According to Axco Insurance Information Services, Singapore shall remain the most attractive platform for insurers and reinsurers despite the emergence of rival centers.
Singapore has, for a long time, been a privileged base for financial establishments in search of representation office in Asia.
The government enjoys stability there, with favourable tax system, excellent communication networks and highly qualified staff.
Moreover, the competition commission has been endeavoring for the strict compliance with regulation, especially when it comes to solvency.
The offshore insurance business has seen its turnover go fourfold between 2006 and 2013 to attain 6.1 billon USD.
The establishment of unique service market within the ASEAN region is going to consolidate the position of Singapore as a financial place.