- POSTED: 18 Sep 2013 21:49
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Asia Square in the new Marina Bay financial centre is shaping up to be Singapore's version of London's Leadenhall Street.
SINGAPORE : Asia Square in the new Marina Bay financial centre is shaping up to be Singapore's version of London's Leadenhall Street.
That is the place where many prominent insurers and brokers are located in the United Kingdom.
Monetary Authority of Singapore's Managing Director, Ravi Menon, said this when he opened financial group Allianz's new office at Asia Square on Wednesday.
Allianz Asia's new office spans over 79,000 square feet and will house its eleven entities in the Republic.
Over 500 of its employees will be working on three floors in the building.
Mr Ravi Menon sees bright prospects for the insurance business in Asia.
Annual growth is projected at about 8 percent over the next decade.
And by 2020, Asia is likely to account for almost 40 percent of the global market.
Mr Ravi Menon notes : "A growing middle class and rising affluence will underpin a steady increase in insurance penetration rates. Continued industrialisation, growing trade activities, and infrastructure development will mean greater demand for insurance solutions to mitigate a variety of risks."