The life insurance sector in Singapore, which experienced a strong rebound in 2024, is poised to maintain its upward trajectory into 2025. With growing consumer interest in sustainable insurance products and ongoing advancements in digital transformation, the industry is well-positioned to meet emerging demands.
Markel has appointed Ms Wanshi Lin as head of Singapore. In this newly created role, she will oversee the company's underwriting team in the country and spearhead business planning and market engagement on the company's Lloyd's Singapore platform.
According to research by GlobalData published by the Singapore Business Review, the city-state's accident and health (PA&H) insurance market is set for significant expansion.
Global broking and advisory firm Willis Towers Watson (WTW) has launched a new cyber insurance facility, CyCore Asia, targeting businesses in Singapore and Hong Kong. To be underwritten by QBE Insurance Group and AXA XL, it aims to address the cyber security concerns with a primary insurance capacity of up to $15m.
Singapore has been ranked first in Asia for its readiness to address the challenges and leverage the opportunities of an ageing population.
Maybank's insurance arm, Etiqa Insurance Singapore (Etiqa), in collaboration with Maybank Singapore, unveiled Invest Future, Singapore's first takaful offering in over 10 years. Maybank Singapore is the exclusive distributor of this innovative Shariah-compliant investment-linked product (ILP).
HSBC Life Singapore has appointed Mr Ronald Tan as chief agency development officer. In his new role, he will oversee HSBC Life's tied agency channel and the insurer's strategic distribution partnership with Singapore Post.
Called "PROPEL with Singlife", it is designed to enable financial adviser representatives (FARs) to start their own advisory firms.
OCBC has agreed to sell its entire stake in Hong Kong Life Insurance to a Hong Kong investment holding company for HK$589.3 million (US$75.9 million).
Allianz yesterday - through its wholly owned subsidiary Allianz Europe BV - announced it has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51% of the shares in Income Insurance. The announcement followed a report by Bloomberg over the weekend that Allianz was close to scrapping the proposed S$2.2bn ($1.63bn) acquisition of a 51% stake in Income Insurance following public backlash to the deal.