Singapore Shipping Association studying creation of local war risk mutual

The Singapore Shipping Association (SSA) is pushing for greater development of the city state’s maritime insurance and finance sectors, including possibly a war risk mutual.

Speaking at the SSA’s 29th anniversary gala dinner, president Patrick Phoon, on Friday noted that the government’s pro-business policies had transformed Singapore into a vibrant maritime hub.

“However, in my opinion, to fully regard Singapore as an influential international maritime centre, we have to further develop and strengthen the pillars in marine insurance and shipping finance,” he said.

To spur development the SSA Council has commissioned consultants to assist in producing reports on these two areas.

“In the field of marine insurance, a working group, headed by SSA Councillor Tan Chin Hee, has been tasked to explore the creation of a Singapore War Risk Mutual that would take advantage of economies of scale to secure the best possible cover for crew and ships, thereby achieving significant cost-savings for Singapore shipowners,” Phoon said.

Meanwhile in the area of ship finance a working group is being headed by SSA Councillor and shipping banker Lee Keng Mun.

Phoon added that both projects were works in progress but “exciting times” lay ahead.

The SSA dinner at Marina Bay Sands was attended by over 2,000 guests, a record turnout surpassing its 25th anniversary at the same venue in 2010.

 

 

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