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The Insurance Industry in Brunei, Key Trends and Opportunities to 2022

Published By :

GlobalData

Published Date : Jun 2018

Category :

Banking

No. of Pages : 106 Pages

The Insurance Industry in Brunei, Key Trends and Opportunities to 2022

Summary

GlobalDatas "The Insurance Industry in Brunei, Key Trends and Opportunities to 2022", report provides a detailed analysis of the market trends, drivers and challenges in the Bruneian insurance industry.

It provides key performance indicators such as written premium and claims during the review (2013-2017) and forecast periods (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bruneian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, as well as recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Bruneian insurance industry, including -
- The industry's growth prospects by segment and category
- A comprehensive overview of the Bruneian economy and demographics
- Details of the competitive landscape in the industry
- The various distribution channels in the industry
- Details of regulatory policies applicable to the industry
- Analysis of natural hazards in the industry

Key Highlights

- The Bruneian economys decline bottomed out since 2013. The real GDP grew by 0.6% in 2017, and is expected to grow by 1.0% in 2018 and 7.0% in 2019.
- The Bruneian insurance industry is small and highly competitive, which resulted in consolidation, with the number of insurers declining from 21 in 2006 to 13 in 2017.
- In January 2018, the Monetary Authority of Brunei Darussalam (AMBD) implemented the new international financial reporting standard (IFRS) 9 reporting standards, which will improve transparency, but can increase insurers operating costs in the short term.
- Effective from October 2017, AMBD issued a notice which requires insurers to submit a product highlight sheet for investment linked life insurance products.
- Effective January 2018, the AMBD issued a notice to all financial institutions regarding requirements for the early detection of cyber intrusion and reporting of the incident.
- On December 31, 2015, the Association of Southeast Asian Nations (ASEAN) member countries (AMC) entered into an agreement to form the ASEAN economic community (AEC), with the objective of economic integration forming a single market, and allowing the free flow of services.

Scope

- This report provides a comprehensive analysis of the insurance industry in Brunei.
- It provides historical values for the Bruneian insurance industry for the reports 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Bruneian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Brunei.
- It profiles the top insurance companies in Brunei, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Bruneian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Bruneian insurance industry.
- Assess the competitive dynamics in the Bruneian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Bruneian insurance industry and their impact on companies and the industry's future.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 11
4 INDUSTRY OUTLOOK 18
4.1 Industry Indicators 18
4.1.1 Gross written premium 20
4.1.2 Insurance density 21
4.1.3 Gross claims 22
5 LIFE INSURANCE OUTLOOK 23
5.1 Segment Indicators 25
5.1.1 Gross written premium 25
5.1.2 Gross claims 26
5.1.3 Penetration 27
5.1.4 Assets 28
6 GENERAL INSURANCE OUTLOOK 29
6.1 Segment Indicators 32
6.1.1 Gross written premium 32
6.1.2 Gross claims 33
6.1.3 Penetration 34
6.1.4 Loss ratio 35
6.1.5 Assets 36
6.2 Property Insurance 37
6.2.1 Gross written premium 37
6.2.2 Penetration 38
6.3 Motor Insurance 39
6.3.1 Gross written premium 39
6.3.2 Penetration 40
6.4 Liability Insurance 41
6.4.1 Gross written premium 41
6.4.2 Penetration 42
6.5 Marine, Aviation and Transit Insurance 43
6.5.1 Gross written premium 43
6.5.2 Penetration 44
6.6 Miscellaneous 45
6.6.1 Gross written premium 45
6.6.2 Penetration 46
7 REINSURANCE OUTLOOK 47
8 DISTRIBUTION CHANNEL OUTLOOK 48
9 NATURAL AND MAN-MADE HAZARDS 50
9.1 Flooding 50
9.2 Exposure 50
10 COMPETITIVE LANDSCAPE 51
10.1 Company Profiles 53
10.1.1 National Insurance Company Bhd - company overview 53
10.1.2 AIA Brunei - company overview 53
10.1.3 Tokio Marine Insurance Singapore Ltd - company overview 54
10.1.4 Standard Insurance SdnBhd - company overview 54
10.1.5 Great Eastern Life Assurance Co Ltd - company overview 55
11 GOVERNANCE, RISK AND COMPLIANCE 56
11.1 Legislation Overview and Historical Evolution 57
11.2 Latest Changes in Regulation 58
11.3 Legislation and Market Practice by Type of Insurance 63
11.3.1 Life insurance 63
11.3.2 Property insurance 65
11.3.3 Motor insurance 66
11.3.4 Liability insurance 67
11.3.5 Marine, aviation and transit insurance 68
11.3.6 Personal accident and health insurance 69
11.4 Compulsory Insurance 70
11.4.1 Motor third-party liability insurance 70
11.4.2 Merchant Shipping (Civil Liability and Compensation for Oil Pollution) 71
11.4.3 Workmens compensation insurance 72
11.4.4 Professional indemnity insurance for insurance brokers 75
11.5 Supervision and Control 76
11.5.1 International Association of Insurance Supervisors 76
11.5.2 Monetary Authority of Brunei Darussalam 77
11.6 Non-Admitted Insurance Regulations 78
11.6.1 Overview 78
11.6.2 Intermediaries 78
11.6.3 Market practices 78
11.6.4 Fines and Penalties 79
11.7 Company Registration and Operations 80
11.7.1 Type of insurance organization 81
11.7.2 Establishing a local company 81
11.7.3 Foreign ownership 81
11.7.4 Types of license 82
11.7.5 Capital requirements 82
11.7.6 Solvency margin 83
11.7.7 Reserve requirements 84
11.7.8 Investment regulations 84
11.7.9 Statutory return requirements 85
11.7.10 Fee structure 87
11.8 Taxation 89
11.8.1 Insurance premium or policy taxation 89
11.8.2 Withholding taxes on premium paid overseas 89
11.8.3 Corporate tax 89
11.8.4 VAT 90
11.8.5 Captives 90
11.9 Legal System 91
11.9.1 Introduction 91
11.9.2 Access to court 91
11.9.3 Alternative dispute resolution 92
12 DATABOOK 93
12.1 Life Insurance 93
12.1.1 Policies and premium 93
12.1.2 Claims and expenses 93
12.1.3 Assets and investments 94
12.2 General Insurance 95
12.2.1 Policies and premium 95
12.2.2 Claims and expenses 95
12.2.3 Assets and investments 96
12.2.4 Property insurance 96
12.2.5 Property insurance by category 97
12.2.6 Motor insurance 97
12.2.7 Liability insurance 98
12.2.8 Marine, aviation and transit insurance 98
12.2.9 Miscellaneous 99
13 DEFINITIONS AND METHODOLOGY 100
13.1 Definitions 100
13.2 Methodology 102
14 ABOUT GLOBALDATA 104
14.1 Contact GlobalData 104
14.2 About GlobalData 104
14.3 GlobalDatas Services 105
14.4 Disclaimer 106

List of Tables
Table1: Bruneian Insurance Industry - Key Facts, 2017 2
Table2: Bruneian Insurance Industry -Leading Insurers, 2017 2
Table 3: Bruneian Insurance Industry - Gross Written Premium (BND Million and US$ Million), 2013-2017 20
Table 4: Bruneian Insurance Industry - Gross Written Premium (BND Million and US$ Million), 2017-2022 20
Table 5: Bruneian Insurance Industry - Density (BND), 2013-2017 21
Table 6: Bruneian Insurance Industry - Density (BND), 2017-2022 21
Table 7: Bruneian Insurance Industry - Gross Claims (BND Million and US$ Million), 2013-2017 22
Table 8: Bruneian Insurance Industry - Gross Claims (BND Million and US$ Million), 2017-2022 22
Table 9: Bruneian Life Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 25
Table 10: Bruneian Life Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 25
Table 11: Bruneian Life Insurance - Gross Claims (BND Million and US$ Million), 2013-2017 26
Table 12: Bruneian Life Insurance - Gross Claims (BND Million and US$ Million), 2017-2022 26
Table 13: Bruneian Life Insurance - Total Assets (BND Million and US$ Million), 2013-2017 28
Table 14: Bruneian Life Insurance - Total Assets (BND Billion and US$ Million), 2017-2022 28
Table 15: Bruneian General Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 32
Table 16: Bruneian General Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 32
Table 17: Bruneian General Insurance - Gross Claims (BND Million and US$ Million), 2013-2017 33
Table 18: Bruneian General Insurance - Gross Claims (BND Million and US$ Million), 2017-2022 33
Table 19: Bruneian General Insurance - Total Assets (BND Million and US$ Million), 2013-2017 36
Table 20: Bruneian General Insurance - Total Assets (BND Million and US$ Million), 2017-2022 36
Table21: Bruneian Property Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 37
Table22: Bruneian Property Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 37
Table23: Bruneian Motor Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 39
Table24: Bruneian Motor Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 39
Table25: Bruneian Liability Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 41
Table26: Bruneian Liability Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 41
Table27: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million and US$ Million), 2013-2017 43
Table28: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million and US$ Million), 2017-2022 43
Table 29: Bruneian Miscellaneous- Gross Written Premium (BND Million and US$ Million), 2013-2017 45
Table 30: Bruneian Miscellaneous- Gross Written Premium (BND Million and US$ Million), 2017-2022 45
Table 31: Bruneian Insurance Industry -Leading Insurers, 2017 52
Table 32: National Insurance Company - Key Facts 53
Table 33: AIA Brunei - Key Facts 53
Table 34: Tokio Marine Insurance Singapore - Key Facts 54
Table 35: Standard Insurance- Key Facts 54
Table 36: Great Eastern Life Assurance - Key Facts 55
Table 37: Brunei - Insurance Regulatory Framework Key Features 56
Table 38: Brunei - Intermediary Remuneration for Non-Life Insurance Business 59
Table 39: Brunei - Life Insurance Regulatory Framework 63
Table 40: Brunei - Property Insurance Regulatory Framework 65
Table 41: Brunei - Motor Insurance Regulatory Framework 66
Table 42: Brunei - Liability Insurance Regulatory Framework 67
Table 43: Brunei - Stamp Duty on Insurance Policies 89
Table 44: Brunei - Corporate Tax Rates for the Financial Year 2018 90
Table45: Bruneian Life Insurance - Policies and Premium, 2013-2017 93
Table46: Bruneian Life Insurance - Policies and Premium, 2017-2022 93
Table47: Bruneian Life Insurance - Claims and Expenses, 2013-2017 93
Table48: Bruneian Life Insurance - Claims and Expenses, 2017-2022 93
Table49: Bruneian Life Insurance - Assets and Investments, 2013-2017 94
Table50: Bruneian Life Insurance - Assets and Investments, 2017-2022 94
Table51: BruneianGeneral Insurance - Policies and Premium, 2013-2017 95
Table52: BruneianGeneral Insurance - Policies and Premium, 2017-2022 95
Table53: BruneianGeneral Insurance - Claims and Expenses, 2013-2017 95
Table54: BruneianGeneral Insurance - Claims and Expenses, 2017-2022 95
Table55: BruneianGeneral Insurance - Assets and Investments, 2013-2017 96
Table56: BruneianGeneral Insurance - Assets and Investments, 2017-2022 96
Table57: BruneianGeneral Insurance - Property Insurance, 2013-2017 96
Table58: BruneianGeneral Insurance - Property Insurance, 2017-2022 96
Table59: BruneianGeneral Insurance - Property Insurance by Category, 2013-2017 97
Table60: BruneianGeneral Insurance - Property Insurance by Category, 2017-2022 97
Table61: BruneianGeneral Insurance - Motor Insurance, 2013-2017 97
Table62: BruneianGeneral Insurance - Motor Insurance, 2017-2022 97
Table63: BruneianGeneral Insurance - Liability Insurance, 2013-2017 98
Table64: BruneianGeneral Insurance - Liability Insurance, 2017-2022 98
Table65: BruneianGeneral Insurance - Marine, Aviation and Transit Insurance, 2013-2017 98
Table66: BruneianGeneral Insurance - Marine, Aviation and Transit Insurance, 2017-2022 98
Table 67: Bruneian General Insurance - Miscellaneous, 2013-2017 99
Table 68: Bruneian General Insurance - Miscellaneous, 2017-2022 99
Table69: Insurance Industry Definitions 100

List of Figures
Figure 1: Bruneian Real GDP (BND Billion), 2013-2022 12
Figure 2: Bruneian Exchange Rate (BND per US$), 2013-2022 13
Figure 3: Bruneian Consumer Price Inflation (%), 2013-2022 14
Figure 4: Bruneian Current Account Balance as Percentage of GDP (%), 2013-2022 15
Figure 5: Bruneian Unemployment Rate, 2013-2022 16
Figure 6: Bruneian Population by Age Group, 2013-2022 17
Figure 7: Bruneian Insurance Industry - Conventional and Takaful Premium Collections, 2013-2017 19
Figure 8: Bruneian Insurance Industry - Gross Written Premium (BND Million), 2013-2022 20
Figure 9: Bruneian Insurance Industry - Density (BND), 2013-2022 21
Figure 10: Bruneian Insurance Industry - Gross Claims (BND Million), 2013-2022 22
Figure 11: Bruneian Life Insurance - Gross Written Premium (BND Million), 2013-2022 25
Figure 12: Bruneian Life Insurance - Gross Claims (BND Million), 2013-2022 26
Figure 13: Bruneian Life Insurance - Penetration (%), 2013-2017 27
Figure 14: Bruneian Life Insurance - Penetration (%), 2017-2022 27
Figure 15: Bruneian Life Insurance - Total Assets (BND Billion), 2013-2022 28
Figure 16: Bruneian Total Vehicle Registrations, 2013-2017 30
Figure 17: Bruneian General Insurance - Gross Written Premium (BND Million), 2013-2022 32
Figure 18: Bruneian General Insurance - Gross Claims (BND Million), 2013-2022 33
Figure 19: Bruneian General Insurance - Penetration (%), 2013-2017 34
Figure 20: Bruneian General Insurance - Penetration (%), 2017-2022 34
Figure 21: Bruneian General Insurance - Loss Ratio (%), 2013-2017 35
Figure 22: Bruneian General Insurance - Loss Ratio (%), 2017-2022 35
Figure 23: Bruneian General Insurance - Total Assets (BND Million), 2013-2022 36
Figure 24: Bruneian Property Insurance - Gross Written Premium (BND Million), 2013-2022 37
Figure 25: Bruneian Property Insurance - Penetration (%), 2013-2017 38
Figure 26: Bruneian Property Insurance - Penetration (%), 2017-2022 38
Figure 27: Bruneian Motor Insurance - Gross Written Premium (BND Million), 2013-2022 39
Figure 28: Bruneian Motor Insurance - Penetration (%), 2013-2017 40
Figure 29: Bruneian Motor Insurance - Penetration (%), 2017-2022 40
Figure 30: Bruneian Liability Insurance - Gross Written Premium (BND Million), 2013-2022 41
Figure 31: Bruneian Liability Insurance - Penetration (%), 2013-2017 42
Figure 32: Bruneian Liability Insurance - Penetration (%), 2017-2022 42
Figure 33: Bruneian Marine, Aviation and Transit Insurance - Gross Written Premium (BND Million), 2013-2022 43
Figure 34: Bruneian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017 44
Figure 35: Bruneian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022 44
Figure 36: Bruneian Miscellaneous - Gross Written Premium (BND Million), 2013-2022 45
Figure 37: Bruneian Miscellaneous - Penetration (%), 2013-2017 46
Figure 38: Bruneian Miscellaneous - Penetration (%), 2017-2022 46
Figure 39: Brunei - Insurance Supervision and Control at Various Levels 76
Figure 40: Brunei - Insurance Regulatory Frameworks for Company Registration and Operation 80

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