Singapore insurers thrive under RBC 2 Regime

MAS had introduced the capital regime back in 2004.

Singapore insurers benefit from a highly developed regulatory environment, thanks to Lion City’s Insurance Act and the Monetary Authority of Singapore (MAS), the country’s central bank. 

In 2004, the MAS introduced a risk-based capital regime, which was updated to RBC 2 in 2020. 

This regime requires insurers to conduct an annual risk and solvency assessment to ensure the adequacy of their risk management frameworks and projected solvency positions.

Singapore's domestic insurance market is sophisticated, offering a wide range of products in both the life and non-life segments for corporates and individuals. 

The market for commercial insurance lines is also evolving, driven by government initiatives aimed at expanding the industry.