Graduation Address by Mr. Daniel Wang, Executive Director, Monetary Authority of Singapore, at the Singapore College of Insurance’s 2024 Graduation Ceremony on 11 July 2024

Have a read at our annual report for 2024.

Three major insurance events shaping Asia's risk resilience.

Ransomware is reshaping cyber insurance in APAC. With cybercrime losses projected to reach $13.82 trillion by 2028, insurers face rising claims, stricter underwriting, and higher premiums. In Singapore alone, scams cost S$385.6M in H1 2024, highlighting the urgency. This article explores ransomware’s evolution, its impact on cyber insurance, and how insurers can adapt—from tighter policies to AI-driven underwriting. Stay ahead of the curve and seize new opportunities in this rapidly evolving landscape.