The London market needs to think about how it is responding to the expanding Singapore market if it is going to be competitive with rates.This is according to Nick Bacon, chief operating officer of Bowring Marsh. Speaking at a breakfast briefing on global insurance rating trends last week, Mr Bacon said that there is intense competition as Singapore has grown into a very strong regional market place in its own right.
“Our office there tells us that they are seeing 10% to 30% reductions on property renewals. That’s keener than the London market, which is not that aggressive. The London market is reducing pricing, but not to that degree and so we are seeing a reduction in London orders going into the Singapore market place.” Full Story
