Proposed Allianz-Income deal will lift German financial giant to top five insurers in Singapore
July 18, 2024 / /
THE proposed offer from Allianz to acquire a majority stake in Income Insurance is likely to cement its position as the top general insurer in Singapore, a high-growth insurance market in the Asia-Pacific (Apac) region, said industry observers.
Some also noted that the local insurance market may see some consolidation, given the strong interest here and the current number of insurers.
The Monetary Authority of Singapore (MAS) indicates there are 16 insurers classified under life insurance and 50 classified under general insurance in Singapore. There are also nine that are classified by MAS as composite, which means they may offer life and general insurance.
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