Posted on 30 Jun 2010
A new direct-to-consumer insurance company, DirectAsia.com, was launched in Singapore on 24 June 2010. The company offers car, travel, home and personal accident insurance through its website and over the phone.
In Australia and the UK the direct insurance model has already grown to dominate the sale of the types of general insurance products being offered by DirectAsia.com. It currently accounts for more than 65% of the market in the UK and 90% in Australia.
Munich Re offers reinsurance support to DirectAsia.com. The reinsurance agreement also gives the insurer access to Munich Re's international network, consulting expertise and extensive motor insurance know-how; underscoring Munich Re’s position as a high-value solutions provider.