QBE Insurance Singapore: How SMEs can protect themselves from underinsurance

PwC’s Insurance Banana Skins 2025 report, developed in partnership with the London Foundation for Banking & Finance, draws insights from nearly 700 industry voices across 42 countries. The report reveals the most urgent risks facing insurers today and how South Africa compares. Locally, insurers are grappling with intensifying cyber threats, more frequent climate-related disasters and severe economic pressures squeezing growth. These risks are further complicated by rapid technological shifts and evolving regulations. The gap between risk perception and preparedness underscores the urgency for strategic action. Strengthening resilience, modernising operations and investing in talent and innovation will be critical to ensuring the sector can not only withstand disruption but evolve with it. Have a read! #PwC #Insurance #ThoughtLeadership https://lnkd.in/dKCrn5Ee

Middle East Liability & Financial Lines: What’s Really Moving Now (Q3–Q4 2025) After two volatile years, the IMEA market is settling—and selectively softening—while risk complexity rises: • Rates & capacity. Composite insurance rates in IMEA fell ~4% in Q1 2025 as new (re)insurance capacity returned; financial/professional lines declines are uneven by sector and size. marsh.com+2 meinsurancereview.com+2 • Reinsurer stance. At 1/1, several global reinsurers eased certain Middle East conflict-escalation clauses—an early signal of competition and confidence, albeit with limits in higher-risk territories. Reuters • D&O outlook. Appetite has improved; pricing largely stable to down for well-governed risks, but ESG, disclosure, and regulatory actions keep severity risk elevated. Gallagher+1 • PI / SPPI. Mega-projects and cross-border contracts sustain demand; terms hinge on contract clarity, jurisdiction, and claims-made wording discipline. (Market commentary corroborated across broker updates.) Gallagher • Cyber. Claims performance and better controls (MFA, backups) have supported rate moderation, with growth strongest in UAE & KSA as digital programs scale. Reuters+1 • Regulatory pulse. The UAE’s new Broker Regulation (effective Feb 2025) elevates licensing, governance, and mandatory PI standards—raising the bar for intermediaries. nortonrosefulbright.com • Macro tailwinds. GCC diversification and infrastructure pipelines keep liability exposures—and insurance penetration—on an upward trajectory. globalreinsurance.com What smart buyers are doing now: Differentiate submissions (controls, loss analytics, ESG posture). 2) Re-market layers where capacity has loosened. 3) Tighten contract certainty on PI/SPPI. 4) Keep cyber controls current to defend pricing. Reuters If you’re placing D&O, PI/SPPI, CGL, or Cyber across MENA/Asia, let’s compare program structures and capacity options. #Liability #FinancialLines #DO #PI #SPPI #CyberInsurance #Reinsurance #MENA #UAE #KSA #GCC #AdvantageRe

Part 1.🔥 Phase 1 — The Awakening: Why GRC Matters Now (Insurance Edition) Let’s strip it down. The insurance industry — from the one-person broker to the biggest product provider — is under pressure. Regulators are fierce. Clients are smarter. Fraudsters are bolder. Hackers are faster. And the economy leaves no room for mistakes. That’s why Governance, Risk, and Compliance (GRC) isn’t just a department — it’s the heartbeat of the entire operation. Picture your business like a kitchen. Governance is your recipe — the rules of how things must be done, who decides what, and how quality is kept consistent. Risk is spotting the boiling pot before it spills, burns, and ruins the meal. Compliance is making sure your kitchen passes inspection, so your doors stay open. When no one watches the stove, the stew burns — and in business terms, that’s your reputation, your licence, and your livelihood. That’s how GRC works. It keeps the business safe, legal, and trusted — the three currencies that define survival. Insurance is built on trust. A client pays premiums for protection, not paperwork. They believe that when things go wrong, you’ll stand firm. But trust doesn’t exist in slogans — it’s built in governance frameworks, documented risk decisions, and transparent compliance practices. Every claim, every policy, every product — all of it is GRC in motion. When a broker ensures full disclosure and explains policy exclusions clearly, that’s governance. When an underwriter checks a client’s risk exposure and balances the premium correctly, that’s risk management. When an insurer complies with FAIS, POPIA, FICA, and Treating Customers Fairly, that’s compliance. You see — everyone in insurance is already doing GRC, whether they know it or not. The difference between leaders and laggards? Intentionality. #GRC #Insurance #RiskManagement #Compliance #CorporateGovernance #CyberSecurity #InsuranceBrokers #Leadership #FinancialServices #InsuranceAfrica #BusinessResilience #TheInvisibleHandOfTrust #Trust #Integrity

A true insurance advisor is not just a policy seller, they are a strategic partner who decodes risk, navigates market complexities, and builds resilience that extends far beyond the contract. In our latest session, Stephen Scott CEng FIMechE & Elias Farah revealed how gaps in protection still leave many companies exposed, illustrating this with real-world incidents and linking them to emerging risks across the region and beyond. The discussion made one thing clear: trusted advice is the difference between simply being covered and truly being prepared. Gallagher Middle East & Africa #ACEGallagher #BrokerInsurance #MenaRegion 

Be cautious attempting to transfer or share risk with suppliers. It also will not protect your reputation and will likely add cost to supplier bids as they manage the risk imposed upon them. Be sure your eyes are wide open in contract arrangements.

Risk. It’s the one word that defines our business, and the one thing that’s never fully under control. In an insurance or reinsurance, managing risk isn’t just about what our clients face. It’s about how we manage our own. Because behind every placement, every delegated authority, every premium held in trust, there are layers of operational, regulatory, and reputational risk that live inside the firm. From experience, a few truths stand out: > Strategic risk often comes quietly, a market shift, a capacity squeeze, or a misaligned plan that goes unchallenged. > Operational risk lives in the small things, a missed reconciliation, an unsigned TOBA, or a control that works 99% of the time until it doesn’t. > Regulatory risk is the one you can’t afford to underestimate, one late regulatory return, one missed notification, and credibility can erode fast. > Insurance monies risk is specific and unforgiving, because you’re holding other people’s money. Transparency and reconciliation are everything. And reputational risk ties them all together, the one that takes years to build and minutes to lose. The key isn’t to avoid risk, it’s to understand it, document it, and own it. To make sure it’s discussed at Board level, measured, and monitored, not just assumed to be “under control.” Good firms build registers. Great firms build cultures, where risk isn’t feared, it’s managed, questioned, and constantly revisited. Because in insurance and reinsurance, managing risk is the business model. And it starts with our own. #RiskManagement #Insurance #Reinsurance #MGA #Underwriting #Compliance #DFSA #DIFC #CBUAE #FSRA #Governance #OperationalRisk #RegulatoryRisk #InsuranceMonies #Audit #BoardGovernance #FinancialCrime #CyberSecurity #InsuranceBroker #InsuranceManagement #Onshore #Offshore #InsuranceLeadership #RiskCulture #PrudentialCompliance #InsuranceOperations #InsuranceStrategy

🚨 Are you ready for the next wave of Errors & Omissions (E&O) challenges? 🚨 Victor expert, Marianne McKinnon, reveals the 3 major risks that are reshaping E&O exposures across Canada—and they might not be what you expect. 🤔💡 From the hidden dangers of technology reliance to tightening privacy rules and workforce shifts, these evolving risks are changing the game for professional liability. Want to know what’s driving these changes—and how to stay ahead? Read more: 👉 https://lnkd.in/g7y4_Vhh (“These three major risks are shaping today's E&O exposures in Canada,” by Branislav Urosevic, Insurance Business Canada Magazine) #InsuranceBrokers #ErrorsAndOmissions #RiskAlert #ProfessionalLiability #StayAhead #RiskManagement #InsuranceInsights #expertise #insurance #victor

The Inadequacy of Standard #Insurance in #VolatileEnvironments Thank you to our video sponsor, Compass Point Assist A thorough understanding of specific #policy exclusions is the most critical component of the #risk identification process. Standard #travel and #corporateinsurance products are fundamentally misaligned with the realities of operating in #hostile environments, as their core design assumes a baseline level of stability and security that is absent in #highrisk zones. This misalignment is not a minor detail but a foundational flaw that renders such policies ineffective when needed most.

REGULATION - DORA is reshaping the way finance firms approach resilience, says RGA London-based Stephanie Phelps, Operational Resilience Specialist for Reinsurance Group of America, Incorporated, one of the world’s largest global life and health reinsurance companies, said the European Union’s Digital Operational Resilience Act (DORA) has marked a decisive shift in expectations https://lnkd.in/de8ZTeMC #DORA #Regulation #DigitalResilience #LawandPolicy #ICT #Insurance #Finserv #BankTech #QE #QA