Continued smooth sailing a safe bet for now
But a perfect storm of tougher rules seen brewing in the following years
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Singapore
SINGAPORE insurers have had a rather smooth sailing and profitable year and this promising outlook is expected to continue into the new year even as a perfect storm brews and greater competition hots up the local insurance scene.
Many foreign players have entered the market marked by a rising Asian middle class, rapidly ageing population, one of the world's highest savings rates and low penetration. Among those granted licences to operate here this year include Swiss insurance group Nationale Suisse, Maybank Group's insurance arm Etiqa, and United States Berkshire Hathaway Specialty Insurance. China Life has also recently said that it would be applying for life coverage.
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