Safeguarding Asian enterprises
Lloyd’s is a market place and Singapore is home to more than 170 expert underwriters representing 14 syndicates. Lloyd’s has established itself as the leading marketplace for specialist insurance and reinsurance serving the Asia Pacific region.
Asia Pacific is the engine of the global economy and the most dynamic region in the world. However, it is the world’s most vulnerable region for natural catastrophes and its low levels of insurance leave its economies exposed. That is why our market’s underwriters combine their deep local insight with state-of-the-art modelling to respond to existing and emerging risks.
Every product and policy issued by a Lloyd’s underwriter is backed by the financial security and strong ratings Lloyd’s is known for globally.
By offering solutions to protect businesses and assets, and by championing local talent and decision-making, Lloyd’s seeks to continuously strengthen the Asian insurance market, build local resilience and develop a deeper risk management culture throughout the region.
Identifying emerging risks
Lloyd’s conducts leading edge research to identify and quantify risk.
In Singapore, Lloyd’s was a Founding Partner of Cyber Risk Management Programme (CyRiM), a research programme led by the Monetary Authority of Singapore (MAS) that aims to foster an efficient cyber-risk insurance marketplace by developing cyber loss data and analytics, and engaging academic researchers, insurance professionals and IT security experts in research development. Lloyd’s developed cyber scenarios using the expertise of our Emerging Risks team, in collaboration with Cambridge University. You can read more about the cyber scenarios, Bashe Attack here and Shen Attack here.
Sharing our expertise and experience
Lloyd’s designs, develops, co-ordinates and delivers educational seminars and networking events for insurance professionals, brokers, and risk managers to encourage learning and development.
Every year, Lloyd’s hosts its flagship broker programme in Singapore where delegates from across the region gain first-hand experience with the industry’s top professionals. Watch the 2022 Emerging Risks Series here, the 2021 Educational Programme here and the 2020 Broker Programme here.
For risk management professionals and corporate insurance buyers, Lloyd’s has partnered with the Pan-Asian Risk and Insurance Management Association (PARIMA) to deliver a series of masterclasses under the Lloyd’s-PARIMA Professional Development Programme.
Launched in 2016, these unique two-day interactive programmes are designed to build knowledge and expertise for risk managers. Attendees learn from leading insurance and industry experts on their approach to risk management, emerging risks, supply chain and cyber risks, amongst other areas.
Lloyd’s in the local community
Lloyd’s is committed to improving lives and building resilience in Singapore and in the region. Through the Lloyd’s Together programme we support local communities with projects that focus on education and employability, environment and sustainability, social welfare and health and disaster preparedness and relief.
In Singapore, Lloyd’s proudly supports the work of a few charities;
Beyond Social Services, a local charity focused on helping children and youths from less privileged backgrounds break away from the poverty cycle. They help nurture a positive environment by creating a culture of learning through educational and development programmes and linking their caregivers to job and training opportunities, so children and youths feel a sense of belonging and don’t feel the need to turn to negative influences.
PeopleStories, a charity that transform lives through education for communities in need. They’re currently focused on helping the children in rural Cambodia get access to education and complete school.
Nokor Tep Women’s Hospital focuses on gynaecological issues and women’s cancers thereby alleviating the silent suffering of the vast majority of women in Cambodia. It is located in the garment factory district, where over 20,000 women work long days.
Build Change designs disaster-resistant houses and schools in emerging nations and trains builders, homeowners, engineers, and government officials build them. Build Change leaves in place permanent change in construction practice by building local skills and stimulating local demand.
The Lloyd’s market champions diversity and inclusion and is leading the industry in encouraging an open, diverse and inclusive culture across the insurance industry. In 2016 Lloyd’s brought to Singapore for the first time, the Dive in Festival, a festival celebrating diversity and inclusion in the workplace which has since seen great support and active participation of many in the insurance industry. Important conversations have been fostered in our market and we have seen concrete action plans being developed by festival participants.
Regulation of Lloyd’s in Singapore
Lloyd’s in Singapore is regulated by the Monetary Authority of Singapore.