Developments in the insurance sector of Singapore.

Abstract

Insurance is an important feature of Singapore's economic development plan. As a risk transfer mechanism, insurance is essential for stable growth of businesses. It offers security as well as peace of mind to individuals. In view of this rapidly expanding economy of Singapore, the insurance industry plays a very important role in the financial sector. As the industry aims to nurture Singapore's growth as an international insurance centre, it has focused tremendous developmental efforts to maintain a competitive edge and to make Singapore an attractive Asia-pacific base.