"The caveat is to bear in mind that cancelling a policy is a permanent decision whereas a recession is temporary." Naomi Chua, executive senior manager, Excelsior Financial Group
BT ILLUSTRATION: LEE YU HUI
CAUGHT between continuing to pay insurance premiums or forfeiting them to pump money into the business. That was the quagmire that Jessica Tan, owner of a food and beverage outlet, found herself in when the pandemic wiped out more than 90 per cent of her revenue.