Motor market returns to losses after profitable 2005

Insurers that re-entered the motor market in 2006 after seeing the profits of 2005 have had their fingers burnt

One of Asia’s smallest states, with a population of 4.3m, Singapore is also one of the richest, with a per capita national income of US$24,840, thanks to its role as an international trade location and one of the region’s key financial centres. The regulatory background created by the Monetary Authority of Singapore (MAS) supports this role, with the separation of the Singapore fund for domestic business and the offshore fund for international business. Among the insurers taking account of this facility are a number of Lloyd’s syndicates with at least six of them active at the time of writing.