There are 145 insurers registered in Singapore. Of these, there are 6 active direct life insurers, 47 active direct general insurers, 33 active reinsurers and 52 captive insurers. The insurance industry is regulated and supervised by the Monetary Authority of Singapore (MAS), the central bank of Singapore. MAS oversees the banking, securities, futures and insurance industries.

Singapore has developed into a competitive market and the competitiveness, in recent years, has been accelerated by competition from both traditional financial institutions, such as banks and securities firms, and newer market entrants, such as mutual funds, insurance brokerage houses and consulting firms.

Various actions have been taken by MAS to attract global financial institution and investor interest in the Singapore insurance industry. With the announcement of liberalisation of the entry of direct insurers into the market by MAS in March 2000, competition increased further.

To move forward in a liberalised market, insurers are developing other avenues of distribution such as the Internet, direct marketing and bancassurance. More sophisticated and innovative financial products such as alternative risk financing, retirement products etc are making forays into the marketplace.