Singapore Insurers Plan US$200 Million Facility for Data Centre Risks
Insurers in Singapore are establishing a US$200 million facility to cover data centre risks across Asia, addressing issues from cyberattacks to operational disruptions. Singapore’s Minister for National Development Chee Hong Tat announced the initiative, which aims to formalize collaboration among participating organizations during the week.
The new facility, pooling US$200 million from MSIG, Gallagher Re, SCOR, Samsung Re, and the Cybersecurity Association Singapore, is designed to provide comprehensive insurance coverage for data centres. This includes construction, operational, supply chain, design, and cybersecurity risks, with plans for future capacity expansion.
This initiative responds to the rapid growth of Asia-Pacific’s data centre capacity, projected by Minister Chee Hong Tat to expand from 32 gigawatts to 57 gigawatts by 2030, driven by demand for AI and other digital services. Such expansion increases the scale and complexity of associated risks.
Minister Chee highlighted that existing insurance coverage for data centres is fragmented, and individual insurers often lack sufficient capacity to cover the large and intricate risks involved. The facility aims to bridge these gaps by combining underwriting capacity and specialist expertise based in Singapore, thereby offering a more consolidated risk management solution for the region.
Share this article
Related reading
6 stories
Singaporeans Rejected by Banks Can Still Get Basic Accounts
Expensify Taps Visa Referrals to Reach Corporate Cardholders
Grab’s Financial Services Arm Hits First Profitability Milestone
Razorpay Launches GIFT City Payments Platform After IFSCA Approval
Fiserv Job Cuts Reach 3,000 as Savings Target Doubles to US$1 Billion
