Singapore
20 February 2019, Singapore – Peoplewave, Asia’s leading data-driven HR technology company, has been selected to participate in Startup Station Singapore 2019. Startup Station Singapore is a partnership between Facebook and the Infocomm Media Development Authority (IMDA) Singapore. Kicking off in February 2019, this programme will empower data-driven startups to accelerate their businesses in new and cutting-edge ways, while continuing to keep peoples’ trust, transparency and control over their data at
Baby Food Sector in Singapore Global Report 2018: Top Key Players - Abbott Labor …
The Baby Food Sector in Singapore, 2018", is an analytical report by GlobalData which provides extensive and highly detailed current and future market trends in the Singapore market. The development of the baby food sector in Singapore goes beyond the realms of disposable income and is more often dependent on attitudes to industrially prepared foods in general, the desire for convenient alternatives, and the employment status of women. Baby food manufacturers
ITIL Singapore Certification Training at Vinsys. Get ITIL Training with EXIN & PeopleCert Accredited ITIL Certification Training with IT Tactic of Business Vision ITIL Singapore. ITIL Foundation Singapore is the most widely recognized entrance-level ITIL certification for IT professionals. IT departments need qualified specialists who can carry effective IT services. This ITIL Singapore training will show you the ITIL Singapore services lifecycle, how lifecycle steps are linked, processes elaborate, and finest
Hosiery in Singapore
Orbis Research delivers key insights on the Hosiery market in a new report titled “Hosiery in Singapore” In this report, Orbis Research sheds light on the various factors and trends impacting market growth over the forecast period. Hosiery in Singapore is an accessory, not a daily necessity, due to the hot and humid climate. Therefore its growth largely depends on fashion trends, particularly men’s desire to accessorise with the colourful addition