Ken Research’s Governance, Risk and Compliance-The Singapore Insurance Industry provides an overview of the insurance regulatory framework in Singapore. It gives the latest key changes and changes expected in the country’s insurance regulatory framework. The report provides key regulations and market practices related to different types of the insurance product in the country and rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Singapore. The key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations and details of the tax and legal systems in the country are detailed in the report.
Singapore insurance industry started off the year on a positive note. Especially in the life insurances, the new premiums improved drastically form the last year in just the first quarter. Linked policies recorded for the highest growth in the same period among other policy types like participating, non- participating and linked. This shift of customer’s preferences from participating to both non – participating and investment-linked policies are due to insurer’s new product launches and improving economic condition. However, it was discovered that the Singaporeans lacked most of the critical illness protection needs. Many initiatives are currently being taken to look into public education and public engagement programs to protect the risk of life.
Future challenges remain despite the robust performance from the insurance markets due to the break out of the trade war. More importance will be given on insurance protection along with qualitative protection study to understand the grievances of the customers and improve insurer’s services. Studies also show how expenditure on health care will increase due to increasing disposable incomes. The government also recently announced on increasing expenditure on public healthcare. An example of this is MediShield which will cover large hospitalization fees for its people. The quality of services is expected to be increased on account of the use of AI and blockchain to improve productivity and customer service. This is also helped in error and time reduction in settling claims and dealing with duplication of claims. Among other technological breakthroughs, data analytics has been driving the industry in allowing insurers to deliver personalized and innovative services and products. With the rise in technology, so much can be done to provide assurance to natural catastrophes. Many new insurance services have also arisen as a result of increasing natural calamities to bridge the gap in disaster management insurances.
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Ankur Gupta, Head Marketing & Communications