Singapore licensed five new captives in 2023, while there were zero dissolutions, taking the total number of captives domiciled in the jurisdiction to 87.
All five new captives licenced in Singapore in 2023 were general insurers.
In total, there is one life captive insurer, five composite captive insurers, and 81 general captive insurers domiciled in Singapore.
Total gross written premiums for 2022 totalled $1.96bn. The 2023 figure will be available later in the year.
In September, Captive Intelligence published a long read highlighting that Singapore is experiencing “significant captive growth” from Asian parented companies, as the region sees an uptick in captive formations.