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As he prepared to sign a Statement of Intent (SOI) between the British Government, the Monetary Authority of Singapore and Lloyd’s in Singapore, UK Prime Minister David Cameron stressed that insurance is essential to “safeguard economic success.”

A bulletin from Lloyd’s explained that the “signatories have committed to a series of initiatives to aid the understanding of risk exposures in Asia and support and nurture insurance markets across the region.”

Lloyd’s also pointed out that “Asia is the world’s most natural catastrophe-prone region. However, on average, less than 5 percent of likely economic losses are insured when disaster strikes. This means that one major catastrophe could wipe out decades of economic progress.

“The three parties committed to working together to share knowledge and expertise with partners across the region. They hope this will help to identify threats facing regional economies and support the development of new risk transfer solutions. Other firms in the insurance industry across Asia are now invited to join the commitment and sign the SOI.”

Lloyd’s presence in Singapore dates to 2000 and considerable growth has been achieved since it established that presence. It now employs 400 staff and has achieved “premium growth of 120 percent over the last five years.”

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