MSIG Singapore has announced a strategic partnership with MSIG Speciality Marine to expand its marine insurance capabilities. This collaboration will allow MSIG Singapore to underwrite Protection and Indemnity (P&I) risks directly from its Singapore office, addressing the growing demand for comprehensive P&I solutions amidst evolving maritime risks.
The global marine and offshore energy insurance market is valued at approximately $39b, with Asia-Pacific contributing nearly 30% of this market. The region’s P&I segment alone is valued between $1 billion and $1.5b, with a projected growth of $200m by 2030, according to the International Union of Marine Insurance (IUMI).
The partnership aims to deliver a robust suite of marine insurance capabilities, focusing on P&I offerings. Mack Eng, CEO of MSIG Singapore, stated, “Our strategic collaboration with MSIG Speciality Marine marks a transformative step forward in redefining our marine insurance proposition.” Edwin Tan, Head of MSIG Speciality Marine Singapore, added, “This powerful synergy enables us to deliver fast, precise, and specialised service throughout Asia-Pacific.”
MSIG Singapore, a leading general insurer with over 100 years of local presence, is part of the MSAD Insurance Group, one of the largest general insurance groups globally. MSIG Speciality Marine operates as a Marine Managing General Agent, backed by approximately 30 risk carriers, and offers a specialised portfolio across nine core product lines.
This partnership positions MSIG Singapore to capitalise on Asia’s dynamic maritime expansion, reinforcing Singapore’s status as a premier regional hub for insurance and shipping.
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