, Singapore
297 views
/Rakiceiv Nenad from Pexels

New framework catapults Singapore’s insurance sector resilience: S&P Global Ratings

Although the framework could raise operational costs, it will run some benefits.

Singapore's recent implementation of a framework for domestic systematically important insurers (D-SIIs) is a positive development for the country's insurance sector, said S&P Global Ratings.

This move is expected to enhance the industry's resilience and bolster market confidence.

The Monetary Authority of Singapore (MAS) has become the first regulator in Asia to implement a D-SII framework that includes recovery and resolution planning.

"While the strengthened regulatory oversight will raise operational costs for D-SIIs, we think the overall benefits to the insurance sector outweigh the costs," said S&P Global Ratings credit analyst Eileen Tay.

ALSO READ: MAS unveils list of too-big-to-fail insurers, imposes higher capital requirements

"Given an increasingly complex risk landscape, a higher bar on supervision encourages D-SIIs to maintain high standards of governance and risk management." Tay added.

The designated D-SIIs include AIA Singapore, Income Insurance, Prudential Assurance Co. Singapore, and the Great Eastern Life Assurance Co..

These four companies collectively account for approximately 70% of the assets within Singapore's life insurance funds.

Designated D-SIIs will face increased capital requirements, including a 25% capital add-on. This adjustment does not immediately impact the financial situation or ratings of these insurers, as it replaces the previous 25% "high impact surcharge" under MAS' existing framework.

Generally, the D-SII requirements enhance MAS' existing framework for assessing the impact and risks associated with financial institutions while providing greater transparency, including previously undisclosed details such as the capital surcharge for the four major insurers.

 

Follow the link s for more news on

Analisa data, kunci kesuksesan AIA Indonesia dalam mengatasi penipuan

Prosedur operasional standar dan penyidik yang terlatih menjaga AIA Indonesia tetap terkendali.

CEO mengungkapkan bagaimana perusahaan-perusahaan Indonesia dapat fokus pada pertumbuhan di tengah regulasi baru

Sementara pasar menuju pertumbuhan, regulasi baru mempersempit keberadaan perusahaan asuransi.

Asei dan Seoul Guarantee teken MoU

Kerja sama ini bertujuan memperkuat jaminan dan asuransi kredit di Indonesia.

Fintech Indonesia melindungi 200.000 nasabah melalui kolaborasi Qoala & Sompo

JULO Protect Plus adalah perlindungan asuransi pertama yang embedded dalam solusi kartu kredit virtualnya.

bolttech, HAVA.id bermitra untuk perlindungan perangkat UKM

UKM  Indonesia juga dapat menikmati garansi perangkat tambahan selama 12 bulan.

Bagaimana Grandtag memberikan keamanan bagi orang terkaya di Asia

CEO regional Grandtag Financial mengungkap bagaimana 'asuransi jiwa jumbo' menarik UHNWI di Asia.

Asuransi Cina menganggap bijaksana untuk beralih ke investasi alternatif

Analisis melihat regulasi baru mendorong pergeseran konservatif saat asuransi mencari stabilitas di tengah pasar yang bergejolak.

Indonesia mempertimbangkan wajib asuransi TPL

Langkah ini didorong oleh meningkatnya jumlah kecelakaan di jalan raya.

Risiko reasuransi meningkat di Tokio Marine Indonesia

Sebagai perusahaan asuransi umum kecil di Indonesia, TMI memiliki pangsa pasar sebesar 2,1%.

Apakah ‘Londonisasi’ baik untuk pasar asuransi M&A Asia?

Para ahli industri membedah tingkat penggunaan yang rendah di wilayah ini untuk asuransi M&A meskipun semakin banyak pemain industri yang masuk ke arena ini.