News Risk Management11 Jun 2024

Singapore:Insurance market adjusts to stay on top of risks

| 11 Jun 2024

The insurance market in Singapore continued to adjust to the evolution of risk over the past 12-24 months, noted Aon, a leading global insurance broking company.

In its “Q1 2024 Global Insurance Market Insights Report”, Aon said that the auto branch, for example, experienced a significant uptick in activity and loss levels. As a result, insurers have tightened their appetite, capacity deployment, underwriting and pricing approaches as they aim to achieve and maintain a sustainable portfolio.

In addition, Singapore property risks experienced a moderate market, with local insurers pricing more competitively than international insurers (which follow global rating guidelines and/or underwriting philosophies).

Warehouse and cold storage risks continued to experience a challenging market environment. Clients have become more aware of the importance of adequate insured values and remained attentive to updating their declared values to keep up with inflation.

Superior placement outcomes were achieved through early planning and thorough preparation, e.g., collecting renewal information at least 90 days prior to renewal, providing quality underwriting information, and where possible, adhering to the risk recommendations in survey reports.

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