First war risks mutual for Singapore
The Standard Club Asia Ltd (Standard Asia) has launched its new Singapore war risks mutual (SWRM) class - the first Singapore-based national mutual war risks insurance. It is fully supported by the Singapore Shipping Association (SSA).
The SSA has been a keen driver of the idea, which is set to boost Singapore’s offerings in the marine insurance sector to strengthen its status as an international maritime centre. With this mutual, Singapore now joins the ranks of other leading maritime nations to have its own dedicated war risk facility.
Shipowners are supposed to benefit from flexible coverage and more control over their war risks insurance cover at competitive rates. The SWRM will operate as a class of Standard Asia, with its own class committee and will act with a high degree of autonomy.