Life Annuity Insurance Market in Singapore by Distribution Channel and Type - Forecast and Analysis 2022-2026

Published: Feb 2022 Pages: 120 SKU: IRTNTR72345

The life annuity insurance market share in Singapore is expected to increase by USD 570.00 million from 2021 to 2026, at a CAGR of 3.22%.

This life annuity insurance market in Singapore research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers life annuity insurance market in Singapore segmentation by distribution channel (online and offline) and type (life (risk premium), life (coinsurance), accident and health, disability income, and others). The life annuity insurance market in Singapore report also offers information on several market vendors, including 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. among others.

What will the Life Annuity Insurance Market Size in Singapore be During the Forecast Period?

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Life Annuity Insurance Market in Singapore: Key Drivers, Trends, and Challenges

The increasing demand for insurance policies is notably driving the life annuity insurance market growth in Singapore, although factors such as vulnerability toward cybercrime may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the life annuity insurance industry in Singapore. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Life Annuity Insurance Market Driver in Singapore

The increasing demand for insurance policies is one of the key drivers supporting the Singapore life annuity insurance market growth. Purchasing an insurance policy such as life annuity insurance is a key financial decision for customers in the life annuity insurance market in Singapore. A shift in customer demographics has pressurized insurance brokerage firms to strategize actuarial models and effective sales strategies and adopt efficient pricing policies. Currently, insurance brokers focus on insurance policies that provide maximum benefits for customers. The provision of security services and personalized financial services to customers has increased the demand for insurance products. Thus, the high demand for insurance policies during the forecast period is expected to boost the growth of the life annuity insurance market in Singapore.

Key Life Annuity Insurance Market Trend in Singapore

Insurance companies going micro is one of the key life annuity insurance market trends fueling the market growth. Microinsurance is the practice of protecting low-income households or people with low savings. The policy covers death, injury, fire, illness, earthquakes, and other disasters. This low-income insurance is one of the best risk-reduction tools available to a traditionally underserved segment of the population. It meets the needs of a large group, previously overlooked by some insurance companies, and is emerging as an innovative and profitable product. For instance, in 2021, SNACK targeted millennials in Singapore and allowed them to pay small sums for insurance on a daily basis This would allow consumers to pay as little as $0.22 to accumulate term life, critical illness, or personal accident coverage. Such factors will drive market growth during the forecast period.

Key Life Annuity Insurance Market Challenge in Singapore

The vulnerability toward cybercrime is one of the factors hindering the Singapore life annuity insurance market growth. The industry relies more on technology, including processing systems, online data, and electronic communications for the ease of business and management. However, the same advances in technology also make data vulnerable to cybercrime. The incidents of cybercrime include the hacking of computers and in-house software, as well as intrusion into intranet portals. The life annuity insurance market in Singapore can be affected by the misuse of data on devices or the cloud and the selling of clients' confidential information to competitors. Such threats could hamper the Singapore life annuity insurance market market growth during the forecast period.

This life annuity insurance market in Singapore analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the life annuity insurance market in Singapore as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the life annuity insurance market in Singapore during the forecast period.

Who are the Major Life Annuity Insurance Market Vendors in Singapore?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the life annuity insurance market in Singapore encompasses successful business strategies deployed by the key vendors. The life annuity insurance market in Singapore is concentrated and the vendors are deploying growth strategies such as focusing on the quality of the target market infrastructure, political stability and managing operating costs to compete in the market.

Product Insights and News

  • Allianz Group - The company offers life annuity insurance such as fixed index annuities and index variable annuities.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The life annuity insurance market in Singapore forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Life Annuity Insurance Market in Singapore Value Chain Analysis

Our report provides extensive information on the value chain analysis for the life annuity insurance market in Singapore, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the specialized consumer services market includes the following core components:

  • Inputs
  • Operations
  • Marketing and sales
  • Support activities
  • Innovations

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

What are the Revenue-generating Distribution channel Segments in the Life Annuity Insurance Market in Singapore?

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The life annuity insurance market share growth in Singapore by the online segment will be significant during the forecast period. The online segment will help in driving the market's growth. However, the offline segment will also propel market growth. The offline distribution channel includes sales modes such as sales personnel and insurance agencies. Sales personnel are representatives of an insurance company that earns a commission on every policy they sell. They can easily connect with people, build trust in their policies, and insurance companies. Such factors will drive market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the life annuity insurance market in Singapore size and actionable market insights on post COVID-19 impact on each segment.

 

Life Annuity Insurance Market Scope in Singapore

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.

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What are the Key Data Covered in this Life Annuity Insurance Market in Singapore Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive life annuity insurance market growth in Singapore during the next five years
  • Precise estimation of the life annuity insurance market size in Singapore and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the life annuity insurance industry in Singapore 
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of life annuity insurance market vendors in Singapore 

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***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:

  • Offline
  • Online

                                *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        

                               

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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life annuity insurance market in singapore market

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Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

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