Page 34 - AEC Digital Edition

ASEAN MARKET REPORTS

Singapore

General Information

Land Area 687 sq km.
Climate Tropical; hot, humid, rainy; two distinct monsoon seasons - Northeastern monsoon (December to March) and
Southwestern monsoon (June to September); inter-monsoon - frequent afternoon and early evening thunderstorms.
Form of Government Parliamentary republic.
Chief of State President Tony TAN Keng Yam.
Head of Government Prime Minister LEE Hsien Loong.
Population (July 2015 est) 5,674,472.
Population Growth Rate (2015 est) 1.89%.
Ethnic Composition (2013 est) Chinese 74.2%, Malay 13.3%, Indian 9.2%, other 3.3%.
Religious Affiliation (2010 est) Buddhist 33.9%, Muslim 14.3%, Taoist 11.3%, Catholic 7.1%, Hindu 5.2%, other Christian
11%, other 0.7%, none 16.4%.
Birth Rate (2015 est) per 1,000 population 8.27 births.
Death Rate (2015 est) per 1,000 population 3.43 deaths.
Infant mortality rate (2015 est) per 1,000 live births 2.48 deaths.
Life Expectancy at Birth (2015 est) Male 82.06 years; Female 87.5 years.

Economy

Monetary Unit SGD1 (Singapore dollar) = 100 cents.
Exchange Rate (10 Sep 2015) US$1 = SGD1.42124 (Singapore dollars).
GDP purchasing power parity (2014 est) US$445.2 billion.
GDP per capita (2014 est) US$82,800.

Insurance market structure

Number of registered insurers

2012 2013 2014 Non-life insurance
50 38 38
General insurers 19 19 21 Non-life – Statistics (onshore business only)
Life insurers 28 29 29
Professional reinsurers 97 86 88 (US$ mln & %) 2012 2013 2014
Total 2,704
Gross written premium 2,547 2,625 2,118
76.3%
Net claims incurred 1,892 1,859 47.0%

Life insurance Retention ratio 76.8% 76.7% 309
7,370
Life – Individual new business premiums Incurred loss ratio 51.0% 42.0%

(US$ mln) 2012 2013 2014 Underwriting results 243 260
Annual premiums 1,547 1,922 1,652
Single premiums 4,747 5,605 6,456 Total assets 6,635 7,016
Total 6,294 7,527 8,108
Annuities Non-life – Gross written premiums
139 20 22
Net written premiums (US$ mln) 2,750
Gross written premiums (US$ mln)
2,700

Life – Net written premiums 2, 650

9,000

8,000 2,600 Total
7,000 2014
6,000 2,550
5,000
5,604 6,455 2,500
4,000 2,450
3,000 4,746

2012 2013

2,000 1,547 1,921 1,652 Single premiums
1,000 Annual premiums

2012 2013 2014 Sources: 2015 ASEAN Insurance Statistical Report;
Monetary Authority of Singapore

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