Singapore: a risk transfer hub for Asia


Singapore: a risk transfer hub for Asia

Singapore is a thriving risk transfer hub for the Asian region, with buyers preferring to execute locally where possible. Beazley, which opened an office in the country some 12 years ago, is prospering on the back of this—especially where it can target specialty lines and offer something different.

If you want to understand why the London Market continues to lose market share, you could do worse than take a close look at Singapore. Whereas business from across Asia once flowed to London as a matter of course, it is increasingly being dealt with by underwriters working with capacity in Singapore.

This dynamic is perhaps encapsulated in what has happened at Beazley in the past 12 years. In 2006, the carrier launched an office in Singapore with one underwriter and one line of business. Fast-forward to 2018 and 30 people operate from the office across 10 lines of business. It has become a hub for Beazley covering the whole of Asia-Pacific, and it continues to grow.

“We have invested strongly in the market for the past 12 years and we now have a robust platform there, which is very much a pan-Asian operation for us,” says Lucien Mounier, head of Asia-Pacific operations, Beazley.

Beazley, Lloyd's, Singapore, Asia Pacific, Lucien Mounier, Nicholas Tey, Risk transfer

Intelligent Insurer