Hindrances of Insurance Markets in Singapore (2017 Update)

Hindrances of Insurance Markets in Singapore

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

Over regulation

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.

Cybercrime

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.

 

Change management

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.

 

Natural catastrophes

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


Looking to get a loan?

Best Credit SG Pte Ltd is use to be known as Cing Dien Credit. We have establish ourselves in Singapore since 1985, making us one of the oldest money lenders! We are confident when we say we are one of the best money lenders in Singapore. Since the day we started, we have help thousands of people who are in need of cash to get through their problems. Anything that you may need to pay, Best Credit is always here to help. Our doors are open everyday from Monday to Sunday (except public holiday).

The experience that we have accumulate over the years has help us to understand the needs of people better. You can trust that all of us at Best Credit knows what we are doing. Our management is always working hard, trying to come up with newer better solutions to help you in every way possible. Place your trust in us, let us do the thinking for you. Do not fret over it by yourself, talk to us and we are certain that we will be able to find a solution for you.

Furthermore, Best Credit is the few money lenders open on weekends! We understand that it is not easy for you to come over on weekdays. Often, you may not even be able to reach our office before our closing time. Therefore, this is the reason why we have decided to extend our opening hours to include weekends as well!

 

To find us:

Never got a loan from money lenders before? Plenty of questions to ask? Call us at +65 6272 5538. We will be more than happy to answer any question that you may have. Alternatively, you can visit us at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372. Bukit Gombak MRT is the closest MRT to us. We are directly opposite the MRT.

Come on down to our office! We will offer you a free consultation before you decide if you want to take a loan with us!

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