Insurance companies thrive well in a favorable climate where the government comes to play and equally regulates all the players in the industry. However, according to a PricewaterhouseCoopers report of 2015 on a study of insurance companies in Singapore, they found out that the major challenges in the market included over regulation, cyber crime, change management and natural catastrophes
Most insurance managers noted with a lot of concern that Singapore was very strict when it came to issues relating to rules. There were so much unacceptable things than those allowed, and that was a very significant business threat to the economy. The study was conducted, and over 806 people were involved, and their widespread concern was that the country had more and onerous regulations compared to other neighboring countries and some even threatened to go to those countries. The exit by most insurance companies from Singapore’s markets means that the populace will not have any insurance and there will be a lack of investments leading to a decline in the economy growth.
Insurance companies were quick to admit that technology is growing at a very fast rate, especially in Singapore. However, some individuals were using computer technology to access personal information which is for malicious purposes. In some cases, these people would even hack the online accounts and get all the information regarding finances of a particular company and go to the extent of diverting the money in some dubious means. This was a huge threat which caused the insurance sector in Singapore to be ailing.
The biggest problem of individuals is the fact that they are reluctant to change. There are various changes in a business environment which are ultimately meant to increase the profitability of the firm. For instance, when a new management team is brought to an insurance firm people will tend to disobey them because they are new to the region. This stalls growth and therefore, the employees cannot work a team to actualize the goals of the company thus being major hindrance insurance businesses in Singapore face.
Due to urbanization, there may be a lot of climate change. Climate change causes a lot of emissions to the air. For example, smoke. This may discourage people in this case, clients from coming to your business premises. This is because of the fear that they may be affected by the smoke being emitted by companies in the area. This has been a major challenge facing insurance companies in Singapore. Therefore, posing a significant threat to the growth of insurance enterprises in the region
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