Many roads ahead for Spore's insurance industry

Singapore

LIM Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore (MAS), unveiled on Wednesday plans aimed at plugging Singapore's timeworn insurance sector into emerging regional and global trends.

Mr Lim noted that insurance underwriting is not keeping pace with the rate of emergence of new risks, such as cyber, supply chain, and reputation risks. Currently, the insurance industry is made up of a traditional wholesale insurance sector for catastrophes in say, aviation, marine transport as well as reinsurance activities related to these. There exist key players in direct insurance, insurance brokers and reinsurance players.