The (Re)in Essence
Tuesday 27 Feb 2024 edition
• Singaporean companies are hesitant to purchase cyber insurance due to high costs.
• But amendments to Singapore's cybersecurity law could expand requirements for information infrastructure providers to be accountable for breaches at outsourced vendors.
• Industry professionals report a growing interest in cyber insurance due to the proposed changes, though some believe the impact may be limited.
• Nonetheless, insurers are innovating by offering specialised products and services to meet the needs of firms under the new regulations.
Grover promoted from his role as Regional Lead of Business Transformation at Allianz.
• Allianz APAC's total operating profit rose by 33%, reaching EUR 751m (US$815m).
• The Life & Health (L/H) sector's operating profit increased by 35% to EUR 589m, with NBV growing 11%.
• The Property & Casualty (P/C) segment's operating profit went up by 26% to EUR 162m, with revenue increasing by 6%.
Ng joins the Markel team as Cyber Security Analyst.
• Fitch Ratings confirms NCI's Insurer Financial Strength (IFS) Rating at 'A' with a stable outlook.
• NCI reported a 17.1% year-on-year increase in new business value to 2.47bn yuan (US$333m) in the first half of 2023. Value of in-force business grew by 1% to 90.8bn yuan in the same period.
• The adoption of IFRS 17 and IFRS 9 in 2023 is expected to improve NCI's financial metrics.
• Concerns exist over NCI's high exposure to risky assets, with a risky-asset ratio of 171% at the end of 2022.
