MSIG Singapore has entered into a partnership with MSIG Specialty Marine, appointing the latter as its underwriting agent to strengthen its marine insurance portfolio.
This collaboration enables MSIG Singapore to underwrite protection & indemnity (P&I) risks directly from its Singapore office, a move that aligns with the company’s broader strategy to address the increasingly complex regulatory and risk environment in the maritime sector.
The demand for comprehensive P&I coverage has grown in recent years, driven by regulatory changes and shifting risk profiles in global shipping.
According to the International Union of Marine Insurance (IUMI), the global marine and offshore energy insurance market is valued at approximately US$39 billion in gross written premium, with the Asia-Pacific region accounting for nearly 30% of this figure.
The P&I segment in Asia alone is estimated to be worth between US$1 billion and US$1.5 billion, representing about a quarter of the global market.
Projections suggest this segment could grow by an additional US$200 million by 2030, based on data from IUMI and Axco.
The partnership is designed to deliver a unified suite of marine insurance solutions, with a particular focus on P&I coverage.
Both MSIG Singapore and MSIG Specialty Marine aim to provide brokers and clients with risk management solutions that keep pace with developments in the maritime industry.
Mack Eng, CEO of MSIG Singapore, said the partnership with MSIG Specialty Marine represents a significant development in the evolution of the company’s marine insurance business.
“With the integration of protection & indemnity offerings and specialised services, our Singapore operations are primed to deliver comprehensive coverage and operational excellence to our clients. This positions us to fully capitalise on Asia’s dynamic maritime expansion, especially as Singapore reinforces its stature as a premier regional hub for both insurance and shipping,” he said.
Edwin Tan, head of MSIG Specialty Marine (Singapore), added that Singapore continues to serve as a key base for the company’s operations.
“As a trusted partner of MSIG Singapore, we bring together leading marine insurance experts with deep local knowledge and global insights. This powerful synergy enables us to deliver fast, precise and specialised service throughout Asia-Pacific, home to some of the world’s most dynamic trade corridors and thriving intra-Asian commerce,” he said.
