Singapore Insurance Market Composition

FIN3119 – RISK AND INSURANCE

GROUP PROJECT REPORT

SINGAPORE'S INSURANCE MARKET – SWOT RESEARCH AND ADVICE

Table of Contents

BUSINESS SUMMARY1

SUMMARY OF THE MARKET3

TYPES OF INSURANCE AND MARKET SHARE4

SWOT RESEARCH OF MARKET4

STRENGTHS4

RELIEVE AND CONVENIENCE4

REGULATORY SYSTEM5

EDUCATED STAFF & Proper Location5

SUPPORT INFRASTRUCTURE5

PERCEPTIVE CAPITAL6

OVERALL ECONOMY OF AGGLOMERATION7

PROFESSIONAL SERVICES7

WEAKNESSES7

VULNERABILITY8

HIGH SET UP COST8

TINY SIZE9

STRICT REGULATIONS10

OPPORTUNITIES10

ASIA MARKET10

REINSURANCE MARKET11

CAPTIVE INSURANCE MARKET12

THREATS12

TAX PROGRAM IN HONG KONG12

LOCATION OF HK MARKET13

NO CORPORATE AND INCOME TAXES IN BERMUDA MARKET13

FINANCIAL CRISIS AND IMPACT ON MARKET14

LEARNING POINTS16

RECOMMENDATIONS16

CONCLUSION19

REFERENCES21

BUSINESS SUMMARY

Singapore is one of the the majority of open economies in the world and the Singapore Federal government has strived to market Singapore as the Asian centre for all businesses. Keeping in accordance with that desire, this record seeks to go over the feasibility of Singapore being the Asian hub for the insurance market and make suggestions to enhance growth of the local insurance market. A SWOT (strengths, weakness, options and threats) analysis within the Singapore insurance business environment was first conducted to determine the current condition of the insurance market, and also growth projections in view of the recent global economic restoration. This record will also measure the competitiveness from the Singapore insurance market on both a regional and global basis, such as cross-referencing to the Hk and Cale?on insurance industry throughout the SWOT analysis. The analysis is summarized as follows: Strengths * Ease and convenience in doing business * Stable politics environment and effective economic regulatory system * Knowledgeable workforce and strong support infrastructure * Intellectual capital and professional services * Ability to leveraging on economic system of conjunction. | Weak point * Large exposure to global events * High labor cost 5. Unable to apply law of enormous numbers (in general insurance) * Rigid regulations| Chances * Growth in attentive markets * Singaporeans under insured suggesting that general insurance market not yet older. | Dangers * Hong Kong and Cale?on pose strong competition because of favorable duty rates. * Hong Kong has better get than Singapore to the big emerging Oriental market| We then talked about lessons discovered from the recent financial crisis in 2008. A number of the important takeaways for the insurance market include the need for better corporate governance to improve buyer confidence as well as the need for advisable risk management to stop exposure to uninsurable risks. Consequently, this report will attempt to provide several tips about the current policies and issues in the Singapore insurance industry, in expect that Singapore will be able to preserve its position because the top insurance market in Asia for many years to come. The suggestions introduced incorporate capitalizing on the strengths with the Singapore marketplace; extending the reach regionally to tap on a bigger market in order to increase direct exposure units; launching attractive duty regime; exploiting the within Internet consumption to provide immediate insurance; working on helping Singaporeans gain recognition about the under insurance trend; enhancing on corporate governance and risk management framework to prevent unfavorable selections; and finally to consider an giving of basic products instead of complicated bundled up products to consumers, enabling reduction in payments.

INTRODUCTION TO THE MARKETPLACE

Singapore is among the most available insurance marketplaces in the world. Also, it is one of the most produced insurance marketplaces in Asia. As for 17th Mar 2000, the market became fully open to overseas insurers and the...

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