MSIG Singapore to underwrite protection & indemnity risks with marine unit

Asia’s P&I segment is projected to grow by $200m by 2030.

MSIG Singapore has partnered with MSIG Specialty Marine to expand its marine capabilities.

MSIG Specialty Marine will serve as underwriting agent, enabling MSIG to underwrite protection & indemnity (P&I) risks directly from its Singapore offices, according to a press release.

Demand for comprehensive P&I solutions has been growing as regulatory frameworks grow more intricate and the maritime risk landscape continues to evolve, MSIG Singapore said.

Asia’s P&I segment is now valued between $1b to $1.5b, around 25% of the global P&I market, and is projected to grow by $200m by 2030, according to 2024 figures from member data of the International Union of Marine Insurance (IUMI).