New infrastructure projects in Darussalam’s transport and logistics sector, and the upgrade of tourist locations will strengthen the country’s infrastructure over the forecast period Says the New Study on ASDReports

Friday 7 November 2014, Amsterdam

The brand new Research Report now available on ASDReports provides a comprehensive analysis of the Insurance Industry in Brunei, a fascinating, fast-paced region! This report will allow anyone with a stake in the market to make strategic business decisions using detailed, in-depth analysis, along with historic and forecast industry data related to the Bruneian insurance industry and each segment within it

The difference

• Have a little confidence: Make strategic business decisions using in depth historic and forecast market data related to the Brunei life insurance industry and each segment and category within it
• Know your competition: Understand the demand-side dynamics, key market trends and growth opportunities within the Brunei insurance segment to keep you ahead of your competitors
• A glimpse of the future: Identify the growth opportunities and market dynamics within key product categories to grow and drive your business to success

Additional report highlights
According to the Department of Tourism, Ministry of Industry and Primary Resources, total tourist arrivals in Brunei reached 268,122 in 2013, with 224,904 arrivals by air and 43,218 by cruise ships. The tourism sector is expected to experience certain changes, such as museum upgrades, the building of monkey sanctuaries, and training of tour guides. Other developments include the construction of an airport hub and other commercial and retail hubs nearby. Construction projects such as these are expected to boost the property insurance category over the forecast period.

According to surveys by the International Monetary Fund (IMF) and Forbes, Brunei Darussalam is the fifth richest country in the world, out of 182 nations, with an average GDP per capita of BND50,146.0 (US$39,902.4). The oil and gas industry is the major supporting factor for the country’s growth, as it is highly dependent on exports of fossil fuels. Exports have declined in recent years, however, leading to the government to attempt to diversify its dependency. Under the Wawasan Brunei 2035, or the National Vision program, Brunei is expected to transform from an oil and gas economy to a regional trading and financial hub in the next two decades.

Low awareness among Bruneians regarding insurance is a major obstacle for the life segment’s growth. The country’s comprehensive social welfare system also affects the segment’s growth, as most residents feel that they do not need insurance when free healthcare is readily available. Life insurers currently serve less than 20% of the entire population.