The Intellectual Property Office of Singapore (IPOS) yesterday announced that it is partnering with specialist insurance market Lloyd's Asia to develop IP insurance products which will cater to the needs of enterprises in attracting capital, averting business interruption and strengthening negotiating positions when they use IP in the course of their business.
Lloyd's Asia country manager Angela Kelly and Ipos chief executive Daren Tang yesterday signed a memorandum of understanding during IP Week @ SG 2018 to seal the collaboration.
IP and intangible asset driven growth present new types of risk that need to be managed differently. IPOS’s partnership with Lloyd’s Asia will address the rising global demand from innovative enterprises for cutting edge protection, in the form of IP insurance, of their intangible assets and IP. With Lloyd’s global network and expertise in specialist insurance, enterprises in the region can now look forward to new IP insurance products from Singapore which will enable them to grow globally with more confidence.
Both parties will also jointly organise a series of seminars reaching out to 100 companies over a period of two years to promote Singapore as a centre of excellence for IP commercialisation, IP rights protection and the availability of underwriting expertise for IP insurance.
As a strategic business tool, IP insurance allows companies to take on a larger capacity in managing and mitigating their risks as they commercialise their intangible assets and IP, and venture into global markets.
Ms Kelly said, “Intangible assets such as IP now account for a significant share of corporate value for many companies. Businesses can safeguard this highly valuable asset through IP insurance to help mitigate the risks of IP infringement, including defraying legal costs of possible subsequent IP rights enforcement. In 2016, there were over 50,000 trademark registrations and over 7,000 patent registrations in Singapore alone. As companies in Asia continue their pursuit and development of innovative ideas and solutions, the potential for IP insurance will grow in tandem in the region.”
Mr Ng Yao Loong, Assistant Managing Director, Development & International Group, Monetary Authority of Singapore, said, “The collaboration between IPOS and Lloyd’s Asia reinforces Singapore’s position as Asia’s leading specialty insurance hub. This development in IP insurance is a good reflection of how our insurance sector is innovating and creating solutions to help Asian enterprises better manage their risks.”
IP filings in Asia
Asia has seen tremendous growth in innovation related activities, with six out of 10 IP filings now originating from Asia. This growth has been driven largely by China, which is now the world’s largest filer of patents, reaching 1.3m in 2017 - more than what the US, EU, Japan and Korea filed together in the same year.
As a result of these trends, there is a huge amount of technology and patent data in the world – close to 40% – that is available only in the Chinese language. IPOS is the only office outside of China that operates bilingually in English and Chinese. As such, it is able to access and understand technology and patent data from all over the world and leverage on this to deepen Singapore’s appeal as an IP hub.