MSIG Singapore enhances Marine Capabilities through synergy with MSIG Specialty Marine
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MSIG Specialty Marine has been appointed as its underwriting agent, which will enable MSIG to underwrite Protection & Indemnity (P&I) risks directly from its Singapore office. As regulatory frameworks grow more intricate and maritime risk landscape continues to evolve, demand for comprehensive P&I solutions has been growing, making this space 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 US$39 billion[1] in gross written premium, representing about 1% of the global non-life insurance market[2]. Within this, Asia-Pacific contributes nearly 30%, making it a critical growth region.
In particular, Asia's P&I segment is valued between US$1 billion and 1.5 billion, around 25% of the global P&I market, with a projected growth of approximately US$200 million by 2030. These 2024 figures, sourced from IUMI member data and market intelligence compiled by Axco, underline the strategic importance of Asia and its role as a key emerging driver of global marine insurance expansion.
Through the synergy, the two entities will deliver a cohesive and robust suite of marine insurance capabilities, with P&I offerings as the central focus of the partnership. This 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.
"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," says Mack Eng, CEO, MSIG Singapore.
Edwin Tan, Head of MSIG Specialty Marine (Singapore) comments: "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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About MSIG Singapore
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.
MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. In 2024, MSIG was honoured with the 'Best General Insurer for Singapore' award by InsuranceAsia News. This prestigious recognition highlights its unwavering commitment to excellence and customer satisfaction.
MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.
msig.com.sg
About MSIG Speciality Marine
MSIG Specialty Marine is a global marine insurance specialist with operations across Europe and Asia, supported by over 250 professionals and offices in six countries. The company offers a specialised portfolio across nine core product lines, including Cargo, Cargo Liability, Hull, Marine Liability, Protection & Indemnity (P&I), Builder's Risk, Superyachts, Fixed Premium P&I, and Specie.
Operating as a Marine Managing General Agent (MGA) and backed by a panel of approximately 30 risk carriers, MSIG Specialty Marine combines deep sector expertise with global reach. It is part of the MS&AD Insurance Group, one of the world's largest insurance and financial services organisations.
msigspecialtymarine.com
