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Member, Beacon International Group, Ltd.
Singapore-based firms have been expected to underwrite construction projects worth $4.5 billion in 2014, marking a 22% growth during the past five years, reported Asia Insurance Review.
At a recent industry conference, it was forecast that this number could increase to $6.5 billion by 2018.
Mr. Daniel Abramson, global head of construction at American International Group Inc., said that 52% of the global construction was seen in emerging markets in 2013, adding that the figure could reach more than 60% by 2025. The growth would be supported by Singapore's insurance market, Mr. Abramson said.