Ms Min Hung Cheng from AXA Life Insurance discusses the impact of the Financial Advisory Industry Review (FAIR) Panel's recommendations on the Singapore life insurance market. Ms Cheng says that there essentially will be greater product innovation and competition, better skilled financial advisers and increased use of direct salesforce and online sales.
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As Singapore continues to entrench its position as a financial hub for Asia, the country's general insurance market is developing alongside it and evolving at a rapid pace. Mr Jonathan Rake of Zurich General Insurance, Singapore, says there are two areas of growth that they are following closely: the opportunity in the domestic market and the growth of commercial lines in the offshore business. The latter is where they see the greatest opportunity for general insurance.
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The Singapore government has accepted the recommendations proposed by a review committee on health insurance reforms in June. Ms Ang Sock Sun and Ms Woo Shea Leen from PwC Singapore note that while this is definitely a move in the right direction, there are still some key challenges for both consumers and private insurers such as the affordability of premiums and the complexity of the changes.
Life Insurance Association, Singapore (LIA) is stepping up its engagement to help the public better navigate the health reforms currently taking place. At the same time, the LIA is also hard at work preparing for the various regulatory changes that have been introduced, says its President Dr Khoo Kah Siang.
By Ridwan Abbas
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Singapore is seen by many as a major reinsurance centre and a gateway for reinsurance to the region. We speak to the Singapore Reinsurers Association's newly-elected Chairman, Thomas Lillelund, on the priorities and way forward for the country's reinsurance grouping.
By Ridwan Abbas
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The Monetary Authority of Singapore (MAS) has been consulting since February 2012 on a regime to supervise insurance groups and sub-groups headquartered in Singapore.
By Ms Anna Tipping, Partner, Norton Rose Fulbright (Asia) LLP