Singapore Insurance, Companies & Insurance Quote

Singapore insurance is concerned primarily about the alleviation of risk for an exchange of cash premium. The insurance in Singapore deals with damage to life or property and other losses for a definite cause.

The statistics reveal that life insurance dominates the sector of insurance in Singapore and this was apparent in the escalation of 11.8% insurance premium in the first quarter of the financial year 2005.

Market status

The insurance industry revealed 28% sales increase in the initial six months of 2010 accounting to $671 million business premiums and this was up referring to 2009 that had $524 million. Regular premiums accounted $518 million, representing 26 % growth for the same period earlier year, in 2009.

The sales of single premium elevated to $2.09 billion in the initial half year of 2010, representing 36 % improvement for the same period earlier year, 2009.

Health insurance in 2010 for first six months rose by 10% in comparison to the same period last year reaching to $77 million. 2010 June end revealed the life insurance paid out total to policy holders as $1.85 billion, out of which $210 million was for critical illness, death or disability and the balance $1.64 billion was on matured policies.

The 2010 second quarter death benefit payout accounted to $44,514 and the sum insured for single premium and regular premium policies accounted to $53,308 and $53,535.

Major Providers

Another prevalent concept of Singapore insurance is that it assists a potential buyer to lease an apartment and is covered under insurance until he pays premium.

There are eminent companies that are the best insurance providers in Singapore namely, Pacific Prime Insurance Brokers Company, General Insurers, Mitsui Sumitomo Insurance Private Ltd, SHC Capital Limited, Royal and Sun Alliance Insurance Ltd, Allianz Insurance Company of Singapore, Ace Insurance Ltd, Singapore Aviation and General insurance company private limited.

The Singapore financial market growth has developed and the total assets in 2003 of the insurance industry reached $77,406.4 million. However, the regulatory authority with respect to the insurance in Singapore is the Insurance Supervision Division.

The major leading insurance companies here are AIA insurance, Aviva Insurance, AXA life Singapore, Great Eastern Life insurance, Manu Life Insurance and HSBC insurance. Insurance providers in Singapore also include non-life insurance companies such as American Home Insurance, India International Insurance, and AXA Singapore insurance, Aviva Insurance, Mitsui Sumitomo Insurance and AIA Insurance.