The Monetary Authority of Singapore (MAS) and the International Association of Engineering Insurers (IMIA) have partnered to invest in the development of engineering insurance underwriting best practices and knowledge across the region.
The partnership will see Singapore host the IMIA’s annual conference every three years, starting from its first run in September 2018, a statement by IMIA revealed. The conference brings together engineering insurance practitioners and experts from 100 companies in 33 countries.
Furthermore, future runs of the annual conference in Singapore will also feature a dedicated Belt and Road Initiative (BRI) track which would contribute to the understanding and development of BRI projects in the region. In conjunction with the conference, IMIA will hold the Underwriting Academy, which seeks to train younger underwriters in engineering insurance, in Singapore.
“Thanks to MAS we will have regular presence in one of the fastest growing insurance hubs,” said Olivier Hautefeuille, newly appointed IMIA Chairman and head of EMEA at SCOR Business Solutions. “This move will enable us to build stronger ties with underwriters and other engineering insurance stakeholders across the Asian region.”
“The collaboration between IMIA and MAS will further strengthen the depth of engineering underwriting expertise here,” said Alan Yeo, executive director of MAS’s financial markets development department.
“It also reflects Singapore’s position as a key BRI financing and risk management hub in Asia. We look forward to working closely with IMIA to build expertise and capture greater mindshare in engineering insurance.”
