Speech at Worldwide Chinese Life Insurance Congress 2008
Mr Gan Kim Yong, Acting Minister for Manpower, Suntec Convention Centre, Singapore
Mr Liang Tian Long, Chairman, Worldwide Chinese Life Insurance Congress,
Mr Choo Siak Loong, President, Worldwide Chinese Life Insurance Congress,
Mr Yan Xiao Guang, Vice-Secretary, Chongqing Municipal People's Government
Mdm Zhou Xia Li - Division Chief of Finance, Executive Yuan, Republic of China
Mr Edwin Morrow, Chairman & CEO of International Association of Registered Financial Consultants
Ladies and gentlemen.
Good evening
It gives me great pleasure to join you at the opening of the 7th Worldwide Chinese Life Insurance Congress in Singapore. First let me welcome members of the overseas Chinese life insurance communities to this Congress.
2. This biennial Congress is an excellent platform for Chinese speaking insurance practitioners to network, exchange views on current issues and share best practices and experiences. I am pleased that the organiser IMM International has selected Singapore as the venue for this prestigious event.
3. Singapore is well-regarded as an international financial centre. More than 600 of the world's top financial institutions have anchored in Singapore, engaging in various financial activities ranging across asset management, commercial banking, investment banking, treasury and insurance. In fact, many have chosen Singapore as their regional management centre to oversee their operations in Asia. This is a testament to our sound regulatory and supervisory framework, strong economic fundamentals, excellent infrastructure and highly-skilled workforce.
4. Singapore is thriving as a regional insurance centre. We have done well to attract a critical mass of international specialist insurers and re-insurers. You may have noticed that many of the world's leading names in insurance broking, captive management and risk management are present in Singapore.
5. Locally, the life insurance industry was managing assets amounting to approximately $102.2 billion by the end of the first quarter of this year1. In the first half of this year alone, the life insurance industry achieved a remarkable 27 per cent increase in sales in the first half of this year, with total weighted new business premiums at $978 million2. By the end of the first quarter in 2008, the life insurance industry was managing assets amounting to approximately $102 billion3. With the growing affluence and sophistication of the Asian economies, the Chinese life insurance has strong potential for continued growth.
6. Whichever Chinese speaking community you may come from, Singapore offers you geographical proximity, cultural affinity, and many opportunities in the financial, personal wealth and insurance sectors. Singapore has strong bilateral ties with China, Hong Kong, Taiwan and Malaysia spanning economic, business, arts and culture. I am confident that together, we can develop a vibrant life insurance industry in the region. One that is efficient, innovative and competitive, and which meets the myriad needs of consumers.
7. I would like to congratulate the more than 800 International Dragon Award winners. You have done the industry proud. I hope you will inspire others to join the industry.
8. Lastly, I wish this conference and forum every success. To our overseas visitors and delegates, I would like to encourage you to take the time to enjoy our harmonious and unique blend of culture, cuisine, arts and architecture. I hope your stay in Singapore will be rewarding and memorable. Thank you.
1 Source: Monetary Association of Singapore
2 Source: Life Insurance Association Singapore
3 Source: Monetary Association of Singapore