Asian reinsurance market to benefit from rapid urbanization

Alvin Tan, Singapore’s minister of state for trade and industry, said that the outlook for Asia’s reinsurance industry remains positive on the back of rapid urbanization, increased production and consumption and fast-growing middle-class population, Asia Insurance Review reported. Gross written premiums for the non-life and life insurance segments are expected to grow to $20 billion Singaporean ($14.2 billion) and SGD60 billion, respectively, in 2025.