Mr Moses Ojeisekhoba, Asia regional president of reinsurer Swiss Re, said: "Singapore has done a good job in making itself an attractive destination for both insurers and reinsurers."
A reinsurer provides cover for insurance firms.
There are about 25 reinsurers in the region, said Mr Ojeisekhoba, and two-thirds of those have a presence in Singapore, including Swiss Re.
The other hub is Hong Kong, where more life insurance firms tend to have their regional headquarters.
Singapore "tends to attract more of the non-life companies", so Swiss Re's non-life facilities are based here, said Mr Ojeisekhoba. He added that he has seen the industry grow since he moved here in 2009, noting that it was a testament to how Singapore has attracted firms.
However, the industry faces many challenges, "when you establish growth of a segment that quickly", he said.
An example is having the right people and enough talent for growth.
"I think insurers and reinsurers in Singapore have to continue to work to see insurance and reinsurance as a segment where they want to establish a career," said Mr Ojeisekhoba, who was speaking to The Straits Times as part of Swiss Re's 150th anniversary celebrations.
Insurance and reinsurance is just not as well-known as banking, so it does not attract as many graduates, he added. That is something the authorities here are working on, and Mr Ojeisekhoba said firms have to chip in as well.
Singapore has several attributes that makes such growth possible, such as an attractive regulatory regime.
He said the Monetary Authority of Singapore has balanced consumer protection with making sure that Singapore is an attractive place for companies.
"We cover almost all of the business we do across South-east Asia out of Singapore," said Mr Ojeisekhoba.
"As Singapore becomes a hub... this revenue is coming into Singapore," he added.