The Insurance sector in Singapore is one of the most open Insurance markets in the world. In 2000, the market was opened to foreign investors and the 49% limit on foreign shareholdings was removed. The Monetary Authority of Singapore is responsible for the development, supervision and regulation of the insurance industry.
In Singapore, there are 153 registered insurers, 12 in direct life insurers, 39 direct general insurers, 40 reinsurers and 51 captive insurers .Nearly 75 per cent of the life and non-life companies insurance are Multi National Companies.
Developments in the Industry
The Singapore Insurance Industry has overcome the financial crisis in Asia in 1999.Standard and Poor's one of the leading rating agencies in the world has given a positive rating for the Insurance sector in Singapore.
Life Insurance Companies in Singapore
Aviva is the world’s fifth largest* insurance group, serving 50 million customers across Europe, North America and Asia Pacific. Aviva began serving the Singapore market with the July 2001 acquisition of Insurance Corporation of Singapore.
Manulife Financial is a leading Canadian based financial services company, operating worldwide, offering a diverse range of financial protection, products and wealth management services.
AXA is a French global insurance companies group headquartered in Paris. The AXA group of companies is engaged in life, health and other forms of insurance, as well as investment management. The AXA Group encompasses five operating business segments: Life & Savings, Property & Casualty, International Insurance (including reinsurance), Asset Management and Other Financial Services.
HSBC Insurance (Singapore) Pte Ltd is a wholly owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited. HSBC Group is one of the world's largest banking and financial services organizations, with major personal, commercial, corporate and investment banking and insurance businesses operating in some 10,000 offices in 82 countries and territories in Europe, the Asia Pacific region, the Americas, the Middle East and Africa.
Non-Life Insurance Companies in Singapore
American Home Assurance Company Singapore Branch (AHA), an AIG company, is one of the leading providers of consumer and commercial insurance in Singapore, with more than S$402 million in gross written premiums. They have existed in Singapore since 1953.
Mitsui Sumitomo Insurance (MSI) is the parent company in Japan, while its Singapore arm is MSIG .It has been in corporate insurance for more than 100 years. The main objective of MSIG is to bring security and safety to the people and businesses of Singapore.
ACE Insurance Limited is a member of the ACE Group of Companies®, one of the leading global providers of insurance and reinsurance. The ACE Group provides a diversified range of products and services to clients through operations in more than 50 countries around the world.