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Singapore attracts insurers serving clients in Asia-Pacific

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Singapore is increasingly drawing insurers looking to tap clients across Asia-Pacific due to its economic progress, reported AsiaOne.

Standard & Poor's Corp. in its new report said that the offshore insurance market in Singapore has seen strong growth in the past decade.

It said offshore insurance premiums in the country increased from $1.5 billion in 2000 to $6.1 billion in 2013, adding that gross premiums could increase to $18 billion in 2023.

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