SG50 INSURANCE GOLF SWING FOR CHARITY 2015

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1 34 PUBLISHED QUARTERLY BY THE GENERAL INSURANCE ASSOCIATION 180 CECIL STREET, #15-01 BANGKOK BANK BUILDING, SINGAPORE T: (65) F: (65) E: UEN: S66SS0020G VOL. XXXIV QTRS. II & III MMXV ESTD GENERAL INSURANCE NEWSLETTER APRIL SEPTEMBER 2015 WICA LEGISLATIVE AMENDMENTS & MAS PUBLIC CONSULTATION CURRENT INDUSTRY OUTREACH & NEWS TALENT OUTREACH PROJECT: HIGHLIGHTS FROM GIA INTERNSHIP PROGRAMME GIA PAST SEMINARS & EVENTS PAGE PAGE PAGE SG50 INSURANCE GOLF SWING FOR CHARITY 2015 To celebrate our nation s 50th birthday, the Singapore insurance industry came together to organise a charity golf event.

2 02 SECOND & THIRD QUARTERS 2015 GENERAL INSURANCE NEWSLETTER Nº34 E The event, SG50 Insurance Golf Swing for Charity 2015, raised over S$500,000 for seven beneficiaries: Children s Cancer Foundation; National Kidney Foundation; Pertapis Education and Welfare Centre; Singapore Buddhist Free Clinic; Singapore Heart Foundation; St John s Home for Elderly Persons; and the Straits Times School Pocket Money Fund. COVER STORY: SG50 INSURANCE GOLF SWING FOR CHARITY 2015 EDITOR'S NOTE The organisers this year were the Life Insurance Association, Singapore, the Singapore s Reinsurer s Association, and the General Insurance Association of Singapore. Held at the Singapore Island Country Club, the event saw over 200 industry practitioners participate in a friendly game of golf. How time has flown! 2015 has been a busy time for GIA, packed with plenty of educational seminars and networking opportunities for members and industry practitioners. In this issue, we also celebrate Singapore s 50th birthday. In July, GIA worked with the Life Insurance Association, Singapore and the Singapore Reinsurers Association on a charity golf and dinner event to celebrate SG50. The event ended up raising over S$500,000 for various charities. SECOND & THIRD QUARTERS 2015 Concluding the night was a dinner attended by over 300 guests and golfers. Gracing the dinner as Guest-of-Honour was Minister for Education, Mr. Heng Swee Keat. Mr. Heng also commented, This is a very special fundraising event as part of SG50. The GIA would like to take this opportunity to thank the entire insurance industry for coming together to support this worthy cause. BONDING MOMENTS DURING THE LUNCH AMONGST GOLFERS. FORGING TIES: MINISTER HENG SWEE KEAT MINGLING WITH THE WELCOMING PARTY AND THE BENEFICIARIES. GIA has also increased its range of education seminars, covering topics from marine to property. We have also ended our 8th GIA Internship Programme for this year, which has been proven to be a hit from participating companies and students alike. We continue to look forward to our members support and we intend to meet up with respective companies to share more on the programme s success and benefits. Not to forget, GIA will also be celebrating our GI Day soon, which will be on 17 October at the Lee Kong Chiang National History Museum, and we are excited to see everyone there! GENERAL INSURANCE NEWSLETTER Nº34 MINISTER HENG ADDRESSING THE DINNER CROWD. GOLFERS UNITE! AND NOW ANNOUNCING THE WINNERS FOR THE GOLF TOURNAMENT. GAME ON! MAJULAH SINGAPURA! CAKE CUTTING CEREMONY TO COMMEMORATE OUR NATION S GOLDEN JUBILEE! So, as we strive through the last quarter of 2015, we still continue to bring you many activities and events for our members. Happy reading ahead! GENERAL INSURANCE NEWSLETTER IS PUBLISHED QUARTERLY BY THE SECRETARIAT GROUP OF THE GENERAL INSURANCE ASSOCIATION. FOR DISTRIBUTION ENQUIRIES, PLEASE CONTACT FEEDBACK@GIA.ORG.SG 2015 GENERAL INSURANCE ASSOCIATION. ALL RIGHTS RESERVED. NO PART OF THIS PUBLICATION MAY BE REPRODUCED IN ANY FORM WITHOUT PRIOR PERMISSION IN WRITING FROM THE PUBLISHER. UEN: S66SS0020G TOWARDS THE REGISTRATION, WE GO! MINISTER HENG, ALONG WITH THE CHAIRMEN OF BOTH THE STEERING AND ORGANIZING COMMITTEES, PRESENTING THE CHEQUE TO THE BENEFICIARIES. MR A.K. CHER PRESENTING A TOKEN OF APPRECIATION TO MINISTER HENG. 03

3 04 GENERAL INSURANCE NEWSLETTER Nº34 SECOND & THIRD QUARTERS 2015 SECOND & THIRD QUARTERS 2015 GENERAL INSURANCE NEWSLETTER Nº34 05 CURRENT INDUSTRY OUTREACH & NEWS CURRENT INDUSTRY OUTREACH & NEWS WICA LEGISLATIVE AMENDMENTS GIA STRATEGY FOR INDUSTRY In July 2015, the Ministry of Manpower announced that the Work Injury Compensation Act (WICA), which was last reviewed in 2012, will be amended as of 1 January Two key changes for insurers to take note are the increases in Compensation Limits for workplace related injuries, and expenses that facilitate an injured worker s return to work that are claimable under the Act. The maximum and minimum compensation limits for death and total permanent incapacity, as well as the cap for medical expenses under the WICA will be increased by 20 percent, with effect from 1 January Firstly for Death, the existing minimum compensation limit will be increased from $57,000 to $69,000, and the maximum limit from $170,000 to $204,000. Secondly, for Total Permanent Incapacity, the existing minimum compensation limit will be increased from $73,000 to $88,000 and the maximum limit from $218,000 to $262,000. However, this excludes the additional 25% compensation that is paid to employees with total permanent incapacity to offset the cost of care for the injured employee. Lastly for Medical Expenses, the existing minimum compensation limit used to be up to $30,000 or 1 year from date of accident, whichever is reached first. However, with the new WICA amendments, it will now be up to $36,000 or 1 year from date of accident, whichever is reached first. FACILITATING RETURN TO WORK Under the new amendments, from 1 January 2016, treatments that facilitate early return to work will be claimable as part of WICA medical expenses. This applies to charges for physiotherapy, occupational and speech therapy, case management, psychotherapy, functional capacity evaluation, and worksite assessment for purposes of rehabilitating an injured employee back to work. It will also include the cost of medicine, artificial limbs, and surgical appliances. The costs for treatment to facilitate early return to work will be subject to the newly revised cap of $36,000 or for a period of one year, whichever is exhausted first. As the new changes will take place from 1 January 2016 onward, members are advised to review their currently underwriting policy and practice, taking into account the above amendments under WICA when inviting renewal business and quotation for new business. There has been increasing interest among Financial Institutions (FIs) to market and distribute financial products and services at retailers and public places. In response to this, the Monetary Authority of Singapore (MAS) has issued a public consultation on market conduct rules for marketing and distribution arrangements of FIs at retailers and public places in July The proposed measures are to mitigate the potential market conduct risks posed to consumers arising from such arrangements. Additionally, the rules comprise a set of market conduct safeguards for FIs conducting marketing and distribution activities at retailers and public places, and period submission of details of these activities to MAS. A workgroup, headed by Management Committee member Ms Doina Palici-Chehab from AXA Insurance Singapore and 9 other members, have held two meetings to discuss the industry s concerns and provide feedback to MAS on 21 Aug Formation of the Accident and Health (A&H) Workgroup An Accident & Health (A&H) Workgroup was formed in July 2015 with three aims: 1. Identify and discuss underwriting and claims issues on A&H business; 2. Act as representation for members interest via the GIA to regulatory and governmental agencies and other organisations relevant to the A&H business; and 3. Develop, research, review, and assess or comment on policy that are of interest to the A&H business. MARKET CONDUCT RULES: The workgroup is chaired by Mr. Kelvin Lim from HL Assurance, and consists of the following members: CHAIRMAN MR. KELVIN LIM HL Assurance Pte. Ltd. VICE-CHAIRPERSON MS. CHRISTINE WEE Federal Insurance Company MS. MCWHINNEY, WAI LIN ACE Insurance Ltd MR. IGNATIUS CHNG AIG Asia Pacific Insurance Pte. Ltd. MS. CHAN CHING CHING Allied World Assurance Company Ltd, Singapore Branch MS. KHUE DINH AXA Insurance Singapore Pte Ltd MS. LENA TSIA Cigna Europe Co S.A. N.V. Singapore Branch MR. ERIC TAN EQ Insurance Company Ltd MS. ANNIE CHUA NTUC Income Insurance Co-operative Ltd MS. ROSALIND PHUAN QBE Insurance (International) Ltd MS. KOH YEN YEN Tenet Sompo Insurance Pte. Ltd. MS. LISA LEOW Zurich Insurance Company Ltd (Singapore Branch) Currently, the workgroup is looking into developing a centralised system for travel insurance claims. It will also be reviewing travel insurance policy by identifying common product features and additional covers. MAS PUBLIC CONSULTATION

4 06 GENERAL INSURANCE NEWSLETTER Nº34 SECOND & THIRD QUARTERS 2015 SECOND & THIRD QUARTERS 2015 GENERAL INSURANCE NEWSLETTER Nº34 07 TALENT OUTREACH PROJECT: GIA INTERNSHIP PROGRAMME 2015 marks the 8th year that the Global Internship Programme, now known as the GIA Internship Program (GIP), has been running. This year, the GIA has successfully placed 27 interns in 17 participating companies. GIA would like to take the opportunity to welcome the interns to the GIP family, as well as thank the sponsoring companies for their continued support to this program. HIGHLIGHTS FROM MR CHER SHARING HIS EXPERTISE WITH THE INTERNS. GIA WE MADE IT! THE NEW FACES OF THE 2015 GIA INTERNSHIP PROGRAMME. INTERNSHIP PROGRAMME GIA PRE-INTERNSHIP TRAINING Spanning over five days, the interns were taught subjects related to the General Insurance (GI) Industry to give them a better comprehension of the GI dynamics. Industry experts were also available to give more insights into the areas of Underwriting, Claims and Product Development, as well as more specialised fields such as Loss Adjusting and Captive Insurance. The aim of the pre-internship training is to ensure that our interns are equipped with the necessary knowledge before they even start work with their hosting companies. We would like to thank all the trainers who took time off their busy schedules to inspire our industry s next generation of talent. Here s what the trainers and interns had to say about the programme: The GIP has been a wonderful opportunity for me to explore my interest in Marine Insurance, and I would highly recommend this to people who are interested in a career in the ever-evolving General Insurance industry, where no two days are the same! There is so much that General Insurance can offer, and GIA s internship programme is the perfect way to find out. MS RACHEL SOON (NTU), GIP 2015 INTERN I am very thankful for this internship opportunity with GIA s internship programme, which really opened my eyes to what General Insurance is about. The GIP was a wonderful experience, and I would recommend it to anyone who is interested in understanding more about General Insurance. MS ETHEL FAN (NUS), GIP 2015 INTERN The GIA internship programme continues to be a worthwhile investment in talent attraction and extending the exposure of the Insurance profession towards a targeted audience. Year on year, I find there is more interest and participation among the interns, with highly inquisitive queries during the claims roleplaying exercises. I hope the Pre-Internship session was beneficial in providing an additional (and practical) perspective to Claims as a career, and I look forward to meeting the Interns in their respective roles following graduation. MR CLARENCE TING (CLAIMS MANAGER, ENERGY PROPERTY CONSTRUCTION ASIA), LIBERTY INTERNATIONAL UNDERWRITERS Once again, GIA has achieved the amazing job of putting together this programme: candidates selection, adequate matching with companies, pre-internship training organization, networking sessions, and follow-up with interns and employers. AXA Insurance Singapore contributed to the GIP for the 6th consecutive year, and for the 2nd consecutive year, we have recruited our GIP intern for a permanent position in our organization. Looking back at Erjie and her predecessors excellent deliveries, I wish to continue this fruitful partnership with GIA as it really helps our organization and the industry! MR FREDERIC WEBER (CHIEF ACTUARY), AXA INSURANCE SINGAPORE PTE LTD GIA NETWORKING & COCKTAIL RECEPTION Wrapping up the intensive week of training, a cocktail party was organised for interns to be introduced to the industry. Attending the cocktail were industry practitioners, mentors, member companies CEOs, and the pre-internship trainers. Also in attendance were the interns from the previous batches to talk about their experience and lessons learnt from the programme, and to give the new interns a taste of what they have to look forward to in their upcoming journey. IF YOU WOULD LIKE TO FIND OUT MORE ABOUT GIP S 2016 INTAKE, KINDLY CONTACT THE GIP SECRETARIAT AT GIP@GIA.ORG.SG MR HAMANN HAVING A MOMENT WITH THE INTERNS. UNDER ONE ROOF: MR TEO, WITH THE CURRENT INTERNS AND ALUMNI MEMBERS.

5 08 GENERAL INSURANCE NEWSLETTER Nº34 SECOND & THIRD QUARTERS 2015 SECOND & THIRD QUARTERS 2015 GENERAL INSURANCE NEWSLETTER Nº34 09 MARITIME SHIPPING MARITIME SESSION 30: SHIPPING SESSIONS: MARITIME SHIPPING SESSIONS 30 & 31 GIA- The General Insurance Association of Singapore (GIA) and the Singapore Maritime Foundation have jointly organised another two seminars this year, titled The Maritime CAT Model & Political Risk in the Region on 17 March & 16 October respectively at STI Auditorium, Capital Tower. Renowned speakers from their respective fields shared their insights on the depth of current maritime issues for both the marine insurance practitioners and maritime professionals, and were well-received by the seminar participants. Both seminars saw a good response for about 150 participants, who were also actively involved during the Q&A sessions conducted. LLOYDS SPEECH GIA, in collaboration with Lloyds Asia, was pleased to welcome Ms. Inga Beale, Chief Executive Officer, Lloyds of London, to present her speech to the General Insurance Industry. With a full house of senior managements from the insurance industry, she delivered her address Lloyd s and Singapore: Working Together for a Prosperous Future. Ms. Beale s speech reflected upon Singapore s growth as a regional insurance and reinsurance hub for both the industry and Lloyd s, which was followed by lively discussion on some market modernisation initiatives under way in the London market, which the Singapore market can benefit from. MARINE INSURANCE & MARITIME NETWORKING EVENT The 5th Marine Insurance & Maritime Networking Event was held on the evening of 21 July, at the Straits Bar of Tower Club. Jointly organised by GIA and the Singapore Maritime Foundation, this event brings both marine insurance practitioners with maritime professionals together across different specialisations, including ship financiers, ship owners, classification societies, shipbrokers and maritime lawyers. Such a platform allows the working professionals from both sectors to network and get to know one another, thus establishing a stronger spirit of camaraderie between them. FIRE SEMINAR SERIES GIA held its 5th annual Fire Education Seminar Series, titled Dealing with complex Fire Claims, at STI Auditorium, Capital Towers, attended by 100 industry professionals. The audience had the rare opportunity to hear from three experts in their field: Loss Adjuster Mr. Chan Hwee Seng, Chairman of Crawford & Company International Pte Ltd; Fire investigator Mr. Tan Jin Thong, Principal Consultant of JT Megan & Partners ; and lawyer Mr. Tay Yong Seng, Partner of Allen & Gledhill LLP. The seminar ended off with a Q&A session that involved a lot of lively discussion. The event garnered positive feedback, with participants rating a perfect 100%, stating that the seminar was useful in adding to their knowledge of claims. PROPERTY SEMINAR SERIES GIA held its second instalment of the Property Knowledge Seminar on 3 September Titled The Challenges of Construction Insurance, the seminar was held at the STI Auditorium, Capital Towers, with 129 industry professionals in attendance. The seminar s focus was on Construction All Risk and Performance Bond, which was presented by Mr. Jeffrey Neo, Director of Insight Adjuster and Surveyor, and Ms. Lauren Lim, Head of Surety (Asia) for Zurich Insurance Company. The seminar rounded off with a Q&A session moderated by Mr. Soon Vud Goon, Head of Property and Casualty for NTUC Income. Feedback from the seminar was generally positive, with participants saying that it was useful to their work.

6 SECOND & THIRD QUARTERS 2015 GENERAL INSURANCE NEWSLETTER Nº34 10 UPCOMING EVENT GIA FAMILY DAY 2015 GIA FAMILY DAY In celebration of General Insurance Day 2015 Saturday 17 October am 1.00pm Lee Kong Chian Natural History Museum Arrival of Guests PROGRAMME Opening Speech by GIA Vice- President, Ms. Stella Tan Free & Easy Take a jaunt with us and expose yourself to Singapore s and Southeast Asian s biodiversity at the Lee Kong Chian Natural History Museum! It is not merely a specimen-based education tool for students of science, but also designed to be an experiential one! The layout as well as the many displayed historical specimens intends to maximise the outcome of the tour! EVENT HIGHLIGHT! COME FACE TO FACE WITH PRINCE, APOLLONIA AND TWINKY! Lunch End