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Singapore, London can provide insurance solutions for Asia: Ravi Menon

SINGAPORE and London can collaborate on providing insurance and risk management solutions that are relevant, appropriate and responsive to Asian needs.

This, as London has unparalleled insurance expertise and experience, while Singapore has market proximity and client knowledge.

The point was made on Tuesday by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) at Insurance Institute of London, where he also shared the central bank's role and approach in developing the financial sector here.

Said Mr Menon: "Global insurers and brokers are responding to a growing preference for local placements by setting up local offices in high growth markets to understand their clients better and to be more responsive to their needs."

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And the demand for insurance in Asia is driven by an increasing affluence in the region, a rapidly ageing population as well as gradual awareness of catastrophic risks, he said.

Turning to MAS' role, Mr Menon shared with the audience at Lloyds Building what he described as "smart regulation", one that is "sound yet purposeful".

He said MAS sought to achieve this in three ways.

The first, through regulation aligned with best international standards relevant to risks in domestic markets.

The second, through regulation that is complemented with intensive supervision calibrated according to risk profiles of the various institutions.

And the third is to put in place regulation focused on outcomes and that is implemented in a manner that minimises compliance burden.