Brunei Insurance Industry – Key Trends and Opportunities to 2027
Brunei Insurance Market Report Overview
The gross written premium of the Brunei insurance market was BND330.4 million ($248.0 million) in 2022. The market is expected to achieve a CAGR of more than 5% during 2023-2027.
Brunei Insurance Market Outlook, 2022-2027 (BND Million)
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The Brunei insurance market research report provides in-depth market analysis, information, and insights into the Brunei insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Brunei economy and demographics and provides detailed information on the competitive landscape in the country. The report gives insurers information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
| Market Size (2022) | BND330.4 million ($248.0 million) (GWP) |
| CAGR (2023-2027) | >5% |
| Forecast Period | 2023-2027 |
| Historical Period | 2017-2022 |
| Key Segments | Life Insurance and General Insurance |
| Leading Players |
AIA Singapore Private (Brunei), National Insurance Company Berhad, Standard Insurance, and Audley Insurance |
Brunei Insurance Market Trends
Travel insurance and electric vehicle are some of the key trends impacting the Brunei insurance market.
Travel Insurance: With some restrictions, Brunei unlocked its border in September 2022. To protect travelers, rules were introduced for travel in and out of the country, which impacted travel insurance policies. A minimum sum assured of BND50,000 ($37,250) in COVID–19 coverage was made compulsory for travelers. In December 2022, the government revised its guidelines and removed compulsory COVID–19 coverage for travel insurance.
Electric Vehicle: EVs are usually more expensive to insure compared to petrol or diesel car. Insurers must get to grips with EV technology to better understand the nature of their risk and more accurately price premiums. In Brunei, a pilot project was launched in March 2021 to meet the objectives of ‘Strategy 3: Electric Vehicle’ within the framework of the National Climate Change Policy of Brunei Dussalam (BNCCP). However, as of September 2022, the adoption of EVs in the country remained low with only 19 EVs registered.
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Brunei Insurance Market by Segments
The key segments in the Brunei insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
General Insurance: It can be further divided into the property, motor, liability, MAT, non-life PA&H, and miscellaneous. Of all the general insurance lines of business, motor insurance recorded the highest share of the total GWP, in 2022. This growth of the motor line of business is driven by motor insurance as the country has incurred a rise in sales of passenger cars that have become the potential base for the rise in motor insurance.
Life Insurance: The growth of this sector can be attributed to the endowment as consumers have reclined towards endowment plans as banks have decreased the deposit interest rates. AIA provides a wide range of customized endowment schemes that gives consumers a more stable return than in deposits. Other sub-segments of the life insurance segment include whole life, term life, life personal accident and health, and other life insurance.
Brunei Insurance Market Analysis by Segments, 2022 (%)
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Brunei Insurance Market – Competitive Landscape
Brunei insurance industry is regulated by Brunei Darussalam Central Bank (BDCB). AIA Singapore Private (Brunei) held the largest total life insurance segment in 2021. Some of the other players in the Brunei insurance market are National Insurance Company Berhad, Standard Insurance, Audley Insurance, and others.
Brunei Insurance Market Analysis by Players, 2021 (%)
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Segments Covered in the Report
Brunei Insurance Market Segments Outlook (Value, BND Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Brunei insurance industry.
- Historical values for the Brunei insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Brunei insurance industry, and market forecasts to 2027
- Profiles of the top life insurance companies in Brunei and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Brunei insurance industry.
- A comprehensive overview of the Brunei economy, government initiatives, and investment opportunities.
- The Brunei insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Brunei insurance industry’s market structure giving details of lines of business.
- Brunei’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Brunei insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Brunei insurance industry.
- Assess the competitive dynamics in the Brunei insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Brunei insurance market was BND330.4 million ($248.0 million) in 2022.
The insurance market in Brunei is expected to achieve a CAGR of more than 5% during 2023-2027.
The key segments of the Brunei insurance market are life insurance and general insurance.
The key companies in the Brunei insurance market are AIA Singapore Private (Brunei), National Insurance Company Berhad, Standard Insurance, and Audley Insurance, and others.
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