Insurance businesses in Singapore are benefiting from strong demand for vehicle, property, health, and other insurances across the country. Customers across insurance segments are being encouraged by rising life expectancy, tax incentives on insurance products, and favourable savings connected with insurance.

Various operational risks, such as theft, financial losses, and unintentional accidents, are covered by insurance. In some circumstances, it is also compulsory by law to get company insurance. There are numerous types of commercial insurance policies available, including coverage for property, personnel, and liabilities. Licensed insurers, allowed reinsurers, approved Marine, Aviation, and Transit (MAT) insurers, and international insurers are all permitted to do business in Singapore. Registered insurance brokers and licensed insurance brokers are both permitted to perform insurance brokerage activities in Singapore.

​Insurance Act

Insurers and brokers for insurance are licensed and subject to the insurance law (An Act for the regulation of insurance business in Singapore, insurers, insurance intermediaries and related institutions, and for other purposes relating thereto or connected therewith.)

General Insurance Association of Singapore (GIA)

The GIA is a trade association with the objective to make the general public of Singapore more accessible, transparent and user-friendly to all areas of general insurance such as engine, fire, and personal injury policies. It promotes a general insurance industry’s reputation and image in Singapore and fosters that Member States can develop their businesses through a suitable environment. At the moment, the GIA represents 38 Singapore-based general insurance businesses.

Life Insurance Association Singapore (LIA)

The Life Insurance Group Singapore (LIA) is a non-profit trade association established in Singapore that represents life insurance product and reinsurance providers. It is registered with the Monetary Authority of Singapore (MAS). Its role is: to express members’ interest and to deal with industry issues by involving stakeholders – regulators, other industries and consumers; to uphold the professionalism and integrity of members; to cooperate with members in developing and implementing industry guidelines and codes of practise; to build consensus between members and coordinate projects across the industry for mutual benefit.

During the forecast period, the insurance market in Singapore is expected to increase at a CAGR of around 5%. For the first four quarters of 2019, Singapore’s insurance market generated SGD 4.3 billion in weighted new business premiums, up 0.4 percent from the same period last year. In Singapore, important market drivers include economic growth, rising government spending, technology breakthroughs, and increased consumer awareness of insurance products. The government’s policy of covering the uninsured has pushed up insurance penetration and the number of insurance schemes in Singapore.

As the number of digital distribution channels grows, insurers will have an easier time obtaining insurance coverage. Insurtech, messaging platforms, and internet sales channels are all helping to shape the country’s insurance market.

How Bluebox can guide you ?

From strategy to execution, we help insurers succeed. Our experts will assess your risks depending on your industry and risk exposure in order to recommend the best commercial insurance options for you. Bluebox has significant expertise of the issues, trends, and difficulties that insurers confront as the top provider of professional services to insurance companies.
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