Find Insurance and Reinsurance expertise in Singapore

There are some 60 insurance companies providing direct insurance services in Singapore, 45 general insurers, 11 life insurers, and six providing both general and life insurance services (2011). The industry is mature so growth is steady but not rapid. Traditionally, insurance companies with origins in the UK or USA have dominated the industry. General insurance is highly competitive and the main areas of service include fire, worker injury compensations, personal accident, health, marine, and motor – the largest class of business – while market share in the life sector is highly concentrated in a handful of companies. Both industries as a whole transact several billion US dollars in premium revenue year-on-year and the total assets under management exceed US$100 billion.  Singapore has 61 captive insurers operating the largest insurance offshore centre in Asia. All insurance companies within the country must be licensed by the Monetary Authority of Singapore (MSA).