‘Commercial Non-Life Insurance Brokers in Singapore’ plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in Singapore. This report first provides unique data for the size, segmentation and growth of the Singaporean commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of around 60 broking entities in total, it ranks the leading 15 brokers in Singapore according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.
This report provides unique data in the following areas:
- the value of commercial non-life insurance markets for 2010 to 2014;
- the share of this market distributed by brokers in 2010 and 2014;
- the revenues generated by commercial non-life insurance business for brokers in 2010 and 2014;
- the concentration of the market for commercial non-life insurance broking in 2014;
- forecasts for 2018 for the value of commercial non-life insurance premiums, brokers' share of this market and their revenues from commercial non-life insurance business.
Moreover, the report, BrokerBASE™ and market data file can be used in one or more of the following ways:
- to quantify the size and dynamism of the broker market for commercial non-life insurance in Singapore;
- to utilise a single comprehensive source of information that uses a uniform methodology to size the underlying commercial non-life insurance market and to quantify brokers' share of distribution;
- to assess a range of potential business opportunities: from selecting targets for acquisition to niche product development and ideas for distribution partnerships;
- to understand the competitive landscape in Singapore through its market concentration, the importance of international brokers, and brokers' distribution strategies;
- to identify the leading brokers in Indonesia, with coverage of competitors such as Aon, JLT, L.C.H., Marsh and Willis.
Table of Contents
0.0 EXECUTIVE SUMMARY
- What is this report about?
- The focus is uniquely on commercial non-life insurance, excluding other types of business...
- ...and on brokerage, even where intermediaries can act as both agents and brokers.
- Research program
- Market data analysis
- Exchange rate
2.0 MARKET ANALYSIS
- Regulatory information
- The minimum share capital requirement for setting up a brokerage depends on the type of activity
- There are no restrictions on the foreign ownership of insurance brokerages in Singapore
- Commercial non-life insurance market
- Commercial liability insurance is the largest segment within the Singaporean commercial lines market...
- ... and is also the most rapidly growing
- Commercial non-life insurance brokers
- Overview of brokers' presence in the distribution of commercial non-life insurance
- Brokers have consolidated their position as the dominant distribution channel for commercial lines
- Competitor trends and specialisms
- The commercial lines broking market is characterised by a fairly high degree of concentration...
- ... with the top three firms controlling more than 60% of commercial lines broking revenues
- L.C.H. is the largest indigenous brokerage in Singapore's commercial lines broking market
- Honan Insurance Group has bolstered its position by acquiring MACS Insurance Brokers
- Among the top 15, Texel Asia obtains the highest proportion of total revenues from commercial lines...
- ... and Pan Resources the least due to its primary focus on employee benefits
- Brokers' distribution strategies
- L.C.H. is particularly strong as a provider of marine insurance to shipping industry clients
- Four of the top 15 commercial non-life brokers are members of international networks
- Future outlook
- The value of Singapore's commercial lines broking market will edge up further between 2014 and 2018
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
- Key market data for commercial non-life insurance brokers in Singapore
2.0 MARKET ANALYSIS
- Segmentation of the commercial non-life insurance market in Singapore, 2014
- Growth in the commercial non-life insurance market in Singapore by segment, 2010 to 2014
- Size and growth of the commercial non-life insurance market in Singapore by segment, 2010 to 2014 (table)
- Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014
- Brokers' share of the commercial non-life insurance market and revenues earned from it in Singapore, 2010 and 2014 (table)
- Market concentration for commercial non-life insurance broking in Singapore, 2014
- Market shares of commercial non-life insurance broking revenues of the top ten brokers in Singapore, 2014
- Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in Singapore
- Partners of broker networks in Singapore, 2014
- Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018
- Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Singapore, 2018 (table)