Change management seen as greatest risk for Singapore insurers

Singapore

SINGAPORE'S change management is the top issue that the local insurance industry is anxious about, said a survey that charts the top risks in the global insurance sector.

The Centre for the Study of Financial Innovation (CSFI), together with PwC, released the "Insurance Banana Skins 2017" survey, conducted in January and February.

Change management is at the head of a cluster of operating risks which have jumped to the top of the rankings. Formerly ranked 5th by local respondents in the "Insurance Banana Skins 2015" survey, change management has risen to become the top risk perceived for insurers across Singapore, Asia Pacific, and globally.

"For the first time in six editions of this survey, operating risks pose the greatest threat to insurers. Structural and technological changes to the industry could upend traditional business models. At the same time, insurers are grappling with a very difficult economic climate, which helps explain why anxiety is at an all-time…