Life Annuity Insurance Market Size in Singapore to Grow by USD 570.00 Mn| Increasing demand for insurance policies to boost market growth in Singapore| Technavio – PRNewswire

Life Annuity Insurance Market Size in Singapore to Grow by USD 570.00 Mn| Increasing demand for insurance policies to boost market growth in Singapore| Technavio - PRNewswire

Vendor Landscape

The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.

Allianz Group, AXA Group, Berkshire Hathaway Inc., China Life Insurance (Singapore) Pte. Ltd, China Taiping Insurance Holdings Co. Ltd., Generali Group, HSBC Holdings Plc, Legal and General Group PLC, Munich Reinsurance Co., Prudential Financial Inc. among others are some of the key vendors competing to maintain their market position in the market.

Vendors in the market are focusing on the quality of the target market infrastructure, political stability, and managing operating costs. Several companies are increasingly adopting automated portfolio monitoring, which keeps them updated about the credit flow of their client segment and allows them to take appropriate steps with immediate effect. This helps insurance companies minimize their risks and increase revenues and profits.

View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.

Key Market Segmentation

Segmentation by Distribution Channel: 

Online: 

The online segment will contribute to the market’s expansion. The offline segment, on the other hand, will contribute to market expansion. Sales modes such as sales persons and insurance agencies are part of the offline distribution channel. Salespeople work for an insurance firm and are paid a commission on every policy they sell. They have a simple way of connecting with individuals and establishing trust in their products and insurance companies. 

Offline

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Latest Trends, Driving the Life Annuity Insurance Market in Singapore

Market Driver:

Increasing demand for insurance policies:

Customers in Singapore’s life annuity insurance market must make a major financial decision when purchasing an insurance policy such as life annuity insurance. A shift in consumer demographics has put pressure on insurance brokerage firms to develop actuarial models, sales techniques, and pricing policies that are cost-effective.  Customers’ demand for insurance products has risen as a result of the supply of security and tailored financial services. As a result, the increasing demand for insurance policies in Singapore is likely to promote the growth of the life annuity insurance market throughout the forecast period.

Market Trend:

Insurance companies going micro:

Microinsurance is a type of insurance that protects low-income families or people with little funds. Death, injury, fire, illness, earthquakes, and other natural calamities are all covered under the insurance. This low-income insurance is one of the most effective risk-reduction measures available to a historically disadvantaged demographic. It caters to the needs of a wide group of people who were previously ignored by some insurance firms, and it is quickly gaining traction as an innovative and profitable product. 

Find additional information about various other market drivers & trends mentioned in our FREE sample report.

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Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 3.22%

Market growth 2022-2026

$ 570.00 million

Market structure

Concentrated

YoY growth (%)

3.63

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Allianz Group, AXA Group, Berkshire Hathaway Inc., China Life Insurance (Singapore) Pte. Ltd, China Taiping Insurance Holdings Co. Ltd., Generali Group, HSBC Holdings Plc, Legal and General Group PLC, Munich Reinsurance Co., and Prudential Financial Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents

1. Executive Summary           

              1.1 Market Overview

                                Exhibit 01:  Key Finding 1

                                Exhibit 02:  Key finding 2

                                Exhibit 03:  Key finding 5

                                Exhibit 04:  Key finding 6

                                Exhibit 05:  Key finding 7

2. Market Landscape             

              2.1 Market ecosystem              

                                2.1.1 Parent market

                                Exhibit 06:  Parent market

                                Exhibit 07:  Market characteristics

                2.2 Value chain analysis           

                                Exhibit 08:  Value chain analysis: Specialized Consumer Services

                                2.2.1 Inputs

                                2.2.2 Operations

                                2.2.3 Marketing and sales

                                2.2.4 Support activities

                                2.2.5 Innovations

3. Market Sizing       

              3.1 Market definition

                                Exhibit 09:  Offerings of vendors included in the market definition

                3.2 Market segment analysis 

                                Exhibit 10:  Market segments

                3.3 Market size 2021 

                3.4 Market outlook: Forecast for 2021 – 2026 

                                3.4.1 Estimating growth rates for emerging and high-growth markets

                                3.4.2 Estimating growth rates for mature markets

                                Exhibit 11:  Global – Market size and forecast 2021 – 2026 ($ million)

                                Exhibit 12:  Global market: Year-over-year growth 2021 – 2026 (%)

4. Five Forces Analysis

               4.1 Five Forces Summary        

                                Exhibit 13:  Five forces analysis 2021 & 2026

                4.2 Bargaining power of buyers           

                                Exhibit 14:  Bargaining power of buyers

                4.3 Bargaining power of suppliers       

                                Exhibit 15: Bargaining power of suppliers

                4.4 Threat of new entrants    

                                Exhibit 16:  Threat of new entrants

                4.5 Threat of substitutes         

                                Exhibit 17: Threat of substitutes

                4.6 Threat of rivalry   

                                Exhibit 18: Threat of rivalry

                4.7 Market condition

                                Exhibit 19:  Market condition – Five forces 2021

5. Market Segmentation by Distribution Channel     

             5.1 Market segments 

                                The segments covered in this chapter are:

                                Exhibit 20:  Distribution Channel – Market share 2021-2026 (%)

                5.2 Comparison by Distribution Channel          

                                Exhibit 21:  Comparison by Distribution Channel

                5.3 Offline – Market size and forecast 2021-2026           

                                Exhibit 22:  Offline – Market size and forecast 2021-2026 ($ million)

                                Exhibit 23:  Offline – Year-over-year growth 2021-2026 (%)

                5.4 Online – Market size and forecast 2021-2026            

                                Exhibit 24:  Online – Market size and forecast 2021-2026 ($ million)

                                Exhibit 25:  Online – Year-over-year growth 2021-2026 (%)

                5.5 Market opportunity by Distribution channel            

                                Exhibit 26:  Market opportunity by Distribution channel

6. Market Segmentation by Type     

             6.1 Market segments 

                                The segments covered in this chapter are:

Life (Risk Premium)
Life (Coinsurance)
Accident and health
Disability income
Others

                                Exhibit 27:  Type – Market share 2021-2026 (%)

                6.2 Comparison by Type          

                                Exhibit 28:  Comparison by Type

                6.3 Life (Risk Premium) – Market size and forecast 2021-2026  

                                Exhibit 29:  Life (Risk Premium) – Market size and forecast 2021-2026 ($ million)

                                Exhibit 30:  Life (Risk Premium) – Year-over-year growth 2021-2026 (%)

                6.4 Life (Coinsurance) – Market size and forecast 2021-2026     

                                Exhibit 31:  Life (Coinsurance) – Market size and forecast 2021-2026 ($ million)

                                Exhibit 32:  Life (Coinsurance) – Year-over-year growth 2021-2026 (%)

                6.5 Accident and health – Market size and forecast 2021-2026 

                                Exhibit 33:  Accident and health – Market size and forecast 2021-2026 ($ million)

                                Exhibit 34:  Accident and health – Year-over-year growth 2021-2026 (%)

                6.6 Disability income – Market size and forecast 2021-2026       

                                Exhibit 35:  Disability income – Market size and forecast 2021-2026 ($ million)

                                Exhibit 36:  Disability income – Year-over-year growth 2021-2026 (%)

                6.7 Others – Market size and forecast 2021-2026           

                                Exhibit 37:  Others – Market size and forecast 2021-2026 ($ million)

                                Exhibit 38:  Others – Year-over-year growth 2021-2026 (%)

                6.8 Market opportunity by Type          

                                Exhibit 39:  Market opportunity by Type

7. Customer landscape                         

                             Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                7.1 Overview

                                Exhibit 40:  Customer landscape

8. Drivers, Challenges, and Trends   

             8.1 Market drivers       

                                8.1.1 Increasing demand for insurance policies

                                8.1.2 Increasing government regulations on mandatory insurance coverages

                                8.1.3 Growing hospital insurance programs

                8.2 Market challenges              

                                8.2.1 Vulnerability toward cybercrime

                                8.2.2 Low profitability for Insurers due to low interest rates

                                8.2.3 Insurance subject to government regulations

                                Exhibit 41:  Impact of drivers and challenges

                8.3 Market trends      

                                8.3.1 Insurance companies are going micro

                                8.3.2 Integration of IT and analytic solutions

                                8.3.3 Emergence of digital marketing platform

9. Vendor Landscape             

             9.1 Overview 

                                Exhibit 42:  Vendor landscape

                9.2 Landscape disruption        

                                Exhibit 43:  Landscape disruption

                                Exhibit 44:  Industry risks

                9.3 Competitive landscape     

10. Vendor Analysis

               10.1 Vendors covered             

                                Exhibit 45:  Vendors covered

                10.2 Market positioning of vendors    

                                Exhibit 46: Market positioning of vendors

                10.3 Allianz Group     

                                Exhibit 47:  Allianz Group – Overview

                                Exhibit 48:  Allianz Group – Business segments

                                Exhibit 49:  Allianz Group – Key offerings

                                Exhibit 50:  Allianz Group – Segment focus

                10.4 AXA Group          

                                Exhibit 51:  AXA Group – Overview

                                Exhibit 52:  AXA Group – Business segments

                                Exhibit 53:  AXA Group – Key offerings

                                Exhibit 54:  AXA Group – Segment focus

                10.5 Berkshire Hathaway Inc.

                                Exhibit 55:  Berkshire Hathaway Inc. – Overview

                                Exhibit 56:  Berkshire Hathaway Inc. – Business segments

                                Exhibit 57:  Berkshire Hathaway Inc. – Key offerings

                                Exhibit 58:  Berkshire Hathaway Inc. – Segment focus

                10.6 China Life Insurance (Singapore) Pte. Ltd

                                Exhibit 59:  China Life Insurance (Singapore) Pte. Ltd – Overview

                                Exhibit 60:  China Life Insurance (Singapore) Pte. Ltd – Product and service

                                Exhibit 61:  China Life Insurance (Singapore) Pte. Ltd – Key offerings

                10.7 China Taiping Insurance Holdings Co. Ltd.              

                                Exhibit 62:  China Taiping Insurance Holdings Co. Ltd. – Overview

                                Exhibit 63:  China Taiping Insurance Holdings Co. Ltd. – Business segments

                                Exhibit 64:  China Taiping Insurance Holdings Co. Ltd. – Key offerings

                                Exhibit 65:  China Taiping Insurance Holdings Co. Ltd. – Segment focus

                10.8 Generali Group  

                                Exhibit 66:  Generali Group – Overview

                                Exhibit 67:  Generali Group – Business segments

                                Exhibit 68:  Generali Group – Key offerings

                                Exhibit 69:  Generali Group – Segment focus

                10.9 HSBC Holdings Plc             

                                Exhibit 70:  HSBC Holdings Plc – Overview

                                Exhibit 71:  HSBC Holdings Plc – Business segments

                                Exhibit 72:  HSBC Holdings Plc – Key offerings

                                Exhibit 73:  HSBC Holdings Plc – Segment focus

                10.10 Legal and General Group PLC    

                                Exhibit 74:  Legal and General Group PLC – Overview

                                Exhibit 75:  Legal and General Group PLC – Business segments

                                Exhibit 76:  Legal and General Group PLC – Key offerings

                                Exhibit 77:  Legal and General Group PLC – Segment focus

                10.11 Munich Reinsurance Co.             

                                Exhibit 78:  Munich Reinsurance Co. – Overview

                                Exhibit 79:  Munich Reinsurance Co. – Business segments

                                Exhibit 80:  Munich Reinsurance Co. – Key offerings

                                Exhibit 81:  Munich Reinsurance Co. – Segment focus

                10.12 Prudential Financial Inc.              

                                Exhibit 82:  Prudential Financial Inc. – Overview

                                Exhibit 83:  Prudential Financial Inc. – Business segments

                                Exhibit 84:  Prudential Financial Inc. – Key offerings

                                Exhibit 85:  Prudential Financial Inc. – Segment focus

11. Appendix            

                11.1 Scope of the report        

                                11.1.1 Market definition

                                11.1.2 Objectives

                                11.1.3 Notes and caveats

                11.2 Currency conversion rates for US$            

                                Exhibit 86:  Currency conversion rates for US$

                11.3 Research Methodology 

                                Exhibit 87:  Research Methodology

                                Exhibit 88:  Validation techniques employed for market sizing

                                Exhibit 89:  Information sources

                11.4 List of abbreviations        

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