Singapore as an international insurance and reinsurance centre in the 1990s

Abstract

The study was an endeavour to explore the possibility of singapore becoming an international insurance and reinsurance centre in the 1990s. The primary motivation for doing an in-depth study on this area was the dearth of literature in this field of study. Materials for this project came from literature research, twelve interviews and three discussion sessions with leading insurance and reinsurance practitioners and representatives from the Insurance Commissioner's Department. From gathered opinions and research information, the definition of an international insurance and reinsurance centre was derived. It should be an important market with a significant number of international insurance and reinsurance companies writing substantial domestic and international business. They should have the capacity, management knowledge and technical expertise to provide diverse types of cover and a wide range of services. Of the 9 criteria required of such a centre, 5 important criteria were evaluated in depth. In addition, suggested measures which would propel Singapore into the international league were assessed carefully. International economic issues and future trends and developments which would attract Singapore's development were also looked into.