Singapore sets up a war risk insurer

摘要

Singapore War Risks Mutual (SWRM) has been launched as the first Singapore-based national mutual war risk insurance business, potentially altering the market for providing shipowners with war risk cover. Aimed at driving down users' cost of coverage, SWRM is managed by the Standard Club Asia (Standard Asia), which revealed that the facility stems from a year-long study by the Singapore Shipping Association (SSA) into available options. SWRM will operate as a class of Standard Asia, with its own class committee, but will act with a high degree of autonomy, said the club.