Singapore strengthens marine insurance with new digital platform

It will also expand marine insurance education and internships to grow local talent.

Singapore is stepping up efforts to strengthen its marine insurance sector amidst rising geopolitical, technological, and sustainability risks, Minister of State for Transport Baey Yam Keng said at the International Union of Marine Insurance (IUMI) 2025 Conference.

He said the Singapore War Risks Mutual (SWRM) has launched a digital platform to track vessels in real time and automate premium notifications. 

The Singapore Shipping Association has also introduced a cyber insurance request process to help shipowners secure coverage.

To support the green transition, the Maritime and Port Authority is developing standards for bunkering alternative fuels, publishing guidelines for methanol in March and targeting ammonia standards by year-end. 

Baey added that Singapore is expanding marine insurance education and internships to grow local talent and welcomed IUMI’s first Cargo Masterclass in Asia, to be held in Singapore next year.