Singapore will continue growing the Singapore War Risks Mutual as the only mutual war-risk insurer operating across Singapore and Southeast Asia, Transport Minister of State Baey Yam Keng told the International Union of Maritime Insurance conference.
Speaking at the IUMI 2025 conference, being held in Singapore this year, Baey said the government is expanding SWRM to capitalise on heightened demand from carriers forced onto new routes by geopolitical tensions.
The minister highlighted SWRM’s strategic importance as Red Sea attacks prompted widespread route changes, while anticipated US tariff policies are expected to drive further supply chain shifts. Launched in 2015, SWRM provides coverage that ensures “essential food, energy and medical supplies continue to be transported, even in times of crisis,” Baey said.
SWRM had rolled out a digital platform coinciding with its tenth anniversary, enabling real-time tracking of underwritten vessels with automated premium notifications and debit processing. Baey said this technological upgrade streamlines war risk placement for shipowners navigating an increasingly volatile operating environment.
Singapore’s Maritime and Port Authority is actively seeking additional industry partners for SWRM as carriers update risk maps in response to shifting global trade patterns, the minister said. The government backing reflects SWRM’s strategic role in maintaining regional supply chain resilience.
Baey told the conference that traditional shipping routes face unprecedented disruption. Attacks on vessels traversing the Red Sea forced carriers to reassess risk profiles for once-familiar corridors, while evolving US trade policies are expected to create new shipping patterns with varying risk exposures.
The minister positioned SWRM’s mutual structure as offering cost-effective solutions compared to commercial alternatives, with its Singapore-based team providing responsive coverage decisions. He said the insurer’s regional focus positions it to understand local risk dynamics better than international competitors.
The government’s SWRM expansion announcement aligns with broader industry recognition that Singapore’s marine insurance ecosystem is adapting to what IUMI experts call a brave new world of policy-driven disruptions and structural transitions. While SWRM addresses war risks through its mutual model, commercial insurers like MSIG Singapore are simultaneously expanding P&I capabilities to capture Asia-Pacific’s projected US$200m market growth by 2030, reflecting the city-state’s strategic positioning across multiple marine insurance segments as geopolitical tensions reshape global shipping patterns.
