The Monetary Authority of Singapore (MAS), which is Singapore's central bank, has published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs.
Singapore-headquartered international InsurTech, bolttech, has added leading-impact investment firm LeapFrog Investments as a strategic investor in an extension of its Series B round. LeapFrog's $50m investment adds to bolttech's recent Series B funding round, now totalling $246m, the largest ever Series B round for an InsurTech.
According to a recent survey by Prudential plc, Empowering Aspirations: Financial Preparedness in Asia, more than 60% out of the 5000 respondents surveyed across Hong Kong, Indonesia, Malaysia, Singapore and Thailand stated their commitment to setting aside money specifically for health and income-related emergencies.
In 2022 more Singaporeans were aware of online scams and cyber security measures, as compared to 2020, (43% vs. 32%) yet many still fail to adopt cyber security practices.
The overall CX (customer experience) quality of Singapore's home and auto insurers improved steadily from 2018 to 2021, it suffered a setback in 2022 and has remained flat so far in 2023, according to Forrester, a research and consulting firm focussed on customer dynamics.
Aviva plc has agreed to sell its 25.9% stake in Singapore Life Holdings, together with two debt instruments, to Sumitomo Life Insurance Company for a total consideration of GBP0.8bn ($0.999bn) payable in cash at closing. Sumitomo Life will pay a consideration of GBP0.5bn for Aviva's equity stake and GBP0.3bn for the two debt instruments.
Policyholders of Shield Plans can now switch more easily from their existing plans with other insurers to Prudential Singapore's PRUShield policies and supplementary plans (riders), through PRUShield EasySwitch.
International law firm DAC Beachcroft (DACB) has formed an association with Singapore-based Incisive Law to provide an offering to clients, covering Singapore and English law.
The Life Insurance Association, Singapore (LIA Singapore) has unveiled findings of the Protection Gap Study (PGS) 2022 which found that economically active (EA) Singaporeans and Permanent Residents in Singapore - including Platform Workers (PWs) - had a S$373bn ($273bn) mortality protection gap and a S$579bn critical illness (CI) protection gap. This equates to a 21% mortality protection gap and a 74% CI protection gap in Singapore in 2022.
Singaporeans are resilient mentally, physically, socially, and financially, according to a landmark study that established Singaporeans' baseline resilience in these domains for the first time.