Singapore Insurance

Republic of Singapore, the island country, is the world's fourth leading financial centre and a cosmopolitan world city. Singapore though has small covered area but due to its strategic location plays the key role in international trade and finance.

The Monetary Authority of Singapore is responsible for the development, administration and regulation of the insurance sector and aims to develop the Republic of Singapore into a world class insurance hub. The Singapore insurance sector became fully open to foreign insurers during the year 2000, and the 49% limit on foreign shareholdings was also removed thereafter to fuel the market with splendid insurers. There are around 153 authorized insurers in Singapore. Among them 12 are active direct life insurers, 39 are active direct general insurers, 40 are active reinsurers and 51 captive insurers. About 75% of the life and non-life companies are foreign-owned.

According to Department of statistics of Singapore, Life insurance companies dominate the insurance sector. Though the outlook of general insurance sector is also tough and competitive, but unlike life insurance domain it was not able to regulate the jolts of economic crisis. The life insurance companies have lowered the crediting bonus rates and expense levels to reciprocate financial crisis, but according to Standard & Poor's statistics, the perpetual abrasion will ruin the financial stability of the industry.

Some of the companies of Singapore dedicated to insurance are Allianz Insurance Company of Singapore Private Limited, General insurers, Ace Insurance Limited , Mitsui Sumitomo Insurance (Singapore) Private Limited, China Life Insurance (Overseas) Company Limited, Great Eastern Life Assurance Private Limited, Manulife (Singapore) Private Limited, Royal and Sun Alliance Insurance (Singapore) Limited , Shenton Insurance Private Limited. All of these are inculpated in providing life insurance, term insurance, motor insurance, travel insurance, fire and personal accident insurance and much more. All the non-life insurance companies are regulated by GIA ie General insurance association of Singapore and are fully able to alleviate the risks of life.