QBE SME Survey: Singapore SMEs lean on government in COVID recovery amid diminishing business confidence for 2021
SMEs in Singapore have a bleak outlook for their businesses in 2021, revealing that they expect to lean heavily on government support to help them survive a dip in results through the pandemic economy, according to the sixth edition of QBE Insurance’s annual survey of Singapore SMEs. The survey was conducted in Q4 2020 when the effects of the COVID-19 pandemic had already truly taken hold, and surveyed more than 400 SME decision-makers in Singapore.
SME Pulse Report
According to a research conducted by QBE Singapore, 69 per cent of Singapore's SMEs ran into at least one business issue in 2019. Our research has made one thing clear: more needs to be done to educate SMEs around the different business protection products that are available to them and which they can stand to benefit from. Business protection – especially liability insurance – gives businesses long-term peace of mind to continue operating without the threat of unfortunate eventualities crippling their plans.
SME hesitation on digitalisation leading to long-term competitiveness drag: QBE research
Rate of digital adoption slower than expected among SMEs, despite support being readily available. 57 per cent of Singapore SMEs indicated that financial support from the Government was a key form of support needed to help lift the barriers to digitalising. 22 per cent of SMEs indicated an intention to internationalise in 2020. Only 20 per cent of all SMEs agree that the impact of climate change is one of the most relevant social and environmental issues to their businesses.
Singapore SME behind on transition to Digital Economy: QBE Research
Singapore’s SMEs are still lagging in digital adoption and are not adequately prepared for the national transition to a digital economy, according to the fourth edition of QBE Insurance’s annual survey of Singapore SMEs. The results found that SMEs have been slow to take up cyber protection measures, digital payment offerings and government support for digitalisation.
Survey shows only 14 per cent of local SMEs intend to internationalise
QBE SME survey shows only 14% of local SMEs intend to internationalise. Half of all local SMEs are held back from expansion by concerns around sufficient financing and familiarity with other markets. Almost half of Singaporean SMEs have no interest in internationalising and taking their business beyond Singapore in the near future.
The Risks of Regret
Singapore businesses are more likely to take out business liability and professional indemnity insurance only after an incident or crisis occurs, according to research by QBE. As a result, these companies are missing out on the potential opportunity for compensation when something does happen – putting themselves, their businesses, employees and customers all at risk. QBE’s ‘The Risks of Regret – Business Liability and Professional Indemnity Report 2017’ looks at some of the key challenges facing businesses in Singapore and how they are handling these risks.
Survey shows almost 10% of Singapore’s smaller SMEs have no insurance
With more than a third of SMEs having a generally grim economic view on both sales and profitability for the next 12 months, almost 10% of smaller small- and medium-sized enterprises (SMEs) in Singapore still do not carry any insurance to mitigate such risks. A survey of local SMEs by global insurer QBE, also found that more than half of the companies polled are content to operate with only the most basic, mandated levels of insurance.