CGU and DBS seek to upend Singapore market

CGU''s acquisition of ICS and its partnership with DBS is aimed to overturn the long reign of insuranceƆs established giants.

Insurance in Singapore has long been dominated by a quartet of players that control 80% of the market thanks to their elite agency network. But British newcomer CGU, which last year acquired local player Insurance Corporation of Singapore ICS, intends to smash the reigning oligopoly.

There will be a rapid shake-up of the market in the next two years, says Keith Perkins, CEO and general manager at ICS. He predicts ICS will have 15% of the life insurance market by that time, up from today's 6%, with about S$2 billion $1.1 billion of assets under management.

CGU, ICS and their UK holding company CGNU will be changing their name to Aviva...

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