Gan Kim Yong: Driving Asia's growth - the role of reinsurance in sustainable development

Keynote address by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of the Monetary Authority of Singapore, at the 20th Singapore International Reinsurance Conference, Singapore, 4 November 2024.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Mr Marc Haushofer, Chair of the 20th SIRC Organising Committee
Distinguished guests,
Ladies and gentlemen,

Introduction

Good afternoon.

Let me start by congratulating the Singapore Reinsurers Association for the 20th anniversary of its flagship event, the Singapore International Reinsurance Conference (SIRC).

a. Since its inception in 1991, the SIRC has grown into a leading forum for reinsurers, insurers and reinsurance brokers to discuss topical issues facing the global reinsurance industry, and as a networking platform for reinsurance deals.

b. Today, we have about 3,300 delegates gathered here from over 65 countries, including a strong bench of global and regional leaders.

This year's strong turnout reflects the strength of Singapore's insurance industry.

a. Gross premiums for general insurance grew 7.5% year-on-year to reach S$13.5 billion in 2023.

b. Brokerage revenues increased by 9% year-on-year to S$847 million.

c. At the same time, Singapore's reinsurance premiums grew 31% year-on-year to S$27.6 billion in 2023, accounting for about 21% of Asia's reinsurance market.

This comes on the back of a resilient global reinsurance industry.