Brunei Insurance Market Industry in Key Trends and Opportunities to 2022

GlobalData’s “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 GlobalData’s 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.

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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 economy’s 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.

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Scope

– This report provides a comprehensive analysis of the insurance industry in Brunei.
– It provides historical values for the Bruneian insurance industry for the report’s 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.

Major Companies Mentioned:

National Insurance Company
AIA Brunei
Tokio Marine Insurance Singapore
Standard Insurance
Great Eastern Life Assurance
Tokio Marine Life Insurance
Audley Insurance Company

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