Singapore’s life market posted double-digit expansion in the last two years, according to the managing director of the Monetary Authority of Singapore, Ravi Menon.
Speaking at a media briefing on Wednesday, Menon noted a job growth in the city that was largely fuelled by the insurance and fund management sectors, along with the banking industry to some extent.
Singapore’s life insurance market expanded 16% per year over the past two years. On the other hand, non-life insurers experienced more sluggish growth at just 2% per year owing to the excess capacity in this area.
According to Menon, Singapore will strive to maintain its attractiveness in the field of reinsurance.
In order to achieve this, MAS will push into alternative risk solutions such as risk pools and insurance-linked securities
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