Marine Insurance Services
Singapore offers a wide and comprehensive range of marine insurance services, with a number of marine insurers and Protection and Indemnity (P&I) Clubs operating here.
The increase in Asian trade in recent years has led to a corresponding rise in demand from ship and cargo owners for marine insurance.
To tap this growing market, an increasing number of marine insurers are setting up their Asian offices in Singapore, attracted to its stable political and pro-business environment.
Today, there are over 30 marine insurance players here offering both direct and reinsurance cover to all sectors of the maritime industry. In addition to Lloyd’s syndicates and the International Group P&I Clubs, which offer marine hull & liability insurance, there are also some 60 licensed insurance brokers, including marine specialists in Singapore. Lloyd's Asia, which oversees the Lloyd’s syndicates, has had an office in Singapore since 1999.