Singapore: With its 63 direct insurers, 27 professional reinsurers, and 60 captives present, Singapore has become a leading centre for insurance in Asia. So said Lim Hwee Hua, the country's Minister of State for Finance and Transport, speaking at the opening of a new representative office of P&I club Skuld in Singapore this week.
"The partnership between Skuld and Singapore is a natural one. With the centre of gravity of the shipping world shifting eastwards, an Asian presence is necessary for any shipping corporation that aims to play on the global stage," said Lim.
The Minister also revealed earned premiums for marine hull and liability insurance companies in Singapore have more than doubled over the past five years to over S$40 million in 2005. For its part the Monetary Authority of Singapore (MAS) has in place the Tax Exemption Scheme for Marine Hull and Liability Business, which grants tax exemption on income derived from marine hull and liability business.
Skuld has moved quickly, having first discussed partnership ideas with the Singapore authorities in June 2005 and then signed a Memorandum of Understanding with the Singapore Chamber for Maritime Arbitration (SCMA). Skuld offers premium discounts for Freight, Demurrage and Defence cover to its Asian members who choose SCMA or Singapore as a seat of arbitration. [29/09/06]
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