MSIG Singapore, a subsidiary of MS&AD Insurance Group, has partnered with MSIG Specialty Marine and appointed the firm as its underwriting agent to expand its marine capabilities.
Through this partnership, the pair will deliver a cohesive and robust suite of marine insurance capabilities. The integrated approach reflects the shared commitment to supporting brokers and clients, with forward-looking solutions that evolve in step with the maritime industry’s changing demands.
There has been a growing demand for comprehensive P&I solutions as regulatory frameworks get more intricate and the maritime risk landscape continues to evolve, making the segment increasingly central to marine risk management.
According to the International Union of Marine Insurance (IUMI), the global marine and offshore energy insurance market is valued at approximately $39 billion in gross written premium, representing about 1% of the global non-life insurance market, with Asia-Pacific contributing nearly 30%.
According to IUMI member data and market intelligence compiled by Axco, in 2024, it was reported that Asia’s P&I segment, which is valued between $1-1.5 billion, around 25% of the global P&I market. The region is projected to grow to approximately $200 million by 2030.
Mack Eng, Chief Executive Officer, MSIG Singapore, commented, “Our strategic collaboration with MSIG Specialty Marine marks a transformative step forward in redefining our marine insurance proposition.
“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.”
Edwin Tan, Head of MSIG Specialty Marine, Singapore, added, “Singapore has long been a strategic anchor for our business. 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.”
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