Singapore eyeing to become global insurance hub by 2020

Four strategic initiatives revealed.

The government is aiming to make Singapore’s insurance industry as a global marketplace by 2020, with the ability to accept not just regional, but global risks.

This was revealed by Ravi Menon, Managing Director, Monetary Authority of Singapore at  the12th
 Singapore International Reinsurance Conference yesterday.

He said, "today, Singapore is recognised as the leading reinsurance hub in Asia. Amongst the top 25 reinsurers in the world, 16 have regional hubs here.

The number of global and regional positions in Singapore has grown. Most underwriting decisions can be made on the ground instead of being referred back to headquarters.

This has enabled the Singapore market to respond more quickly to clients’ needs. Most Asian risks, including entire large reinsurance programmes and specialty risks, can now be fully placed in Singapore.

To achieve this goal, MAS is pursuing four strategies with clearly laid out initiatives.

First, to increase supply-side capacity, in both volume and expertise. Second, to promote insurance demand, both locally and in the Asia-Pacific.

Third, to develop a true marketplace, where sellers and buyers come together to negotiate and trade risks. Fourth, to foster a conducive business environment.