Singapore’s reinsurance market gears for growth in bid to be Asian hub

THE reinsurance market in Singapore is poised for substantial growth in 2025, with the government seeking to strengthen the country’s standing as a leading reinsurance hub in Asia. Industry experts shared with The Business Times that their outlook for Singapore’s reinsurance sector remains optimistic, citing favourable conditions.

Singapore Reinsurers’ Association chair Kenrick Law attributes his optimism to several factors such as the country’s supportive regulatory environment, proactive policies aimed at attracting and retaining global reinsurers, and its growing focus on green financing and climate risk management.

He emphasised that the government’s regulations promoting transparency, risk management and compliance will continue to attract more global reinsurers to the market.

Additionally, the government’s focus on developing both local and international talent has enhanced the Republic’s appeal as a reinsurance hub.

“This, coupled with its stable political environment and well-established financial ecosystem, (provides) a strong foundation for reinsurers looking to establish their regional headquarters or expand their operations,” he explained.