There were a number of things Singapore deputy prime minister Lawrence Wong spoke about at the Global Insurance Forum 2023. One of the topics he covered was the profound shifting in the global economy and risk landscape. "It is moving from a period of benign globalisation to a new era of great power competition," he said, referring to Russia president Vladimir Putin's invasion of Ukraine and the ongoing conflict in Palestine.
This year's Singapore International Reinsurance Conference (SIRC) showed how critical informed discussion is in advancing the role of reinsurance as an enabler of a sustainable future for mankind. This can be considered to be the direct result of the years of extensive curation and endeavour that the Singapore Reinsurers' Association (SRA) - and in particular its chair Marc Haushofer and outgoing executive director Jeffrey Yeo - put into making the SIRC a preeminent reinsurance event globally.
MSIG has announced that it will be collaborating with Dedoco and Embed Global to drive the industry's anti-scam efforts.
Sun Life Singapore and Prudential Financial Advisers Singapore (PFA) have signed a collaboration to offer the former's SunBrilliance Indexed Universal Life to PFA clients.
Huntington Investments (Huntington) has announced that it is investing in Seleris Asia Pacific Technology (Seleris), an innovative life/ health insurance underwriting platform based in Singapore.
The Monetary Authority of Singapore (MAS) has announced the successful conclusion of phase one of Project MindForge which seeks to develop a risk framework for the use of Generative Artificial Intelligence (GenAI) for the financial sector.
Among Singaporeans, longer-term financial plans such as retirement planning and investment have been put on the backburner.
Singapore is witnessing a rapid rise in its ageing population, with a projected 27% of residents aged 65 and above by 2030. In 2022 residents aged 65 years and above made up 16.6% of the total resident population in the country. Singapore is currently one of the most rapidly ageing societies in Asia, along with Japan.
A study initiated by leading homegrown financial services company Singlife has revealed that retirement planning remained a low priority for platform workers in Singapore, with just one in 10 having taken any steps to secure their financial future.
The 8th Singapore FinTech Festival (SFF), which opens today, will focus on Artificial Intelligence (AI) and facilitate dialogues on re-architecting the financial system, preparing for future risks in technology and climate, and powering entrepreneurs and the future tech workforce.