Asian News - Singapore: Several (re)insurers expand in city state
Source: Asia Insurance Review | Dec 2015
Several players in the (re)insurance sector have set up a new or bigger presence in the Lion City.
Among them, Bermuda-based Aspen Insurance Holdings announced the entry of its insurance segment, Aspen Insurance, into Singapore through Aspen’s Lloyd’s syndicate on the Lloyd’s Asia platform from 1 January 2016, subject to regulatory approval.
In October, Cincinnati-headquartered Great American Insurance Group launched its first office in Singapore and Asia. The unit will focus mainly on providing insurance to small and medium sized enterprises in specific sectors, such as the marine sector.
Specialist insurance market Lloyd’s opened its new, bigger offices in Singapore in November to expand its presence and tap regional growth. Lloyd’s has grown to 20 service companies with 24 syndicates since setting up in the Republic in 1999.
In addition, AIA Group and Nanyang Technological University have launched the EDGE LAB, an innovation centre which seeks to deliver consumer-centric solutions for the Asia-Pacific region and explore ways to help the life insurance sector adapt to changing technologies, customer expectations and needs in the digital world.