Media Center

NRIC numbers alone cannot be used to purchase, surrender or alter policies

SINGAPORE, 19 December 2024 – The General Insurance Association of Singapore (GIA) and Life Insurance Association, Singapore (LIA) assure policyholders that NRIC numbers alone cannot be used to purchase, surrender or alter existing policies, submit policy claims, nor change the nominated beneficiary or bank account information lodged with the insurer for receipt of policy payments. Insurers apply multi-factor authentication at login for online financial services, and other forms of authentication for offline transactions.

Insurers are committed to protecting policyholders and maintaining customer confidence, and are conducting a thorough review of their practices on the use of NRIC numbers. We seek policyholders’ understanding that some existing processes may be changed as a result.

If policyholders are using their NRIC numbers or other personally identifiable information¹ as their passwords for login, they should change them immediately to reduce the risk of unauthorised access.

1 - Personally identifiable information are details that can be used to directly identify you. Examples include your name, NRIC number, date of birth and address, or those of your family members.

Action items to directly address insights from second Insurance Trust Indicator Study which found
trust scores for majority of the segments remaining within the moderate to strong range

SINGAPORE, 14 November 2024 – The Insurance Culture and Conduct Steering Committee (ICCSC) today announced the launch of its new action plan to strengthen trust in Singapore’s insurance industry. Developed by the ICCSC’s General and Life Insurance sub-committees, the action plan incorporates insights from the Insurance Trust Indicator Study 2024 (ITIS 2024)1. Specific focus areas have been identified by the sub-committees and the plan will be updated with initiatives over time.

The first part of the plan is spearheaded by ICCSC General Insurance sub-committee and prioritises measures that enhance consumer awareness, improve insurance policy literacy, and elevate the claims experience. The ICCSC Life Insurance sub-committee leads the second part of the plan, focusing on raising the quality-of-life intermediaries’ standards by encouraging best practices, alignment and clarification of standards.

This is the next phase for ICCSC following the release of a series of best practice papers2 which provides guidance and recommended initiatives to elevate culture and conduct standards within the insurance eco-system.

“Trust is built over years and we are taking a long-term approach to continually strengthen trust in Singapore’s insurance industry. This requires the efforts of all parties within the eco-system, all playing our part and coming together to create a strong culture of ethics, accountability, and customercentricity. This action plan is another step in our efforts to make a real difference to elevate industry standards overall,” said Dr Khoo Kah Siang, Chairperson of the committee.

Key takeaways from the ITIS 2024:

Insurers
• General Insurers’ trust indicator scores stayed within moderate to strong levels of 73 to 76 despite recording a decline in trust performance across both consumer and business segments.
• Life Insurers achieved a moderate trust indicator score of 70 among consumers, a 2-point increase from the inaugural study in 2023.

Intermediaries
• Trust indicator scores for general insurance intermediaries ranged between 62 and 69 with declines observed across both consumer and business segments.

• Trust indicators scores for life insurance intermediaries among consumers maintained at 73, and scores for businesses ranged between 64 and 73. From the trust indicator scores, we were able to identify key drivers that are the greatest predictors of trust performance within each segment, which ICCSC used to determine priorities for the action plan. The selected industry initiatives aim to provide consumers with better claims experience, better quality advice and improved communications from their insurer and/or insurance intermediary.

 *Independent Financial Advisors (IFAs) refer to standalone Financial Advisors (FAs) who are not owned directly or indirectly by insurers or other relevant product manufacturers.

 
To date, the ICCSC has developed and released five best practice guidelines as well as recommended various initiatives for stakeholders within the insurance eco-system, to elevate the culture and conduct standards of insurance companies, intermediaries (e.g. Financial Advisory Firms), employees, and the entire insurance ecosystem in Singapore.

The full Insurance Trust Indicator Study (ITIS) report can be found here: https://gia.org.sg/images/resources/For-Consumers-PDF-file/ICCSC-ITIS2024-FinalReport.pdf.

¹ More information about the study below

² All best practice papers can be accessed here: https://gia.org.sg/consumers/resources/for-members.html

Vehicle owners and drivers can experience an improved and accelerated motor accident reporting process with Myinfo Reporting.

SINGAPORE, 8 AUGUST 2024 – The General Insurance Association (“GIA”) of Singapore announces the launch of its Myinfo Reporting service. This service will be integrated into the accident reporting process, allowing all Singpass account holders to initiate and pre-fill motor accident reports online before heading to an Accident Reporting Centre (“ARC”).

With this integration, vehicle owners and drivers can securely and easily authenticate their identity through Singpass to submit accident scene photos and videos online, eliminating the need for manual form-filling and minimise waiting time. Thereafter, they can proceed to an ARC to complete the reporting process.

“The Myinfo Reporting service offers quicker identity authentication and reduces the risk of inaccurate information provided by motorists. This helps to streamline the accident reporting process,” said Mr Ho Kai Weng, Chief Executive of GIA.

The launch of Myinfo Reporting is part of GIA’s ongoing efforts to integrate technology into processes to further enhance motorists’ experience. The association also launched the Vehicle Accident Report History (VARH) service in February, which allows prospective buyers of second-hand vehicles to understand the accident history of the vehicle prior to purchase by buying a report that shows the dates of accident reports made by owners or drivers of their vehicles for the past six years.

A video of how Myinfo Reporting is incorporated into the accident reporting process can be found here. 

An infographic poster explaning how the process works can be found at the Myinfo Reporting Infographic. 

- General insurance sector recorded collective growth of 10.1% across both its domestic and offshore markets
- Increase in net incurred claims observed for the majority of domestic business segments, led by motor insurance

SINGAPORE, 18 March 2024 – The General Insurance Association of Singapore (GIA) today announced year-on-year growth for both its domestic and offshore general insurance segments, with a combined increase of 10.1% in gross written premiums to S$10.2 billion. The sustained growth reaffirms the sector’s relevance and role in protecting consumers and businesses. The sector recorded an underwriting profit of S$608.1 million.

“The sector’s sustained growth this year reflects its resilience and underscores our enduring commitment to safeguarding the interests of consumers and businesses. Despite the positive results, we remain keenly aware of economic headwinds and the continued threat posed by fraudulent activities. Protecting and supporting our motoring public will remain a key focus for the sector in the coming year.” said Mr. Ronak Shah, President of GIA.

Increase in net incurred claims across major domestic market segments
The domestic segment observed 7.3% growth in gross written premiums, amounting to S$5.2 billion, while underwriting profit fell by 11.2% to S$262.9 million. Net incurred claims rose 44%, driven by an increase in claims across most business segments as the sector continues protecting Singapore customers and helping to rebuild their lives and property. In particular, the motor segment saw the largest increase in claims by 73.3% to S$573.4 million, as traffic accidents rose in 2023¹.New service for the motoring public – Vehicle Accident Report History

Building on the success of the GIA Easy Accident Reporting System (GEARS), the sector also launched its new online Vehicle Accident Report History (VARH) service² earlier this year. This service allows car owners to buy the report showing dates of accident reports made by owners or drivers of their vehicles the past six years, allowing a more transparent buying and selling experience for prospective buyers of their vehicles.

GIA also produced a sector-wide video campaign to raise public education on motor touts, in partnership with the Singapore Police Force.

Strong recovery in travel fuelled positive performance in domestic market
Across the various business segments, travel insurance emerged top with a 37.6% increase in gross written premiums. This is in line with the strong recovery in business and leisure travel globally.

The health segment recorded an increase of 12.1% in gross written premiums. However, it concurrently observed an underwriting loss of S$10.6 million, reversing the profit experienced in 2022. This was contributed by the 10.3% increase in claims, signifying rising healthcare costs.

Gross written premiums for employer’s liability observed a 10.2% increase, consistent with the expansion of resident and foreign labour market³. The segment achieved an increase in underwriting profit to S$45.7 million, as workplace safety and deaths in workplace fell in Singapore last year⁴.

Further breakdown of the general insurance sector’s performance by business segment can be found in the appendixes.

Looking ahead, the sector remains committed to meeting consumers and businesses’ evolving needs and ensuring protection remains accessible amid a more volatile global landscape. Beyond ongoing fraud-mitigation initiatives, the sector continues to proactively assess and implement approaches to safeguard Singaporeans’ interests.

1 - Singapore Police Force, Annual Road Traffic Situation 2023: https://www.police.gov.sg/-/media/D4435F72157942D3B323EE4A507D4CFB.ashx

2 - GIA, Vehicle Accident Report History Service – https://m.gears.com.sg/accident-history-report

3 - Ministry of Manpower. Labour Market Advance Release Fourth Quarter 2023: https://www.mom.gov.sg/newsroom/press-releases/2024/3101-labour-market-advance-release-fourth-quarter-2023

4 - The Straits Times (31 January 2024); Workplace deaths in Singapore down 22% in 2023: https://www.straitstimes.com/singapore/workplace-deaths-in-2023-fall-by-22

Vehicle owners can now buy the report from the GIA Easy Accident Reporting System (GEARS) and see dates of accident reports made by owners of their vehicles for the past six years.

SINGAPORE, 21 FEBRUARY 2024 – The General Insurance Association (“GIA”) of Singapore announces the launch of its new online Vehicle Accident Report History (VARH) service. This service is provided on the GIA Easy Accident Reporting System (GEARS), the association’s motor accident reporting online platform.

The Vehicle Accident Reporting History service is available at https://m.gears.com.sg/accident-history-report.

Current vehicle owners will be able to buy the report that shows the dates of accident reports made by owners or drivers of their vehicles for the past six years. The cost of each report is S$90 plus prevailing GST.

"For the first time, car owners can access the list of the accident reports made on their vehicles. Both buyers and sellers can use it as part of a more informed vehicle buying and selling experience,” said Mr Ho Kai Weng, Chief Executive of GIA.

Vehicle owners must use Singpass MyInfo to use this service. Currently, the VARH service is only offered to individual vehicle owners².

This new service builds on the successful launch of GEARS, a platform launched in 2020 that offers consumers a more seamless and convenient payment and delivery of third-party accident reports. While the GEARS launch enables motorists to remotely and securely buy third-party accident reports in an event of an accident, this new added service allows prospective buyers of second-hand vehicles to understand the accident history of the vehicle prior to purchase.

In partnership with the Singapore Police Force, the sector also recently unveiled a video campaign that raises public awareness towards motor touts, underscoring the industry’s overall mission to strengthen the motor insurance sector and safeguard consumers. This video can be viewed on YouTube.

² - Businesses such as motor vehicle traders may request for vehicle owners to buy the report before transferring vehicle ownership.

Boost in conduct related initiatives as well as higher level of engagement and ownership within Singapore’s insurance eco-system following launch of best practice papers by Insurance Culture and Conduct Steering Committee

SINGAPORE, 10 January 2024 – 

The Insurance Culture and Conduct Steering Committee (ICCSC) today released its fourth paper Promoting Ethical Culture and Conduct in Insurance Intermediaries (General) . This set of guidelines – centred on prioritising and protecting the interests of customers by general insurance intermediaries – outlines best practices for GI intermediaries in maintaining and elevating standards of integrity and professionalism to build customer trust and confidence in the sector.

Key areas of focus in these latest set of best practice guidelines include:

 - Cooperation to mitigate rolling bad apples by ensuring corporate GI intermediaries and insurers work together to prevent individuals with prior misconduct from re-entering the industry. The recommendations include checking for past misconduct when hiring as well as establishing accountability in staff responding to reference checks.

- Prohibition of referral or introducer fees, and preventing the use of sub-agents for the sale of general insurance policies. Insurers and general insurance intermediaries should also refrain from allowing online partners to function as intermediaries without proper licencing or registration, remunerating such partners with a percentage of sales for each policy sold via their platform, and/or participating in pricing packages that may result in biased and inappropriate product recommendations, ranking, or advice of a general insurance product.

- Remuneration practices and agency performance management framework where appropriate incentives and a balanced scorecard are utilised to ensure reward and recognition goes beyond financial indicators. This includes minimum two hours of training annually on ethics, conduct and compliance, and for agents, setting a clear process to ensure remedial actions are mapped out and delivered for errant behaviours with frequent, close monitoring of the agents by the first and second lines of defence.

The first three papers focusing on Human Resources, Corporate Governance and Life Insurance Intermediaries were released in two tranches in 2022. This fourth paper follows the release of the Inaugural Insurance Trust Indicator Study by ICCSC, which showed good levels of trust in the Singapore insurance industry.

“We are heartened to receive positive feedback on the value of work done by the ICCSC. Following the publication of our best practice papers and Insurance Trust Indicator Study, the industry has observed an increase in the levels of involvement and accountability of individuals within the insurance eco-system – including leaders, supervisors, agents, brokers, and financial advisers – on matters relating to ethics and conduct. This is good progress and we will continue to engage all stakeholders to further uplift the industry,” said Dr Khoo Kah Siang, Chairperson of the Insurance Culture and Conduct Steering Committee.

Areas in which key actions have been taken by some of the industry players to enhance culture and conduct include:
- Enhanced risk management frameworks and policies including rigorous trainings on risk-related activities and how to better manage them, as well as introduction of formal consequence management procedures
- Implementation of Quality Assurance Scorecard for more comprehensive performance evaluation across financial and non-financial metrics
- Increased communications and interactions between management and staff to strengthen tone from the top and establish feedback loop for two-way engagement.

The ICCSC, consisting of senior leaders in the industry, was established in December 2019 to foster sound culture and strengthen standards of conduct among insurers in Singapore. They are supported by the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers’ Association (SRA).

The best practice paper and infographic can be downloaded at: 

https://gia.org.sg/images/resources/For-Members/ICCSC-GI-Intermediaries-Best-Practice_2024-01-10.pdf
https://gia.org.sg/images/resources/For-Members/ICCSC-GI-Intermediaries-Infographic_2024-01-10.pdf

Engaging touts may increase your premium significantly.

Don't fall prey to touts. Contact your insurer for claims assistance immediately after an accident. 

Extended Director's Cut (70 secs)

Short Ver. (30 secs)

The Insurance Culture and Conduct Steering Committee will work closely with stakeholders to strengthen trust levels in the insurance sector.

SINGAPORE, 26 July 2023 – The Insurance Culture and Conduct Steering Committee (ICCSC) today announced the results of its inaugural Insurance Trust Indicator Study (ITIS)¹. Overall, the study showed that consumers and businesses have good levels of trust in the insurance industry, as all the trust scores are in the moderate to strong range.

This annual study will be conducted by Forrester over a three-year period. It is part of the ICCSC and the industry’s effort to assess the levels of trust in the insurance industry and identify areas where consumers and businesses’ trust in life insurers, general insurers, and insurance intermediaries (e.g. insurance agents, brokers, financial advisers) in Singapore can be improved.

The ITIS involved surveying more than 2,000 consumers and over 500 business employees (managerial-level and above) in Singapore between February to March 2023. The following are the key findings from the ITIS:

- Consumers and businesses view insurers to be trustworthy, with trust levels among businesses averaging higher than consumers. Life insurers achieved strong trust levels among businesses, and slightly lower trust levels among consumers. For general insurers, trust levels were strong across both consumers and businesses. Overall, insurers achieved a trust indicator score between 68 to 80.

-Consumers and businesses view insurance intermediaries to be at moderate trust levels. Overall, insurance intermediaries achieved a trust indicator score between 68 to 74.

- Higher trust leads to an increased willingness to maintain and deepen relationships with brands. Consumers and businesses that have higher trust in their insurers and intermediaries are more likely to recommend, stay with and purchase additional products and services from them. The study also established linkages between higher trust and positive outcomes around branding, engagement and forgiveness.

- Breaches of trust carry reputational and financial risks for the insurance industry that extend beyond the individual firm. The study tested nine scenarios of trust breaches to explore both the triggers and relative breaking points of consumers and businesses' trust. Examples of trust breaches include legal, regulatory, and data breaches that expose customers' confidential information. Such breaches may result in consumers and businesses’ decisions to reduce their current product holdings, limit additional purchases or seek alternative providers.

“Results of the inaugural Insurance Trust Indicator Study show that the industry can certainly do more to bolster trust among consumers and businesses alike. The best practice papers rolled out by the ICCSC will be a good starting point for insurance companies to adopt and act upon. It is our collective responsibility to strengthen relationships with the public by elevating culture and conduct standards in Singapore,” said Dr Khoo Kah Siang, Chairperson of the Insurance Culture and Conduct Steering Committee.

"Trust is at the heart of a well-functioning financial sector. The value of trust is far from illusive, and the ITIS demonstrates that trust has a tangible quality that is measurable. We commend the ICCSC’s sustained efforts to foster strong, long-term relationships between insurers, insurance intermediaries and customers,” said Mr Marcus Lim, Assistant Managing Director (Banking and Insurance), Monetary Authority of Singapore. 

Following the release of the first three best practice papers in 2022², ICCSC will be releasing its fourth ‘General Insurance Intermediary Best Practices - Promoting Ethical Culture and Conduct in Insurance Intermediaries (General)’ within the year as part of the committee’s ongoing efforts to elevate standards in the nation’s insurance industry.

Going forward, the ICCSC will study the findings of the ITIS and work closely with stakeholders to trust levels in the insurance sector. The ITIS will also be conducted in 2024 and 2025 to monitor shifts in consumers and businesses’ sentiments, benchmark year-on-year performance, and identify key improvement areas to continuously build trust in Singapore’s insurance industry. This is in keeping with the ICCSC’s broader goal to elevate culture and conduct standards in the industry.

The full Insurance Trust Indicator Survey (ITIS) can be found here. 

 1 - The Trust Indicator scores range from 0 to 100. Scores have been assigned to one of five trust strength categories: very strong (85+), strong (75-84), moderate (65-74), weak (55-64), and very weak (<55). The range for each score category is based on a normal distribution.

2- ‘Press release: Expect higher standards of culture and conduct from Financial Adviser Representatives (FA Reps) and Financial Adviser Firms (FAFAs) as industry pushes ahead of build greater trust in the profession’ (Apr 21, 2022). Insurance Culture and Conduct Steering Committee. Available here. 

First-ever sector-wide video campaign to be launched 2H2023 as members come together to raise public awareness towards motor touts to combat fraudulent claims in the motor insurance sector

SINGAPORE, 22 March 2023 – The General Insurance Association of Singapore (GIA) today announced that the general insurance sector recorded positive results for both the offshore and domestic segments with a combined 15% increase in gross written premiums to S$9.34 billion. Underwriting performance rose by 20.3%.

Domestic Segment Records Second Consecutive Year of Growth
The domestic segment recorded a stable growth of 9.6% in gross written premiums totalling S$4.84 billion. This came on the back of strong uptake in the health, property, and travel segments in the domestic market, with the easing of travel borders globally contributing to significant growth in the latter.

Correspondingly, underwriting profit increased by 14.8% year-on-year to S$301.6 million in 2022, buoyed by strong performance in the health segment. This is the second consecutive year of growth recorded for the sector, underscoring its resilience as it emerges from the Covid-19 pandemic.

"The general insurance sector’s robust performance over the past year has reinforced our country's position as a leading insurance hub in the region. Despite challenges posed by the pandemic, the sector has displayed resilience, adaptability, and innovation, enabling us to continue serving our customers and supporting economic growth. As we look ahead into 2023, we remain optimistic in our sector's ability to navigate and excel in a rapidly evolving landscape," said Mr. Ronak Shah, President of GIA.

First-ever sector-wide video campaign to combat motor touts
With the resumption of economic activities and in the face economic headwinds, the sector continues to keep a keen eye on the rising trend of motor touts and other fraudulent activities. This year, the general insurance sector will come together in a sector-wide effort to launch a video campaign aimed at raising public awareness around motor touts. This campaign will be launched second half of 2023.

This is the first-ever sector-wide marketing initiative to tackle inflated claims in the motor segment since the launch of the Motor Claims Framework¹ in 2008, further underscoring the sector’s continued commitment to stamp out fraudulent actors in its largest business segment.

Positive domestic market performance supported by health segment
Across the various business segments, health insurance came up top in terms of growth with a 19% increase in gross written premiums. Total underwriting profit for the health segment also increased by S$69.6 million, reversing the underwriting loss experienced in 2021. This highlights the general insurance sector’s growing position in providing comprehensive protection through corporate health coverage.

Gross written premiums for property insurance grew by 6% to S$758.3 million. This is reflective of the multiple high profile fire incidents reported by the media in the past year², reinforcing the pertinent role of property and fire insurance in rebuilding lives.

 1 - GIA Motor Claims Framework, https://gia.org.sg/images/pdf-files/MCF_Brochure.pdf, retrieved on 22 March 2023.

2- The Straits Times (13 Feb 2023): More fire-related deaths in 2022 although fewer blazes reported; spike in vehicle fires: SCDF: https://www.straitstimes.com/singapore/more-fire-deaths-in-2022-although-fewer-blazes-reported-spike-in-vehicle-fires-but-fewer-pmd-cases

Singapore's General Insurance Trade Association Carries out Strategic Expansion on Travel Insurance Fraud Efforts

SINGAPORE, 15 March 2023 – Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers. The strategic expansion builds on prominent successes¹ of the GIA Fraud Management System (FMS) and will support travel insurance fraud. This comes at a fitting time with global travel rising to pre-pandemic levels.

Shift and the GIA have been collaborating in the fight against insurance fraud since 2017 when the Singapore-based trade association deployed Shift Claims Fraud Detection to help identify suspicious motor and travel insurance claims. While the initial scope of deployment focused more on motor insurance claims, significant success in both areas led to the decision to broaden the solution’s use in detecting more types of travel insurance fraud.

“Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximise the potential of the travel module and comes at an opportune time of rising global travel,” said Ho Kai Weng, chief executive, GIA. “Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector’s existing fraud detection and management efforts.”

Shift is currently working with leading insurance associations around the world. The company’s AI-powered solutions empower these organizations to make better decisions in the fight against fraud. Shift believes that collaboration is the key to augmenting individual insurer’s strategies by helping the industry detect and disrupt fraud more holistically.

“Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful,” explained Jeremy Jawish, CEO and co-founder, Shift Technology. “Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what’s happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all.”

 1 - 

Examples of successful convictions of travel insurance fraud cases first detected through the GIA FMS

- Jail for woman who made fake travel insurance claims of more than S$14,000. Channel News Asia. https://www.channelnewsasia.com/singapore/fake-travel-insurance-claim-14000-woman-jail-2844321. Retrieved on 9 March 2023
- Singapore woman scams SG$30,900 from 12 insurers. Insurance Business Asia. https://www.insurancebusinessmag.com/asia/news/

The general insurance sector looks to step up the fight against insurance fraud and remains watchful of potential rise in insurance fraud and motor claims as activities resume to pre-pandemic levels.

SINGAPORE, 24 March 2021 – The General Insurance Association of Singapore (GIA) today announced that the sector achieved stable growth with 8 per cent annual growth in gross written premiums, totaling S$4.42 billion as of 31 December 2021. The sector’s growth was driven by a strong uptake across its top five business segments, with the property segment showing the biggest double-digit increase.

In 2021, the sector ensured protection for a population that is transitioning to an endemic COVID-19 with the resumption of key economic and social activities in the new normal. The sector ended the year with a pay-out of S$84.3 million more in claims compared to the previous pandemic year for three of its largest segments – motor, health, and employer’s liability – which represent half of the general insurance market. In total, the sector paid out S$1.24 billion in claims across all segments for the year.

Despite more claims being paid out in motor, health and employers’ liability, the sector recorded an underwriting profit of S$262.7 million overall.

 Figure 1: Gross written premiums and market share of top consumer segments

Figure 2: Underwriting performance across the top consumer segments 

GIA also announced the appointment of its new management committee at the association’s Annual General Meeting (AGM) this morning to reflect the next phase of the sector’s transformative journey.

The GIA Management Committee re-elected Mr. Ronak Shah as President, and Mr. Christian Sandric as Vice-President. Mr. Jimmy Tong and Ms. Joanne Huang were also re-elected as Honorary Secretary and Honorary Treasurer respectively.

“The evolving COVID-19 situation continues to demonstrate why the work of the general insurance sector is essential – to protect what people value most. General insurers continue to answer the call of duty to safeguard consumers’ interests during disruptive times, from COVID-19 financial relief measures to participating in a multi-agency insurance workgroup to discuss the provision of COVID-19 cover in key products such as travel insurance,” said GIA President, Mr. Shah.

“For 2022 and beyond, cyber risks and sustainability will become increasingly pertinent issues for the sector. 2021 has been a year of laying down the foundation for closer collaboration and partnerships. In 2022, our dialogue and initiatives in place will move talk to action to urgently address these increasingly worrying risks and our policyholders’ changing protection needs. As we step into 2022 with greater optimism, our efforts will be focused on driving forward-looking developments with purpose, innovation, and collaboration at the core.”

Looking forward: Turning greater focus towards insurance fraud

The general insurance sector also looks to step up the fight against fraud, which tripled from 2018 to 2020¹. Fraudulent activities have also increased further into 2021 and the trend may potentially continue and increase in 2022. With business and social activities resuming to pre-pandemic levels, the sector is also focused on monitoring fraudulent activity in the motor insurance segment and are actively continuing to strengthen its processes to combat fraud in the segment.

The late-2021 prosecution of an individual who defrauded 12 insurance companies of S$30,900² in fraudulent travel insurance claims was a successful cumulation of collaborative efforts between GIA members and Singapore’s enforcement agencies. The case is a testament to the effectiveness of the GIA Fraud Management System and the role of special insurance investigators to detect insurance fraud. The GIA Fraud Management System employs data analytics and artificial intelligence to detect fraud cases at scale for motor and travel insurance.

As the world opens up even more, the sector remains vigilant to fraudulent activity. GIA intends to use learnings from these fraud mitigation experiences and successes to further improve processes. One of the improvement areas the sector is exploring is in expanding the scope of the GIA Fraud Management System to bring more fraud cases to light.

Other sector-led initiatives for 2022

• Working alongside the Ministry of Manpower to implement enhanced medical insurance (MI) coverage for Work Permit and S Pass holders. The sector will work in partnership with the ministry to ensure seamless implementation of the enhanced MI model and will have suitable products ready by end 2022.

• Collectively elevating the culture and conduct standards in Singapore’s insurance industry with our life insurance and reinsurance counterparts will also gain momentum with the release of new reports focusing on people, performance, and processes that were officially released on 22 March 2022.

• Instilling greater travel confidence for both inbound and outbound travellers will continue to be a key focus for the sector, in line with greater VTL (Vaccinated Travel Lane) expansion.

• Placing increasing importance on the sustainability agenda will provide an opportunity for more purposeful growth for the sector. The Association is committed to progressing the mandate of the green finance taskforce and committees it is a part of, by playing a role in expanding the sector’s capacity building programmes through widening channels of training providers and through close collaboration with the Singapore College of Insurance.

Motor insurance: Rise in traffic accidents as more activities resumed

The motor insurance segment recorded flat growth in 2021 recording S$1.15 billion in gross written premiums for the financial year, a 2.7 per cent increase compared to the previous year. Underwriting profit stood at S$49.7 million at the end of the year.

The segment incurred an 8.3 per cent, or S$42.1 million, increase in total claims paid out as more activities resumed. The number of fatal accidents had risen by 25 per cent from 80 cases in 2020 to 100 cases in 2021³. Injuries due to road accidents also increased. While the number of fatal accidents was still lower than the pre-pandemic total in 2019, GIA urges motorists to continue to stay vigilant and practice good road safety habits.

Motor claims is expected to increase in the coming year as Singapore navigates towards an endemic new normal. In view of this anticipated trend, GIA is also committed to facilitating a more seamless accident reporting process to protect motorists.

Health insurance: Continuation of upward claims trend

The sector paid out 7.5 per cent, or S$21.6 million, more in health insurance claims in 2021, which contributed to the segment recording an underwriting loss of S$5 million.

The segment also experienced a 7.8 per cent increase to S$746.5 million in gross written premiums as the health of employees remains a key priority for corporations.

Managing healthcare inflation continues to be a shared concern between GIA and key stakeholders including Life Insurance Association, Singapore (LIA Singapore) and the Ministry of Health (MOH).

Property insurance: Now the third largest general insurance segment in Singapore

The property segment saw a 20.9 per cent increase in gross written premiums, buoyed by the thriving Singapore’s property space. Singapore’s commercial real estate investment volume experienced a triple-digit increase in 2021⁴.

With construction activities progressively ramping up, a continued upward trend for the property insurance segment can be expected.

Other segment updates

Employers’ liability insurance recorded S$399.3 million in gross written premiums in 2021, a 4.7 per cent increase from last financial year, with underwriting profit at S$29.9 million. The sector paid out 13.7 per cent, or S$20.6 million, more in claims in 2021, as rate of workplace injuries increased to become more comparable to pre-COVID levels when workplace activities resumed⁵.

Personal accident insurance recorded S$173.7 million in gross written premiums, a 3.5 per cent increase compared to the year before.

Travel insurance saw a 15.7 per cent decrease and recorded S$48.5 million in gross written premiums in 2021. This is an expected trend considering limited travel activity in the first half of 2021.

1 -The Straits Times (10 Jan 2022): Reports of insurance fraud tripled between 2018 and 2020: Shanmugam: https://www.straitstimes.com/singapore/politics/reports-of-insurance-fraud-tripled-between-2018-and-2020-shanmugam

2- The Straits Times (17 Nov 2021): Singaporean jailed over bogus baggage delay claims that paid her nearly $31,000: https://www.straitstimes.com/singapore/courts-crime/spore-woman-jailed-over-bogus-baggage-delay-claims-to-insurance-firms-that

3 - The Straits Times (14 Feb 2022): Fatal road accidents in S'pore up 25% as more activities resume: https://www.straitstimes.com/singapore/courts-crime/more-people-died-or-got-hurt-on-spore-roads-in-2021-as-more-activities-resumed?login=true

4 -The Business Times (10 Feb 2022): Singapore commercial real estate investment volume bounces back in 2021, sees triple-digit increase: report: https://www.businesstimes.com.sg/real-estate/singapore-commercial-real-estate-investment-volume-bounces-back-in-2021-sees-triple

5 - CNA (8 Oct 2021): Workplace injuries in first half of 2021 comparable to pre-COVID-19 levels, but fatal accidents a 'cause for concern': MOM: https://www.channelnewsasia.com/singapore/workplace-injuries-first-half-2021-pre-covid-19-levels-mom-2230331

Consumer interests and business resilience central themes in first set of guidelines published by the Insurance Culture and Conduct Steering Committee (ICCSC)

SINGAPORE, 22 March 2022 – The Insurance Culture and Conduct Steering Committee (ICCSC) today released its first two papers providing best practice guidelines and recommended initiatives for stakeholders within the insurance ecosystem to elevate the culture and conduct standards of insurance companies, intermediaries (e.g. Financial Advisory Firms), employees, and the insurance ecosystem.

 The two Papers¹ are:

• Human Resources Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Across the Employee Life Cycle: Outlining best practices in Hiring, Enterprise Training, Consequence Management, and Exit Management

• Corporate Governance Culture and Conduct Best Practices – Promoting Ethical Culture and Conduct Through Corporate Governance and Systems: Putting forth recommendations on the role of Leadership, Governance & Systems, Capability & Capacity, and Performance Management & Remuneration

Mr Marcus Lim, Assistant Managing Director (Banking & Insurance), Monetary Authority of Singapore, said, “The ICCSC has demonstrated its commitment to promote good culture and conduct within the insurance sector through the publication of these best practices and recommendations. By continually serving the best interests of their customers, insurers and intermediaries reinforce the foundation of trust upon which the industry is built. MAS encourages all firms to take reference from this set of papers and consider how best to apply them to their business so as to better serve their customers.”

Dr Khoo Kah Siang, Chairperson of the Insurance Culture and Conduct Steering Committee (ICCSC) said, “The papers are developed based on extensive research carried out on best practices observed internationally, and inputs from senior practitioners within the industry. We hope that these papers will provide timely and practical guidance to the insurance companies in Singapore to apply and elevate their standards of culture and conduct over time, to maintain public trust and confidence in the insurers.”

“ICCSC will continue to work with the various insurance associations in Singapore to adopt these guidelines as appropriate for their segment. These best practices papers will be reviewed in 12 months to assess the effectiveness of the recommendations for the industry.”

These Papers focus on people, performance, and processes:

• People: From the leadership team to employees and Financial Adviser (FA) Representatives – every individual has a critical role to play in creating a strong culture of good conduct for the benefit of insurance customers. The best practice guidelines and recommendations put forth clear roles and responsibilities of the respective parties in promoting the right culture and conduct in the organisation.

• Performance: Assessment criteria – whether for hiring, reward, or recognition – can be enhanced to include financial and non-financial measures. The performance of the management team, employees, FA representatives and partners in the ecosystem can be raised by having the right training programs and consequence management framework.

• Processes: Recommended enhancements to the governance and ways of working to establish and enforce more robust practices to promote good conduct and the right culture within organisations and the insurance eco-system at large.

“I would also personally like to thank all the ICCSC members as well as contributors in the subcommittees who had volunteered their valuable time towards this important initiative for the industry amidst this challenging COVID-19 period,” Dr Khoo added.

The committee, consisting of senior leaders in the industry, was established in December 2019 to foster sound culture and strengthen standards of conduct among insurers in Singapore². They are supported by the General Insurance Association of Singapore (GIA), the Life Insurance Association (LIA) and the Singapore Reinsurers’ Association (SRA).

The ICCSC is currently working on the next best practice paper which will bring a new focus on the conduct of life insurance intermediaries. The aim is to provide practical recommendations on the role of supervisors in setting the right tone from the top and putting in place key performance measures to incentivise FA Representatives to provide customers with high-quality financial advisory services. The paper also sets out recommendations to enhance disclosures to customers and information sharing between insurers and non-tied Financial Advisory Firms (FAFs) in order to raise overall standards in the financial advisory industry. This paper is targeted for an April 2022 release.

 1 - 

HR Best Practice Paper and Infographics
https://gia.org.sg/images/resources/For-Members/ICCSC-HR-Best-Practice_2022-03-15.pdf 
https://gia.org.sg/images/resources/For-Members/ICCSC-HR-Infographic_2022-03-15.pdf

CG Best Practice Paper and Infographics
https://gia.org.sg/images/resources/For-Members/ICCSC-CG-Best-Practice_2022-03-15.pdf 
https://gia.org.sg/images/resources/For-Members/ICCSC-CG-Infographic_2022-03-15.pdf 

2 - 

Joint media release: New Industry Steering Committee to Elevate Culture and Conduct Standards for Insurance Industry (Dec 12, 2019). The information is available at: https://www.sgpc.gov.sg/sgpcmedia/media_releases/mas/press_release/P-20191212-1/attachment/Joint%20Media%20Release%20-%20New%20Industry%20Steering%20Committee%20to%20Elevate%20Culture%20and%20Conduct%20Standards%20for%20Insurance%20Industry.pdf 

Policyholders currently on financial relief measures will continue to be supported until their next policy renewal.

SINGAPORE, 10 December 2021 – The General Insurance Association (“the Association”) of Singapore today announced that the sector-wide financial relief measures will conclude on 31 December 2021, as planned.

General insurers remain committed to providing support for insureds through times of uncertainty and will remain agile in responding to evolving protection needs.

Policyholders who are currently on flexible premium instalment plans will continue to be supported under the financial relief scheme until their next policy renewal. From 1 January 2022, individuals and SMEs facing financial difficulties as a result of the ongoing COVID-19 pandemic can continue to engage with their respective insurers to discuss suitable alternatives and assistance required.

“Support measures offered by the general insurance sector have enabled many individuals and businesses to benefit from financial relief while maintaining their insurance protection throughout the pandemic. As Singapore transitions towards an endemic phase, we stand ever-ready to support customers in navigating the evolving situation. General insurers remain committed to continuing to play our part to support the nation’s recovery efforts and ensuring insurance remains accessible when people need it most,” said Mr Craig Ellis, President of the Association.

1 - MAS and Financial Industry to Support Individuals and SMEs Affected by the COVID-19 Pandemic (31 March 2020). Monetary Authority of Singapore. Available at: https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic

2 - COVID-19 Relief Measures by General Insurers Extended (18 September 2020). General Insurance Association of Singapore (GIA). Available at: https://gia.org.sg/agents/media-center/company-news/498-covid19-measures-extended.html

Vital sector and development initiatives continue to make significant progress, ensuring accessible protection amid changing needs as focus on digital shift continues

Singapore, 18 March 2021 — The General Insurance Association of Singapore (GIA) today announced that the sector recorded flat growth for 2020, with a marginal 0.2 per cent decrease in gross written premiums, amounting to S$4.09 billion as at 31 December 2020. The sector also recorded an underwriting profit of S$237.3 million.

While COVID-19 has undoubtedly impacted the sector in 2020, the strongest business implications were felt during the circuit breaker period. Motor and Travel claims saw a decrease in 2020 following an improvement in the overall road traffic situation during the circuit breaker period and suspension of key activities in air travel.

As measures and restrictions progressively eased in the second half of the year, key economic and social activities regained traction and the sector is expectedto observea gradual return to pre-pandemic performance further into 2021. For example, based on latest statistics¹, the number of accident reports made monthly are back to >80% of December 2019 levels.

Throughout Singapore’s phased reopening, general insurers have played a key role in enabling Singapore’s economic recovery by keeping insurance accessible and supporting Singaporeans when they need protection the most.

Figure 1: Gross written premiums and market share of the top five segments 

Figure 2: Underwriting performance across the top five segments

GIA’s key initiatives for 2020 were geared towards accelerating economic recovery. Since November, the sector, in partnership with the Changi Airport Group (CAG) and Singapore Tourism Board (STB), has been facilitating the resumption of travel to Singapore and helping Singapore maintain its position as an air-transport and business hub. General insurers are steadily developing timely insurance products designed for both outbound and inbound travelers. To support customers further, the Association has also rolled out flexible premium installment payment plans, which have been extended to policyholders till 31 December 2021.

“In our fight against COVID-19, the crisis has reminded us of the power of collaboration in finding solutions to ensure Singaporeans remain protected during this difficult period. General insurers have remained resilient and agile in response to addressing changing protection needs and evolving risks, further endorsed by the findings of our recent consumer survey, in partnership with YouGov. The only way forward for us is to continue what we started—proactively driving progress and innovation for our industry to propel Singapore towards its eventual recovery and ensuring insurance remains accessible when people need it most,” said Mr. Craig Ellis, GIA President.

New Opportunities amid changing protection needs

Conducted among a representative sample of 1,000 respondents in Singapore, the survey revealed new areas for general insurers to address. Usage-based insurance (42%) and COVID-19 insurance (41%) surfaced as the topmost unmet needs sought by respondents. More than one in four (28%) also deemed the hospital cash insurance as the most important benefit within the next 12 months.

Amid increasing digitalisation, where a growing trend to get general insurance products online has been observed, most—even among the younger, digitally savvy generation—still prefer to purchase general insurance through insurance agents and brokers, suggesting a preference for human touch for more complex needs.

Driven by these learnings as well as the rise of emerging threats such as cyber risks and climate change, general insurers remain committed to pursuing innovation and collaboration towards a stronger and more progressive sector.

Motor insurance: On the road to improving safety as traffic accidents normalise

The motor insurance segment observed a 0.7% increase to S$1.13 billion, in gross written premiums and recorded an underwriting profit of S$104.5 million in 2020. In the previous year, the segment recorded S$1.12 billion in gross written premiums and an overall underwriting loss of S$17.4 million.

The overall number of traffic accidents fell during the circuit breaker period, amid the directive to stay at home, and is reflected in the segment’s 2020 performance. With normal traffic patterns returning and an uptick in motor accident reports being recorded, GIA will continue to support efforts to promote road safety and facilitate a more seamless accident reporting process to protect motorists.

In November, the Association launched the GIA Easy Accident Reporting System (GEARS) equipped with new features to ensure the secure and convenient payment and delivery of accident reports. GIA also continues to support the Singapore Road Safety (SRSC) and Singapore Traffic Police to promote engagement and awareness of safety amongst road users.

Health insurance: Extending support and flexibility to Singaporeans during a global pandemic

Overall, the health insurance segment recorded S$692.7 million in gross written premiums for the financial year, a 3.9% increase compared to the previous year, with underwriting profit at S$17.9 million.

COVID-19 heightened awareness about adequate protection and compelled consumers to prioritise health insurance even more during the pandemic. 

GIA, in a cross-sector alliance between Singapore’s healthcare and insurance sectors including the Life Insurance Association Singapore (LIA) and the Integrated Health Information Systems Pte Ltd. (IHiS), has recently announced a call for proposal for technology solution providers to develop a unified end-to-end health insurance system to improve patient experience. In 2020, the Association also worked with stakeholders including LIA and the Ministry of Health (MOH) to roll out measures such as the coverage of outpatient telemedicine claims as well as hospital cash benefit claims for COVID-19 patients admitted to a community care facility (CCF) or a community recovery facility (CRF) that help ease the financial strain on individuals and small businesses.

Property: Changing capacity and rates

Property insurance observed a 10% increase, or S$591.8 million, in gross written premiums and recorded an underwriting profit of S$43.7 million in 2020. In 2019, the segment saw S$538 million in gross written premiums and noted an underwriting loss of S$22.4 million. Figures reported by the sector can be attributed to downward adjustments in market capacity and the impact of changing rates. 

Employers’ liability insurance: Rise in workplace accidents a worrying trend that calls for coordinated efforts to enhance protection for workers 

Employers’ liability insurance recorded S$381.5 million in gross writing premiums in 2020, a 4.3% increase from last financial year’s S$365.6 million, with underwriting profit at S$41 million. While the suspension of certain workplace activities in the first half of 2020 caused workplace injuries to fall significantly², the number of workplace accidents began to rise since the circuit breaker was lifted³. The GIA shares the Government’s concern regarding these figures which set a worrying trend for the year.

Changes to the Work Injury Compensation Act (WICA) 2019 took effect in 2020, introducing increased compensation levels which in turn led to some increase in premiums.

Other Segment Updates 

For travel insurance, gross written premiums in 2020 decreased by 72.8%, or S$57.5 million, compared to S$211.4 million the year before. The segment recorded an underwriting profit of S$5.2 million in 2020. Segment performance reflects the pandemic’s immediate impacts on travel restrictions.

For personal accident insurance, the segment observed a 5% decrease in premiums to S$167.9 million, recording an underwriting profit of S$28.1 million.

Collaborating towards the future

The sector recognises the importance of meeting the country’s environmental and sustainability goals. As a strategic partner of the Green Finance Industry Taskforce (GFIT) — a collective aimed at making recommendations, proposing solutions, and supporting implementation of Singapore’s green finance ecosystem—the Association will be supporting the relevant publication and socialisation of GFIT deliverables within its network. In addition, GIA is working towards the Global-Asia Insurance Partnership to address new risks, with an initial focus on pandemic and climate risks.

With cyber risks a looming threat for newly digitised individuals and businesses, dialogues and initiatives with members, regulators, and stakeholders are in place to address these growing perils.

Amid the ongoing roll-out of COVID-19 vaccines and the gradual easing of certain challenges faced in 2020, the sector remains optimistic and determined to help steer Singapore towards post-pandemic recovery. Through ongoing collaborations, general insurers are committed to meeting consumers’ emerging needs and ensuring that protection remains accessible to all.

1 - GIA Record Management Centre Accident Report Statistics

2 - Workplace Safety and Health Report January – June 2020: https://www.mom.gov.sg/-/media/mom/documents/safety-health/reports-stats/wsh-national-statistics/wsh-national-stats-2020.pdf

3 - The Straits Times: https://www.straitstimes.com/singapore/seven-deaths-from-workplace-accidents-in-february-alone-prompting-call-for-safety-time-out

Healthcare and insurance cross-sector alliance invites proposals to develop integrated platform for hospitalisation claims to kickstart pilot programme

Singapore, 15 March 2021 — The cross-sector alliance between Singapore’s healthcare and insurance sectors, represented by the General Insurance Association Singapore (GIA Singapore), Life Insurance Association, Singapore (LIA Singapore) and Integrated Health Information Systems (IHiS) have jointly announced a Call-for-Proposal (CFP) to develop an end-to-end health insurance claims platform to improve patient experience and enhance operational efficiency. This initiative aligns with the nation’s move towards a digital, innovation-driven economy that would bring wider benefits to Singaporeans.

The CFP will open from 15 March 2021, and close on 26 April 2021. Interested parties are required to express their interest and submit their clarifications to the nominated email address stated in the CFP document by 29 March 2021.

The integrated platform aims to bring the following benefits to patients, healthcare providers, and insurers:

Convenient access to patient’s insurance policy details – Healthcare providers will be able to retrieve details of patient’s relevant policy coverage information for Integrated Shield Plans (IPs) and Group Hospital and Surgical Insurance (GH&S), to ascertain if admission deposit can be waived.

Faster claims processing – Healthcare providers can submit claims digitally to the insurers on behalf of patients, and insurers can obtain necessary billing and medical data digitally from the healthcare providers.

Seamless authorisation of data release – Patients will be able to authorise the release of relevant data, including medical records and insurance policy details, to insurers or healthcare providers, digitally through their Singpass app.

Timelier exchange of data – Healthcare providers can provide timely bill information and updates of the patients’ status, including the length of hospitalisation stays, to both patients and insurers. This allows insurers to quickly provide updates on the estimated claimable amount.

The participating organisations for this pilot include KK Women’s and Children’s Hospital (KKH), National University Hospital (NUH), Singapore General Hospital (SGH), and The Great Eastern Life Assurance Company Limited (GEL). The initiative is supported by the Ministry of Health (MOH) and Monetary Authority of Singapore (MAS).

Once developed, the integrated platform will be deployed as a live pilot with policyholders from the participating insurer being the first to gain access. The end objective is to scale the platform for nation-wide adoption.

Mr Ho Kai Weng, Chief Executive, GIA Singapore, said, “The demand for healthcare and insurance services are expected to exponentially increase alongside Singapore’s ageing population, with one in four reaching 65 years of age or older by 2030. This Call-for-Proposal aims to build a unified ecosystem to improve the patient experience by increasing interoperability between the healthcare and insurance industries as well as eliminating cost inefficiencies.”

Ms Pauline Lim, Executive Director, LIA Singapore, said, “Ensuring policyholders receive timely and quality support for their healthcare needs is the foremost priority for life insurers. This cross-sector pilot programme reflects the insurance industry’s commitment to leverage digitalisation to future-proof its ability to meet increased patient demand by enhancing the end-to-end hospitalisation experience.”

Mr Guai Eng Chun, Assistant Chief Executive, IHiS, said, “Traditionally, the insurance claims process for patient care has been largely paper-based due to the need for information exchanges between multiple systems by different healthcare institutions and insurers. This may take up to months and inconvenience patients. By bringing together healthcare and insurance institutions and facilitating a harmonised and secure data exchange, we look forward to playing an active role for public healthcare in co-developing an integrated ecosystem which will bring more convenience to patients and speed up the end-to-end claim process through this Call-for-Proposal.”

Mr Patrick Kok, Managing Director, Group Operations, Great Eastern said, “We are happy to be the insurer to support this industry pilot, which aligns very well with our focus on customer-centricity. The move towards an integrated platform will be a significant step towards providing a seamless healthcare-insurance claims journey for our customers. We look forward to the delivery of a better and more transparent experience, so that our customers can be fully aware and make informed healthcare decisions.”

Timelines for the CFP are as follows:
- 15 March 2021: CFP opens
- 29 March 2021: Interested parties must express their interest and submit their clarifications
- 26 April 2021:Deadline for final submissions

For more information, please visit https://gia.org.sg/project-hiip.html

Industry taskforce proposes taxonomy and launches environmental risk management handbook to support green finance

SINGAPORE, 28 January 2021 – The Green Finance Industry Taskforce (GFIT), convened by the Monetary Authority of Singapore (MAS), issued today a proposed taxonomy for Singapore-based financial institutions to identify activities that can be considered green or transitioning towards green. GFIT also launched today a handbook on implementing environmental risk management for asset managers, banks, and insurers.

2 GFIT comprises representatives from financial institutions, corporates, non-governmental organisations, and financial industry associations [1] . Chaired by HSBC Singapore CEO Mr Tony Cripps, its mandate is to help accelerate the development of green finance through four key initiatives: (i) develop a taxonomy, (ii) enhance environmental risk management practices of financial institutions, (iii) improve disclosures, and (iv) foster green finance solutions.

Consultation on green and transition taxonomy

3 GFIT has issued a consultation paper setting out a taxonomy for Singapore-based financial institutions to identify and classify activities that can be considered green or in transition. Compared to other taxonomies, a key feature of the proposed taxonomy is that it encompasses transition activities that allow for a progressive shift towards greater sustainability while taking into account starting positions and supporting inclusive economic and social development.

4 The consultation seeks feedback on GFIT’s recommendations on the environmental objectives, focus sectors, and a “traffic-light” system which sets out how activities can be classified as green, yellow (transition), or red according to their level of alignment with environmental objectives. The taxonomy references international best practices and adapts them to the Asian context where relevant.

5 GFIT will develop, in its next phase of work, a combination of principle-based criteria and quantifiable thresholds for activities. This will provide clarity and ease the implementation of the taxonomy by financial institutions.

6 The public consultation taxonomy document is available on the Association of Banks in Singapore’s website: link . GFIT invites interested parties to submit their comments by 11 March 2021.

Handbook on implementing environmental risk management

7 GFIT has also issued a handbook (ABS Website: link [2] ) that offers guidance to banks, insurers, and asset managers on best practices in environmental risk management. It will support the financial industry’s efforts to implement MAS’ Guidelines on Environmental Risk Management .

8 GFIT will work with industry associations to conduct workshops for financial institutions, to help strengthen their capabilities in environmental risk management.

9 In addition, GFIT is exploring technology solutions for financial institutions to enhance the quality of their climate-related disclosures. GFIT also aims to pilot innovations that seek to solve current challenges in mobilising green finance across sectors. These resources will complement the taxonomy and handbook.

10 Mr Ravi Menon, Managing Director, MAS, said, “Our goal to make Singapore the leading green finance hub in Asia rests strongly on close public-private partnership. With MAS setting the expectations for sound environmental risk management and the industry coming together with practical solutions on how to meet these expectations, we will develop a more climate-resilient and environment-friendly financial system. I congratulate GFIT for providing our financial institutions a clear taxonomy and a practical toolkit to manage environmental risks and support Asia’s journey towards greater sustainability.”

11 Mr Cripps said, “The transition to a low-carbon economy calls for collective action across sectors, where financial institutions such as banks play a key enabling role. This is where the GFIT comes into play – bringing together industry leaders, experts, and practitioners across banking, insurance, and asset management to help realise the Republic’s vision to be a leading green finance centre that helps finance Asia’s transition to a sustainable future.”

[1] Leading industry associations - The Association of Banks in Singapore (ABS), General Insurance Association of Singapore (GIA), Investment Management Association of Singapore (IMAS), Life Insurance Association (LIA), Singapore Reinsurers’ Association (SRA), Singapore Venture Capital & Private Equity Association (SVCA) - are Strategic Partners that encourage broader industry adoption of the GFIT’s recommendations.
[2] The handbook on implementing environmental risk management can also be downloaded from the websites of the other Strategic Partner finance industry associations: GIA (https://gia.org.sg/images/resources/For-Members/ENRMHandbook.pdf), IMAS , LIA , SRA , and SVCA .

GIA launches new online platform for motor accident reports – GEARS

New system change will enable paperless, cashless, and contactless transactions and encrypted email delivery of accident reports

SINGAPORE, 27 November 2020 – The General Insurance Association (“the Association”) of Singapore today announced the launch of its new accident reporting system called GIA Easy Accident Reporting System (GEARS)¹. The online platform will go live starting 9 a.m. on November 30, with the current system being retired from 5 p.m. on November 27.

GEARS incorporates several new features that will replace the existing system, facilitating a more seamless and convenient payment and delivery of accident reports via the GEARS e-Counter:

- One-step contactless authorisation: The system will now enable motorists to remotely and securely authorise the purchase of accident reports by their repairer or lawyer digitally. The 24/7 fully online GEARS will send an authorisation link to the email address of the owner/driver, requesting confirmation that the law firm/workshop represents them. Going forward, owners/drivers are reminded to provide an email address they can be reached at when filing an accident report for a seamless authorisation process.

- Convenient cashless online payment: In an effort to move towards a cashless system, the GEARS e-Counter will only accept payments by GIRO, direct debit, or by scanning the NETS or PayNow QR codes using participating banks’ mobile apps. Cheque and cash payments will no longer be supported.

- Paperless and secure: The system incorporates enhanced features that ensure the authorisation process for the purchase of third-party reports is secure and accident reports are sent via encrypted files.

To complement this shift to digital, physical walk-in and postal applications at the General Insurance Association Record Management Centre (GIARMC) will no longer be supported when GEARS goes live on November 30. Motorists are advised to take note of the transition period, during which the usual Motor Claims Framework (MCF) reporting standards will not be enforced. Normal MCF reporting standards will resume on December 1. Motorists should approach their respective insurer should there be any assistance required.

GEARS is one of a number of initiatives being introduced by the general insurance sector to accelerate digitalisation in the industry. As part of the sector’s ongoing mission to provide accessible and convenient services to customers, GEARS extends general insurers’ long-term commitment towards better meeting consumers’ emerging protection needs through continuous transformation and innovation that supports businesses and society at large.

“As our economy begins to open up and we see a resumption of key activities, more consumers will be back on the road, making the launch of GEARS particularly timely. Launching GEARS represents the sector’s long-term commitment to digitising, enhancing our operations and processes, and providing consumers with greater ease of use and improved convenience,” says Mr Ho Kai Weng, Chief Executive of the General Insurance Association of Singapore.

Supporting the Association in these efforts is Shift Technology, a leader in claims automation and fraud detection for the global insurance industry. “We’re honored to be part of the Association’s initiative to create a universal accident reporting system, making the process of accident reporting more seamless and efficient for consumers. We share the belief that the industry, both insurers and consumers, can benefit from a stronger digital ecosystem that replaces manual processes of the past with advanced, timely solutions that work,” says Jeremy Jawish, CEO and co-founder, Shift Technology.

Shift Technology and the Association have previously collaborated on the development of the GIA Fraud Management System, which employs data analytics and artificial intelligence to detect fraud cases for motor and travel insurance. Implemented in 2017, the system has since played a key role in helping the industry mitigate underwriting losses for both segments. GEARS is the second digital initiative born from this partnership.

1 - GIA Easy Accident Reporting System – https://www.gears.com.sg/

New insurance coverage for inbound travellers to cover Covid-19 related costs in Singapore

SINGAPORE, 18 November 2020 – Changi Airport Group (CAG) and the Singapore Tourism Board (STB), on behalf of the Emerging Stronger Taskforce Alliance for Action (EST-AfA) on Enabling Safe and Innovative Visitor Experiences¹, announced today that foreign visitors will now be able to buy inbound travel insurance coverage for Covid-19 related costs incurred in Singapore.

Inbound insurance coverage has been identified as a key enabler to facilitate the resumption of travel to Singapore. In line with the EST-AfA’s focus on public-private partnerships, CAG, STB and the General Insurance Association of Singapore (GIA) led an Expression of Interest (EOI) exercise to reach out to interested private sector insurers to provide such coverage. In response to the EOI, three insurance companies, AIG Asia Pacific Insurance Pte. Ltd., Chubb Insurance Singapore Limited and HL Assurance Pte. Ltd., have developed travel insurance products which provide at least S$30,000 in coverage for Covid-19 related medical treatment and hospitalisation costs. A minimum of S$30,000 in coverage is recommended by the Ministry of Health based on Covid-19 bill sizes at private hospitals, which is where inbound travellers typically receive care for Covid-19. (Please see Annex for the list of insurers and their insurance plans).

Inbound foreign travellers entering Singapore via the various Safe Travel Lanes are required to bear the full cost of medical treatment, tests and isolation, should they be suspected of being infected with Covid-19, or require medical treatment for Covid-19 while in Singapore. With immediate effect², they will be able to purchase a travel insurance plan to help them cover some of these costs.

“We have been actively engaging the insurance community since August this year, through an Expression of Interest (EOI) exercise³, to develop inbound travel insurance products as Singapore progressively reopens. We noticed such products were not available in the market, and wanted to encourage insurers to develop such products and offer them to travellers at a reasonable price.” said Mr Lee Seow Hiang, Changi Airport Group’s Chief Executive Officer and co-lead of the
Alliance.

“With the gradual resumption of travel and the re-opening of borders, having robust travel insurance options in place is integral to ensuring a successful and sustainable revival of inbound travel to Singapore. The general insurance sector is committed to providing travellers visiting Singapore the protection they need to travel here with confidence.” said Mr Ho Kai Weng, General Insurance Association (GIA) of Singapore’s Chief Executive.

Earlier in September, the EST Alliance for Action on Enabling Safe and Innovative Visitor Experiences announced that it will be testing a prototype for safe tradeshows and exhibitions, as well as safe itineraries for event attendees. The new insurance products will complement this earlier work in resuming safe travel.

“As we gradually re-open for safe travel, Covid-19 insurance coverage is a key enabler to rebuild traveller confidence and provide peace of mind. We are heartened that the public and private sectors have come together to provide solutions, and we look forward to more collaborations that will help Singapore lead the way as a safe, trusted and innovative destination.” said Mr Keith Tan, Singapore Tourism Board’s Chief Executive.

Premiums for these inbound travel insurance plans start from S$5.35 (inclusive of GST) and can be purchased directly from the insurers through their respective websites.

1.The Emerging Stronger Taskforce (EST), formed under the Future Economy Council (FEC) convened the Singapore Together Alliances for Action (“Alliances”), which are industry-led, government-supported coalitions that will act quickly by prototyping ideas on key areas for Singapore. The Alliance for Action on Enabling Safe and Innovative Visitor Experiences is one of them. Co-led by Mr Lee Seow Hiang of Changi Airport Group and Ms Kwee Wei Lin of Singapore Hotel Association, the Alliance has worked closely with a diverse range of industry stakeholders and government agencies to explore and pioneer new ways to facilitate safe and innovative visitor experiences in a Covid-19 environment.

2. Refer to Annex for each insurer’s expected sale date.

3.CAG, on behalf of the Alliance, appointed Willis Towers Watson (WTW) to launch the EOI, where the objective was to invite licensed Singapore insurers to offer coverage to inbound foreign travellers’ Covid-19 related costs in Singapore.

Flexible premium instalment plans to continue till 31 December 2021, policyholders advised to discuss suitable options with their insurer.

SINGAPORE, 18 September 2020 – The General Insurance Association (“the Association”) of Singapore today announced the extension of relief measures¹ to ease the financial strain faced by individual and corporate customers amid the ongoing COVID-19 pandemic.

Policyholders have till 31 December 2021 to apply to their insurers for flexible premium installment payment plans while maintaining their insurance protection for the paid-up period. Customers should approach their respective insurer for details on how they can apply for these support measures.

“COVID-19 continues to present significant challenges for our industry and the nation. The general insurance sector will continue to respond swiftly and with agility to support our customers now and beyond the pandemic. We are committed to ensure our customers remain protected during this challenging period.” said Mr Craig Ellis, President of the Association.

1 - MAS and Financial Industry to Support Individuals and SMEs Affected by the COVID-19 Pandemic (31 March 2020). Monetary Authority of Singapore. Available at: https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic