Berkshire Hathaway to sell non-life insurance coverage in Singapore
Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future.
Company will underwrite property, casualty, and liability coverage in Singapore
Berkshire Hathaway Specialty Insurance underwrites property, casualty, executive, and professional liability coverage. The company will serve as Berkshire Hathaway’s entry into the Asian market, where the demand for insurance products has been on the rise for some time now. Some Asian countries have been wary of allowing foreign insurers to do business in their borders, making it difficult for insurers to expand into new markets.
Insurers are looking to break into new markets throughout the world that may be underserviced
The insurer has also been working to break into new markets in Australia, Hong Kong, and various European countries. Berkshire Hathaway is working to expand to markets that is sees as underserved by the companies that exist in those markets. The insurer is also looking to go beyond the traditional reinsurance operations that it has been a part of for several years.
New opportunities prove attractive to multinational insurance companies looking to take advantage of emergent market trends
Several markets in Asia and Europe have begun growing quickly, presenting new opportunities for the insurance industry. The demand for commercial and personal insurance coverage is on the rise and some insurers are not able to accommodate this growing interest in coverage. As such, multinational companies, like Berkshire Hathaway, are looking to take advantage of this by bringing their products and services to these markets. These companies do face significant risks by entering new markets, but may be able to overcome these risks to find higher degrees of success that would not have been found in their native markets.