Singaporean millennials have the highest levels of financial resilience, and, while confidence and optimism are high across all generations, many people including wealthy individuals still lack a plan of action. In addition, trust and emotion were important when Singaporeans made financial decisions.
The General Insurance Association of Singapore (GIA) yesterday announced year-on-year growth for both its domestic and offshore general insurance segments, with a combined increase of 10.1% in gross written premiums to S$10.2bn ($7.6bn).
Leading homegrown financial services company, Singapore Life Holdings (Singlife) has become a fully owned subsidiary of Sumitomo Life Insurance Company.
The Monetary Authority of Singapore (MAS) will be updating its Guidelines on Fair Dealing in the coming weeks, according to Ms Ho Hern Shin, deputy managing director (Financial Supervision) of the Monetary Authority of Singapore.
The Life Insurance Association, Singapore (LIA Singapore) has launched the "LIA Guide to Medical Underwriting for Life Insurance", a consumer guide on the general underwriting principles and practices for life and health insurance coverage.
Etiqa Insurance Singapore has introduced a new critical illness (CI) insurance policy, named Essential critical secure. The new insurance policy aims to offer wide-ranging and cost-effective coverage for 111 CI and mental health conditions spanning different illness stages.
AIA Singapore has launched the AIA Internship 2024, the insurer's first internship programme led by its corporate arm. This exciting six-week programme will offer students from various institutes of higher learning an immersive experience and distinctive blend of distribution and corporate exposure, providing them valuable insights and practical skills that are essential in the financial services industry.
Prudential Singapore (Prudential) and its financial advisory arm, Prudential Financial Advisers Singapore (PFA), plan to hire 800 financial representatives (FRs) through its Management Associate Programme (MAP) this year. This will boost its agency size to over 5,500 and help meet consumers' growing demand for protection, medical and wealth services.
In Singapore, from the corporate perspective, businesses are increasingly recognising the necessity of comprehensive non-life insurance coverages, such as property, casualty and specialty insurance, to mitigate operational risks in a volatile global environment.
London-headquartered Miller, a leading independent specialist (re)insurance broker, has said that in its international operations, it is in particular establishing an increasingly meaningful market share in Singapore.