In this article, we look at the development and current state of
the (re)insurance market in Singapore.
Singapore has firmly established itself as the reinsurance hub
in the Asia-Pacific region. At the end of last year, two more
reinsurers entered the market, bringing the number of reinsurers
operating in Singapore to 26.
Gross premiums of reinsurance Offshore Insurance Fund
("OIF") business have grown from under S$1.5 billion
(US$1.07 billion) in 2000 to around S$2.5 billion (US$1.8 billion).
Singapore (Domestic) Insurance Fund business premiums have remained
fairly static at around S$250-S$280 million during this period.
Over half of the gross premium is generated from property risks,
but there has been growth in recent years in hull and liability
business, particularly since 2008 when gross premiums jumped by
over 50 per cent from 2007 levels to around S$220 million.
