Cities in the Asia and Pacific region are vulnerable to climate change due to their geography and particular exposure to natural catastrophes and increasingly extreme weather events, says The Resilient Cities Index 2023 report, released by Tokio Marine Group and the research and business intelligence house, Economist Impact.
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.
One of the issues the insurance industry tackled at the Global Insurance Forum 2023 was the importance and benefits of a diverse workforce and how the sector could work towards it.
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.
The perceptions of business risks, from supporting staff to ESG regulation and economic uncertainty, are changing the global business risk landscape according to a new report by specialist insurer Beazley.
A new survey has revealed that for the first time, businesses are more concerned about extreme weather affecting operations in 2030 than they are about cyber attacks.
More than half (52%) of the additional global premiums to be written in 2024?2025 are expected to be generated from emerging markets (including China), up from 45% in the past five years, says Swiss Re Institute (SRI).
The divergence in the growth trajectories between the developed and the emerging life insurance markets in Asia is increasing, notes global management consultancy firm McKinsey & Co.
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.