An overview of business insurance in Singapore.

Abstract

This project was undertaken to analyze the business insurance market in Singapore. From the analysis, we hope to gain an understanding of business insurance as this is growing market. In addition, this project aims to enable the readers to appreciate this particular facet of life insurance - Business Insurance.

It is often mistaken to be a class of insurance product like motor or marine. However, business insurance is nothing more than applying life insurance concepts to solve business problems that arise when its owner, key personnel or employees die or is disabled. Thus, this report also strives to clear this common misunderstanding.

Essentially, the project identifies three different business structures and illustrates with case studies of how life insurance can be applied. There is also a section which collates the views of life insurance industry personnel and presents their opinions of certain aspects, such as the awareness of business insurance amongst business owners, marketing of business insurance and training of agents to underwrite the business. The contents of this project is presented in a systematic way and is suitable for giving a interested reader, a basic idea of business insurance and the current market situation in Singapore.