Insurance Banana Skins 2017: A Singapore observation
Propelled by technological advances that challenge traditional structures, industry players are now finding themselves in a heightened state of needing to adapt to disruptions and rapid changes.
"This year, the top risks in Singapore are all interconnected. Status quo is not an option. Future survival and success are directly fuelled by effective change management coupled with high quality of management"
Singapore’s Banana Skins Index score - which implies the industry’s level of anxiety in responding to risks - rose from below the global average in 2015 to above it this year.
The country also scored below the global average this year in the Preparedness Index (where it tied with in 2015) - which reflects how prepared the industry is in handling the risks identified - alongside other global financial centres such as Germany, the USA, and the UK.