Key priorities for the year include bridging Singapore’s protection needs and financial gaps amidst rising inflation, enhancing the digitalisation journey for consumers and the industry, and supporting Singapore’s sustainability agenda

SINGAPORE – Media OutReach – 23 March 2023 – The Life Insurance Association, Singapore (LIA Singapore) today announced the newly elected members of its Management Committee at the Association’s Annual General Meeting (AGM) and annual luncheon held on 21 March 2023.

LIA Management Committee, 2023 – 2024
Officers		Member Company
President	Mr. Dennis Tan	Prudential Assurance Company Singapore (Pte) Limited
Deputy President	Ms. Wong Sze Keed	AIA Singapore Private Limited
Deputy President	Mr. Raymond Ong	Etiqa Insurance Pte. Ltd.
Secretary	Dr. Khoo Kah Siang	Manulife (Singapore) Pte. Ltd.
Treasurer	Mr. Andrew Yeo	Income Insurance Limited
Members
Member	Ms. Ho Lee Yen	HSBC Life (Singapore) Pte. Ltd.
Member	Ms. Pearlyn Phau	Singapore Life Ltd.
Member	Mr. Khor Hock Seng	The Great Eastern Life Assurance Company Limited

Mr Dennis Tan is the newly elected President for 2023 – 2024, taking over the presidency from Mr Khor Hock Seng who has served the previous four terms as President. Ms Wong Sze Keed has been re-elected as Deputy President alongside Mr Raymond Ong who begins his first term as Deputy President. D Khoo Kah Siang was re-elected Secretary and Mr Andrew Yeo as Treasurer.

“Amidst the challenges brought about by the pandemic and the volatile macroeconomic environment, the life insurance sector has remained resilient. In 2023, we will focus our efforts on supporting consumers in their financial planning journey and identifying their protection gaps through our protection gap study. At the same time, we will continue our digitalisation efforts and play our part in supporting the government’s sustainability agenda,” said Mr Dennis Tan, President of LIA Singapore, in his opening address at the luncheon.

This was followed by a speech by Guest-of-Honour, Mr Marcus Lim, Assistant Managing Director of the Banking and Insurance Group, Monetary Authority of Singapore (MAS), who highlighted the importance of the industry maintaining public trust through managing financial and non-financial risks well, and by treating customers right. He also urged the industry to continue to push ahead with its efforts to address environmental risk.

The Management Committee, comprising eight members, have identified the following top priorities for the term office, namely:

• Identifying and developing key initiatives to bridge Singapore’s protection needs and financial gaps, especially through the nationwide protection gap study

• Continuing digitalisation efforts in the life insurance sector to enhance the digitalisation journey for all stakeholders including the wider public

• Supporting the nation’s sustainability agenda through sustainable investing and green solutions

Identifying and understanding various protection gaps and helping consumers with their financial planning goals

With 2023 being the first endemic year since Singapore reopened its borders and transitioned towards living with COVID-19, the pandemic has reminded consumers of the importance of ensuring that they are well protected. LIA Singapore will release findings of the nationwide protection gap study in the coming months. This is a study conducted once every five years to better understand and identify various protection gaps that will help in the development of key initiatives that meet individuals’ mortality and critical illness protection needs.

Amidst the rising cost of living and inflation, the life insurance industry will also continue to roll out people-first products and services that support consumers in their financial planning journey.

Continuing digitalisation efforts in the life insurance sector

The pandemic has accelerated the adoption of digital tools across the life insurance sector and transformed the way insurers and consumers interact with one another. With increased demand for digital services, life insurers will continue to work with its partners and the MAS to ensure the seamless use of digital tools and solutions that enhance the digitalisation journey and experience for consumers.

Supporting Singapore’s sustainability agenda

As a Strategic Partner of the Green Finance Industry Taskforce (GFIT), LIA Singapore will continue to work with key partners to support sustainable investments and develop more green financial solutions.

Industry continues to show resilience and stability

Despite the macroeconomic headwinds, the life insurance industry continues to recover from the pandemic and recorded a total of S$5.10 billion in weighted new business premiums^[1], a dip of 5.2% as compared to a year ago, mainly due to a drop in single premium business. The results also reflected an increase in demand for protection-focused policies in 2022, as uptake in total weighted new business premiums for Annual Premium plans recorded a 16.0% increase in Q4 2022 compared to Q4 2021.

Total weighted new business premiums for Individual Health Insurance for YTD Q4 2022 was at $360.2 million – consistent with the previous year. Total new business premiums^[2] for Integrated Shield Plans (IPs) and IP riders for YTD Q4 2022 amounted to S$306.2 million, a 2.5% increase compared to YTD Q4 2021, highlighting how IP remains a priority health insurance product for Singaporeans.

Hashtag: #LIASingapore

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Life Insurance Association, Singapore (LIA Singapore)

Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).

Vision and Mission

The vision of member companies is to provide individuals with peace of mind and to promote a society where every person is prepared for life’s changing cycles and for those situations unforeseen.

They are committed to being a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with government and business leaders.

Values underpinning the association and its members

Unified in our resolve to deliver innovative solutions where every individual’s needs are best met.

Professional in the way we conduct ourselves and in the counsel we give.

Ethical in ensuring our policyholders’ interests are managed with utmost integrity.

Fair in how we strive to provide favourable outcomes to both our policyholders and shareholders.

Open & honest in all that we do to build an environment of trust and transparency.

HONG KONG SAR – Media OutReach – 23 March 2023 – In conjunction with World Water Day, Healthy Seas is proud to announce it has expanded its geographic focus and launches activities to Hong Kong.

Healthy Seas is an environmental nonprofit organization founded in 2013 that began its marine conservation work in the Netherlands. Today, the organisation operates in 20 countries throughout the world, including many countries in Europe, the United States, New Zealand and through its recent collaboration with Ghost Diving Korea and now Ghost Diving Hong Kong, has expanded to Asia, with regular activities in the Sai Kung Area – Port Shelter, Nine Pins Island Group, East Dam with regular ghost net cleanup projects.

Ghost net removal

On March 18^th, the Ghost Diving Hong Kong volunteer team kicked off its collaboration with Healthy Seas and with support from DWS Group, successfully recovered about 120kgs of gill nets in the area of Sharp Island, Hap Mun Bay, Sai Kung. Although gill nets are typically very light, they are also the deadliest type of marine litter to marine animals.

Recently, the volunteers had recovered another 150 meters of net from the same location, while a third dive will be necessary and planned in the upcoming period to remove the nets that are still left underwater and continuing to threaten marine life.

“We are extremely proud to be working with Healthy Seas and the Ghost Diving Foundation in order to remove these nets and through our work we hope to spread the message and educate the Hong Kong community to the important role we all share to remove marine pollution, not just ghost gear but debris of all forms,” says Andrew Couch, Coordinator of Ghost Diving Hong Kong

The ghost fishing problem

It is estimated that 640,000 tons of fishing gear are lost or abandoned in the seas and oceans each year. It is plastic waste that does not biodegrade, remaining hundreds of years in the environment, all the while losing tiny particles called microplastics that end up in the food chain. The phenomenon takes the name “ghost fishing” because the nets that are made to appear invisible underwater are trapping and killing all manner of marine animals including turtles, fish, mammals and birds that get entangled, suffer and eventually die.

Fishing practices & trawling ban in Hong Kong

Capture fishing and aquaculture have a long history in Hong Kong, with the conservation of the environment and the well being of the fishing industry being at the forefront of the Hong Kong government’s agenda. Over the past few years, there has been a proactive approach to promote the conservation and preservation of Hong Kong’s marine habitat.

Since December 2012, there has been a ban on trawling within Hong Kong coastal waters to try to restore the damaged seabed. Combined with the Fisheries Protection Ordinance which is designed to regulate the size of local fishing vessels, these efforts aim at controlling fishing practices that resulted in the depletion and destruction of Hong Kong’s marine biodiversity.

Despite the efforts that have been made to conserve Hong Kong’s marine environment, there still remain challenges for the protection of the sea and coastline surrounding Hong Kong. For example, the numerous small speed boats that operate daily and deploy fine gill nets often for hundreds of meters along the sea floor. These are often lost or discarded becoming a major hazard to all marine life as well as the divers who enjoy Hong Kong’s waters. Volunteer divers also encounter the remains of nets from the trawlers that were lost or abandoned long ago and caught on submerged rocks and reefs (both natural and artificial) and aim to remove them from the ocean floor.

Hashtag: #HealthySeas

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About Healthy Seas

Healthy Seas is a non-profit organisation with a mission to remove waste from the seas, in particular fishing nets, and ensure marine litter will become a valuable resource. Nylon fishing nets are regenerated into ECONYL® yarn, a high-quality raw material used to create new products, such as socks, swimwear, sportswear or carpets, while other types of plastic nets are also reused, becoming jewelry, accessories or provided for research and education purposes. Since its founding in 2013, Healthy Seas has collected over 905 tons of fishing nets and other marine litter with the help of volunteer divers and fishers.

PHNOM PENH, CAMBODIA – Media OutReach – 23 March 2023 – Prince Holding Group (PHG) recently welcomed three distinguished CEOs to its Swiss watchmaking vocational training center, Prince Horology. The delegation comprised of Mr. Anthony Galliano of Cambodia Investment Management, Mr. Matthew Care of Australia’s Digital Classifieds Group, and Mr. Tom O’Sullivan of realestate.com.kh.

The delegation had the chance to tour the classrooms and engage with the students. The esteemed delegates also witnessed the use of state-of-the-art equipment in delivering a curriculum designed to meet Swiss standards.

Gabriel Tan, Chief Communications Officer of Prince Holding Group, expressed his gratitude for the visit, stating, “We are honored to host these dynamic leaders, learn from their extensive experience and showcase our human capital development program. In particular, Anthony’s immense contribution to the growth of Cambodia is truly remarkable and will be remembered for years to come.”

Prince Horology was founded by Neak Oknha Chen Zhi, Chairman of Prince Holding Group. This year, Prince Horology accepted its first two female students, in addition to its first student from Switzerland. The admission reinforces its dedication to providing top-notch education and promoting gender diversity. The inaugural batch of six Cambodian watchmakers is also currently serving as apprentices in the school to further refine their horological skills.

During the visit, Mr. Anthony Galliano commended Prince Horology’s commitment to human capital development. “The students and apprentices at Prince Horology are testaments to the fact that hard work and dedication to learning can open immense opportunities for Cambodian youth, and create a brighter future for the Kingdom,” he added.

At Prince Horology, students have access to Swiss-trained professionals with more than 60 years of combined experience in Swiss watchmaking and Swiss watchmaking education. Namely, the experience with The Swatch Group and Richemont, as well as world-renowned Watchmakers of Switzerland Training and Educational Program (WOSTEP).

Hashtag: #PrinceHoldingGroup

https://www.linkedin.com/company/prince-group-cambodia/
https://www.facebook.com/princehorology

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About Prince Holding Group

Prince Holding Group is one of Cambodia’s largest business groups spanning across real estate development, financial services, and consumer services.

Prince Holding Group’s key business units in Cambodia include Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, Cambodia Airways, Belt Road Capital Management, as well as Awesome Global Investment Group. Via its subsidiaries, Prince Holding Group has over 100 businesses in Cambodia operating in real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, lifestyle sectors, etc.

Leveraging a network of industrial, business, and financial professionals across Asia, Prince Holding Group is firmly committed to the long-term development of Cambodia.

For more details, please visit: www.princeholdinggroup.com

About Prince Horology

At the Prince Horology Vocational Training Center in Cambodia, students learn the art of contemporary watchmaking through a comprehensive and practically based educational program that is unique in the Asia-Pacific region.

In this unique setting, students remain faithful to centuries of traditional Swiss watchmaking expertise. Through an unparalleled investment in modern state-of-the-art specialized equipment and technical know-how, the Prince Horology Vocational Training Center in Cambodia offers students an incredible opportunity to learn the art of Swiss watchmaking and gain skills which will serve them for a lifetime.

For more details, please visit: www.princehorology.com