Managing insurance business during crisis

The Monetary Authority of Singapore shared ideas on managing the insurance business during the financial crisis to the insurance industry during the LIA AGM luncheon recently.

Some ideas shared:

• Strengthen the solvency positions early
• Conduct stress testing, including considering scenarios that are potentially devastating for business profiles
• Be watchful on potential frauds
• Should not charge into complex products that the insurer does not have expert knowledge of
• Regular updates to policyholders on the impact of the financial turbulence on their policies

Source: Straits Times