Global cyber insurance market growth stalled in 2023 as US premiums saw their first ever decline, but opportunities exist in Asia Pac’s underserved SME sector.
Cyber risk is potentially higher in Asia Pac than other regions but a lack of disclosure requirements makes this difficult to monitor, says S&P Global Ratings
Wider AI use by businesses could add $4.4trn to annual global GDP growth and bring cyber risk directly into a number of general insurance lines says the Swiss Re Institute.
Singapore's domestic General Insurance GWP tops SG$5bn (US$3.7bn), but underwriting profits dip as country's two largest lines of business record losses.
