Insurance in Singapore: Market and IT Overview

by KyongSun Kong, October 1, 2014
Industry Trends
Asia-Pacific

Abstract

Singapore’s insurance market is mature and limited due to the narrow land and small population, but is expected to continue to grow steadily for years due to continuous immigration inflow and an increase in its insurance penetration rate. 

In the report Insurance in Singapore: Market and IT overview, Celent looks at insurance business trends and estimates spending on IT systems.

Celent estimates that IT spending in the Singaporean insurance market will reach US$210 million in 2015, representing a CAGR of 4.7% from 2010 to 2015.

“With new requirements such as the upgrade of CRM and the enhancement of online insurance, Singapore has a number of opportunities for both insurers and IT vendors,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services Group. “The market, however, is limited, so insurers and vendors should take a strategic approach.”

This report also includes recommendations for financial institutions and vendors that are considering expanding their business in the Singaporean insurance market.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Singapore Economy

2

Market Overview

3

Life Insurance Business

5

 

Market Size

5

 

Market Concentration

5

 

Lines of Business

6

 

Distribution Channels

7

P&C Insurance Business

8

 

Market Size

8

 

Market Concentration

8

 

Lines of Business

9

 

Distribution Channels

10

Regulatory Updates

11

IT Trends

12

Conclusion

15

 

For Insurers

15

 

For Vendors

15

Leveraging Celent’s Expertise

16

 

Support for Financial Institutions

16

 

Support for Vendors

16

Related Celent Research

17

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