Singapore chapter: "Trends & Developments" in Chambers Insurance & Reinsurance Global Practice Guide 2022
The COVID-19 pandemic has had a major impact on almost all economic sectors, and the insurance industry in Singapore is no exception. While it has been two years since the first outbreak of COVID-19 was reported in Wuhan, China, nearly every country around the world, including Singapore, has struggled to contain the virus, resulting in ongoing economic, health and social displacement issues.
While these issues have posed challenges for local insurers, they have also presented insurers with new business opportunities, and accelerated insurers' adoption of technology to drive efficiencies and expand capabilities across their organisations. This period has also seen a range of significant legal and regulatory developments that stand to impact the local market.
This article will consider some of the main commercial and growth factors, and legal and regulatory developments, impacting the Singapore insurance industry, and likely trends to follow in the short-term future.