Several If Insurance clients have a presence in Singapore, for example, substantial marine cargo fronting policies are handled there by If partners. There have also been some large losses and we have gained experience in large claims handling together with our Singaporean fronting partners.
Singapore is a significant regional headquarter for insurance services in the Asia Pacific region, with many of our Network Partners located on the island. A strong partner network in Singapore is of high importance for If, also in cases where there is a request to approach the partners’ sister companies in the region.
Despite its compact size, with a land area of approximately 726 square kilometres, Singapore is the home country to a population of some 5.7 million inhabitants, making it one of the most densely populated nations in the world. Compared to, for example Finland, which is 465 times larger than Singapore in terms of land area, it still shares the same number of inhabitants.
Singapore's strategic location at the crossroads of global trade routes has shaped its history. From its humble beginnings as a fishing village, Singapore evolved into a thriving port city under British colonial rule in the 19th century. Its strategic significance continued to grow, culminating in its emergence as an independent nation in 1965. Since then, Singapore has undergone rapid industrialisation, transforming into a global financial hub and an example of economic success.
The country represents a dynamic cultural landscape, prosperous economy, and rich history. Culturally, Singapore is a melting pot of ethnicities, languages, and religions. Its diverse population, consisting of Chinese, Malay, Indian, and various other communities, contributes to a mixture of traditions, festivals, and cuisines. The vibrant street markets, such as Chinatown, Little India, and Kampong Glam, offer a glimpse into this rich cultural mosaic.
Singapore's tropical climate, characterised by hot and humid weather throughout the year, shapes its lush greenery and abundant flora. The island experiences two distinct monsoon seasons: the Northeast Monsoon from December to March and the Southwest Monsoon from June to September. Despite occasional heavy rainfall, Singapore enjoys a consistent temperature range of 25°C to 32°C year-round.
Pollution from transportation is a central national issue in urban areas and there was a time when Singapore was among countries with the highest level of industrial carbon dioxide emissions. Currently, for example, electric vehicles are not a typical sight on the streets of Singaporean cities. There is however a substantial push for new office building construction projects to increase focus on sustainability, with green certificates considered to be important milestones.
If has extensive experience in working with network partners in Singapore.
The energy business is still very traditional in Singapore and there are few initiatives ongoing for the development of solar, wind, or hydrogen energy production. Due to the landscape, some renewable energies are unsuitable for Singapore. Specifically, the lack of land area for development of such projects, also the country has very active port operations which complicate offshore wind production.
This spring If’s International Network team members had the great opportunity to directly meet with MSIG Insurance and Sompo Insurance and their contact persons in underwriting, policy production and claims services, as well as with local CEOs with our valued partners.
“MSIG Insurance and Sompo Insurance are established, large players with a proud history in the local market,” Network Manager, Lisbeth Norrgård-Eklund notes. “Today, the companies are our partners, also in other Southeast Asian countries, in addition to Singapore. Both being able to provide most of the services and lines of businesses according to the standards and requests of If and our clients.
When considering the insurance market in Singapore, Property has the largest market share, followed by Marine & Cargo and Liability. Property can be split further into Engineering and Energy, where construction projects are the biggest players.
Our partners have a strong focus on digitalisation, although many of the initiatives are more focused on the private segment to smoothen the customer journey, as opposed to the commercial segment. However, both partners are willing to decrease the number of repetitive emails sent back and forth, and instead, together with us, take a digital leap.
If has extensive experience in working with network partners in Singapore. Together, we are able to deliver insurance services to clients, offering a variety of solutions to fit specific needs and requirements.