Marine Insurance in Singapore
Sitting on the nexus of one of the world’s connected waterways, Singapore has emerged to be the busiest transshipment hub for many years. This has led to a rise in demand from ship and cargo marine insurance.
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. Today, there are over 30 marine insurance players here offering both direct and reinsurance cover to all sectors of the maritime industry.
The development of the Marine Insurance Workgroup (MIWG)
The MIWG was formed to build and enhance Singapore’s positioning as an international maritime centre (IMC) and setting up as a Regional Maritime Insurance Hub with the following focus:
- To discuss and determine the strategic initiatives of developing and promoting Singapore as the Regional Maritime Insurance Hub
- To analyze and address issues/ concerns of stakeholders and formulate implementable strategy plan to develop and promote Singapore as the Regional Maritime Insurance Hub
- To sustain the efforts stated by the Singapore government to develop Singapore as a Regional Maritime Insurance Hub focusing on building talents and capacity growth
- To create career opportunities and set up careers platform to attract and retain local talents in the maritime insurance industry
- To build and educate/ train the local maritime insurance practitioners on the current shipping trends and issues faced by the maritime industrial professionals
- To further uplift and enhance the maritime insurance practitioners industry knowledge and keeping them abreast of the future maritime potentials
- To equip maritime insurance practitioners on practical experiences, knowledge skills and technical know-how to underwrite and assess marine insurance products or services
- To foster maritime insurance product development on the emerging marine market due to the Asia’s economic expansion of general insurance growth
Financial Schemes and Incentives
The government strongly advocates for a conducive pro-business environment in Singapore. Over the years, various ministries and statutory boards have rolled out schemes and incentives to spur marine insurance activities in Singapore.
The Maritime and Port Authority of Singapore (MPA) set up the Maritime Cluster Fund (MCF) in 2002, aimed at assisting companies to develop manpower capabilities. A wide array of schemes and programmes are available under the MCF. Please click here
to learn more about these manpower development incentives.
The Monetary Authority of Singapore (MAS) has also introduced two tax exemption schemes:
- Tax Exemption Scheme For Marine Hull and Liability Insurance Business
The Tax Exemption Scheme for Marine Hull and Liability Insurance Business is aimed at encouraging general direct insurance and reinsurance companies (including P&I clubs) in Singapore to tap the insurance potential of the shipping communities in the Asia Pacific region.
- Tax Exemption Scheme for Offshore Insurance Business
The Tax Incentive Scheme for Offshore Insurance Business is aimed at encouraging insurance companies, in particular professional reinsurers and captives to set up operations in Singapore to write offshore business.
For more information on these two tax exemption schemes, please contact MAS:
Financial Centre Development Department
Monetary Authority of Singapore