Singapore - Insurance

Most insurance firms are branches or agencies of UK (or other Commonwealth), European, and US companies, although local participation in insurance-particularly business insurance-is increasing. Marine and warehouse insurance constitutes most of the business insurance, but almost all types of commercial insurance are available. Workers' compensation, third-party automobile liability, and professional liability are all compulsory insurance in Singapore. These compulsory coveragers must be placed with local companies.

The regulatory authority is the Insurance Commissioner of the Monetary Authority of Singapore. In 1998, total insurance premiums amounted to S $7.8 billion. As of 30 June 1999, there were a total of 160 registered insurers.

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