Singapore Solidifies Maritime Hub Status
Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.
According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national war risks insurance facility which was launched in 2015 as part of efforts to develop Singapore as a comprehensive marine insurance hub.
Available to members of Singapore Shipping Association’s (SSA) irrespective of the flag of the ship, and non-members whose ships are registered in Singapore, the cover under SWRM rules includes Protection and Indemnity (P&I) war risks, hull war risks, detention and diversion expenses, sue and labour and discretionary insurance.
In a short span of four years since its launch, the SWRM cover has exceeded expectations with close to 800 ships insured.
To further digitalisation efforts in the maritime sector and to bring about benefits to the wider supply chain ecosystem, the Maritime and Port Authority of Singapore (MPA) is galvanising the shipping community and other government agencies to develop inter-operability enablers.
This is a step-up to the three-party Memorandum of Understanding (MOU) that MPA, SSA and Singapore Customs signed at the Sea Transport Industry Transformation Map launched in January 2018 to jointly look into the digitalisation of trade and maritime documentation, such as Bills of Lading (BL), in the industry.
“The close partnership between the Government, the industry and SSA is a unique competitive advantage for Singapore. We must continue to strengthen this partnership. This will enable Maritime Singapore to stay relevant and competitive,” said Dr. Lam.