MSIG Singapore has entered into a partnership with MSIG Specialty Marine to expand its marine capabilities.
MSIG Specialty Marine has been appointed as MSIG’s underwriting agent, which will enable the company to underwrite 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 $39bn in gross written premium, representing about 1% of the global non-life insurance market. Within this, Asia-Pacific contributes nearly 30%, making it a critical growth region.
In particular, Asia's P&I segment is valued between $1bn and 1.5bn, around 25% of the global P&I market, with a projected growth of approximately $200m 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.
MSIG Singapore CEO Mack Eng said that the strategic collaboration with MSIG Specialty Marine marks a transformative step forward in redefining its marine insurance proposition. “With the integration of P&I 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," he said.