Financial Sector Tax Incentive Schemes
Insurance Business Development SchemeThe Insurance Business Development (IBD) Scheme applies to licensed insurance players, from large composite insurers and reinsurers to specialised insurers and reinsurers.
A typical recipient of the IBD tax incentive is a licensed insurer. Its key business lines would comprise a good mix of risks, such as Marine Cargo and Hull, Property and Casualty.
The insurer also offers insurance products in other business lines such as Construction, General Liabilities, Directors and Officers Liabilities, and Captive Servicing, and provides services such as risk consulting and claims handling. The Singapore office also serves as a regional hub to underwrite risks for both its home market clients as well as clients in Asia.
The insurer typically employs 30 staff, of which more than half are qualifying IBD professional staff such as underwriting professionals, actuaries, and claims professionals.
The professional staff team includes senior management with regional oversight of key functions or business lines, holding positions such as CEO for the Asia Region, Chief Regional Underwriting Officer for Asia, and Senior Vice President for Risk Consulting.
The insurer incurs about S$40 million of business spending annually.
Besides the core underwriting business, the insurer also participates actively in talent development initiatives such as setting up a training campus in Singapore to develop local and regional talent pools.