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52 THE INSURANCE AND REINSURANCE MARKETS IN SINGAPORE AND HONG KONG

Reinsurance Practice and the Law

Chapter 52 THE INSURANCE AND REINSURANCE MARKETS IN SINGAPORE AND HONG KONG SINGAPORE Introduction 52.1 Over the last decade, Singapore has developed into an important financial services hub in Asia and, in particular, a key regional centre for insurance and reinsurance. In March 2000, the Monetary Authority of Singapore (“MAS”) liberalised the insurance industry, opening entry into the Singapore market to direct insurers and removing the 49% cap on foreign ownership of local insurance companies. As at October 2019, there were 107 licensed or registered insurers in Singapore, comprising 76 direct insurers and 31 reinsurers, alongside 121 insurance brokers. Singapore is the leading captive domicile in the Asia-Pacific region, and as at October 2019 had 73 captive insurers based there. At that time, there were also 20 service companies operating on the Lloyd’s Asia platform in Singapore.

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