The Risks of Regret
June 14, 2017
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.
Singapore's SMEs underinsured against major business risks, QBE research reveals
December 17, 2015
Singapore’s SMEs underinsured against major business risks, QBE research reveals SMEs in Singapore remain underprepared for dealing with significant business risks and threats, according to a survey of local SMEs by global insurer QBE. The research revealed that as many as in one in seven smaller companies1 do not have any business insurance at all (representing around 21,183 firms when extrapolated across Singapore), driven by a prevailing perception among the majority of SMEs that insurance is a ‘commodity’ product, where a basic level of cover is perceived to be sufficient.
Despite recognising its value in helping their businesses operate better, over half of SMEs surveyed (53%) admitted insurance was low on their priority list while 56% agreed that minimum coverage was adequate rather than seeking greater protection of their business and assets. With SMEs employing almost two-thirds of working Singaporeans and delivering 48% of the Republic’s GDP value in 2014, this de-emphasis on risk could have worrying long-term impacts.