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A recent survey by QBE Asia reveals a critical gap between the risk concerns of SMEs in Singapore and their actual insurance coverage. Despite 77% of SMEs expressing moderate-to-high concern over business interruption and similar worries, only 22% have business interruption insurance and around 15% are covered for the loss of key staff. The survey, encompassing insights from 605 Singaporean SME leaders, highlights other insurance trends, including: - 76% prefer bespoke insurance packages - Even in the digital age, two-thirds prefer purchasing insurance through traditional offline channels, underscoring the value of personal advice and service. The survey also reveals the array of difficulties SMEs faced in 2023. 24% of participants reported incidents of cyber attacks where sensitive data was stolen, 19% experienced a loss of income due to business interruptions, and 17% encountered issues with products or services that led to liability claims. Despite this, optimism is prevailing for 2024, with 60% expecting a better economic performance this year. https://lnkd.in/gvRHxAYG #insurance #singapore #SME

“’One bad apple spoils the whole barrel,’ so the old adage goes." The Hong Kong Insurance Authority (HKIA) has endorsed the new Reference Checking Scheme introduced by the HKFI to safeguard policyholders and uphold conduct standards in the insurance industry. Effective from 1 Sept 2024, all authorised insurers engaged in long-term business must adhere to the scheme. Non-participation or repeated non-compliance could indicate systemic issues in an insurer’s controls, prompting increased scrutiny from the HKIA. #HKIA #HKFI #HongKong #Insurance #LongTermBusiness #Conduct #Integrity #ReferenceCheck #Compliance #Agency #Recruitment #InsuranceAuthority #RegulatoryChange #RegulatoryDevelopment

With Asia's insurance landscape experiencing explosive growth, prioritizing pre-emptive fraud management is no longer a luxury, but a strategic imperative. This proactive approach safeguards the industry's core foundation of trust by utilizing cutting-edge technology to identify and prevent fraudulent activity before it erodes policyholder confidence and inflicts financial losses. By embracing robust compliance practices and harnessing the power of AI and data analysis, insurers can build a more secure environment, foster a culture of ethical practices, and ultimately ensure the long-term sustainability of the Asian insurance sector. #digitalbusinesstransformation #infosysconsulting #insurancetransformation #partnerships #ecosystemservices #nextininsurance #healthandwellness #consultingexcellence #customerengagement Aaro Jitin Anmol Mailton Therese Shan Hamza Sushil Chris Fiorillo Gitartha Alice K. Shaddie Jane Victor Bibescu Dheeraj Marcus Zack Bell Atul

In an unsettling account reported by The Straits Times, the conviction of Suyandi, a senior claims executive who swindled his insurance firm of over S$10.7 million, starkly illuminates the vulnerabilities in trust and the critical need for stringent corporate governance. 🚨 Employed by Ace Insurance, which later came under the aegis of Chubb Insurance Singapore, Suyandi abused his authority to fund a clandestine gambling addiction, systematically siphoning funds and betraying the very essence of his professional responsibilities. His carefully orchestrated deceit, spanning a staggering seven years, is a sobering reminder to all of us in the professional sphere of the imperative for rigorous oversight and unassailable ethical standards. For businesses, the significant lesson here is the non-negotiable necessity for robust internal controls and a vigilant, transparent corporate culture that actively reinforces accountability. 🛡️ Suyandi's calculated actions have resulted in serious consequences, not only for himself but also for the fabric of the corporate community. As he faces a decade behind bars, his story is an indelible lesson on the importance of integrity in the workplace, the impact of every choice, and the far-reaching implications of our actions. As business leaders, professionals, and upholders of corporate trust, we are called to reaffirm our commitment to ethical practices, ensuring that the ecosystem we operate in remains both secure and honourable. 🌐💼 This incident calls us to champion a preventative approach to fraud, community-wide support for accountability, and continuous education on the gravity of financial malpractice. Let the story of Suyandi be a constant reminder of the preciousness of trust and the relentless dedication required to safeguard it in our daily corporate endeavours. The Straits Times: Jail for ex-senior claims exec who cheated insurance firm of more than $10.7m over 7 years. https://lnkd.in/gpe55xz3 #corporatefinance #riskmanagement #professionalintegrity #internalcontrols #audit #ethicalbehaviour #workplaceculture #singaporenews #chubbinsurance #fraudawareness #leadership #compliance #trustinsociety

📢 Don’t miss out! Are you and IASIU member? Join Bobby Gracey & Simon Cook tomorrow for an engaging webinar: “Simplifying the Challenges & Risks When Investigating Overseas Claims”. 🎙️ Featuring our experts from Charles Taylor, who will share valuable insights and intriguing case studies. 👉 For more details and to register, see below 👇 #IASIU #SIU #Antifraud #FraudFighters #Insurance #SpecialInvestigations #CharlesTaylor

A great panel debate with France being a great example of what can be achieved by implementing the right captive legislation. Will be interesting to see how the EU’s new SII rule change for “small and non-complex undertakings” impacts the growth in specific captive legislation across EU countries #captiveinsurance #eiopa #solvencyii

🌐6th Global insurance Fraud Summit – Day 2 – AM   A big thank you to PwC and National Insurance Crime Bureau for hosting an extraordinary dinner for all attendees at the Raffles Hotel yesterday! 🍽️✨   There were so many fascinating insights shared, but here are a few highlights: 💡   🔸 "Fraudsters are evolving quickly with AI." - Celeste Dodson, MBA, CPCU, FCLA, President of the International Association of Special Investigation Units (IASIU) 🔸 "Join us at International Association of Special Investigation Units in Rome 2026!" - Gianni Di Meo, President of the IASIU-Europe Chapter 🔸 "Financial scams are the main threat now in Singapore." - Kai Weng Ho, CE General insurance Association of Singapore 🔸 "It's an opportunity for police to use our sector – we encourage this win-win partnership." - Andrew Gill, CEO, insurance Council of Australia 🔸 "People don't always have the conscience to commit fraud because they think they're paying for it, but insurance fraud is criminal." - Selina Lau, Chief Executive, The Hong Kong Federation of Insurers 🔸 Michelle Martin and Emeric DESNOIX shared valuable tips with two examples illustrating responses to international insurance fraud.   Looking forward to more engaging discussions and insights! #FraudPrevention #Networking #Innovation

ComplianceOne Insurance Newsletter - July 2024 issue is out! https://lnkd.in/gTYZuAKb The topics discussed in this monthly newsletter are as follows: I.   IA Regulatory Updates (1) Individual licensees are reminded to submit their CPD Declaration directly to the IA via the Insurance Intermediaries Connect (“IIC”) by 30th September 2024 (7 June 2024) (2) Responsible Officers of Licensed Broker Companies are required to attend two RO specific CPD (“RO-CPD”) hours in the coming CPD Assessment Period (28 June 2024) (3) The IA put Key Person in Control Function (“KPIC”) of Authorized Insurers – related topics into a pilot scheme for CPD training (28 June 2024) (4) The IA will start charging fees for processing insurance intermediary license applications and related notifications starting 23 September 2024 (31 July 2024) (5) The IA issued a Practice Note to provide guidance in respect of the investment choices and premium allocations under Investment-Linked Assurance Scheme Policies (“ILAS Policies”) (5 July 2024) (6) The IA and the HKMA carried out join inspection exercise on Premium Financing (“PF”) and provided certain findings (27 June 2024) (7) The Hong Kong Federation of Insurers launched a Reference Checking Scheme to standardize the reference check process (5 July 2024) II.  Enforcement News (8) Tahoe Life became the first insurer to be taken over by the regulators in Hong Kong to protect policy holders’ interests (27 July 2024) (9) China Taiping’s former employees were charged by ICAC for dummy agent scam and money laundering activities (17 July 2024) (10) The IA bans Chan Hung Fei from the industry within 34 months due to misappropriation of premium payments (12 July 2024) (11) The IA imposes a pecuniary fine against a broker company and a technical representative for mishandling of insurance policy (24 June 2024)   #Compliance  #ComplianceOne  #HK  #InsuranceAuthority #IA #Insurancebrokers #RegulatoryUpdate #EnforcementNews

Great article on the rise of Rep & Warranty (R&W) insurance in Brazil co-authored by Camila Lonzetti Vieira de Carvalho. Please click the link below to have a read!

Global reinsurer SCOR has appointed Amy Fu as the commercial head of APAC for its large corporate risk insurance arm Scor Business Solutions (SBS). Singapore-based Fu will oversee commercial strategy and lead distribution activities for SBS in the region. Read the full story: https://lnkd.in/gFF5u8Xf If you are not a subscriber, take our free trial to read the full article: https://lnkd.in/g23jCVrn #insurance #reinsurance #apac #commercial #peoplemoves