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Straits Times
5 days ago
- Business
- Straits Times
S'pore life insurance sales surged in first half, led by strong growth in investment-linked plans
Sign up now: Get ST's newsletters delivered to your inbox Weighted new business premiums, which is a rough measure of new sales, rose 7.7 per cent to $2.99 billion in the six months to June 30. SINGAPORE – Sales of life insurance policies surged in the first half of 2025 as consumers sought balance between protection and wealth accumulation. Weighted new business premiums, which is a rough measure of new sales, rose 7.7 per cent to $2.99 billion in the six months to June 30 – the highest first-half figure since the Covid-19 pandemic. The increase was driven largely by annual premium policies, which rose 22 per cent to $2.26 billion as compared to the same six months in 2024, noted the Life Insurance Association (LIA) Singapore on Aug 13. By contrast, single premium policies fell 21.3 per cent to $722.9 million in weighted premiums. Investment-linked policies (ILPs) continued to set the pace, with weighted new business premiums rising 31.3 per cent to $1.28 billion in the first half. These policies accounted for 43 per cent of total new business. LIA Singapore president Wong Sze Keed said that the continued growth in annual premium policies and ILPs demonstrates Singaporeans' focus on long-term financial planning and security. 'Amid existing global uncertainties and market volatility, consumers are seeking balance between protection and wealth accumulation,' she added. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Singapore Allianz insures Singapore's first fully driverless bus amid challenges posed by autonomous vehicles Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story 'The sustained demand for ILPs reflects a prudent yet ambitious mindset – one focused on safeguarding against global current unpredictability while capturing growth opportunities in an evolving financial landscape.' Total sum assured in the first half rose 1.8 per cent to $71.4 billion, with financial advisers accounting for 42.6 per cent or $30.4 billion, while tied representatives brought in 29.9 per cent or $21.4 billion. While total sum assured and total weighted premium rose, the total number of policies in the first half declined 18.6 per cent year on year to 579,343. LIA Singapore said this could suggest that consumers may be buying fewer, but more comprehensive policies, opting for coverage that offers greater protection or investment potential. About 69,000 Singaporeans and Permanent Residents took up new Integrated Shield Plans (IPs) in the first half. Nearly three million people – about 72 per cent of the resident population – have IPs, which provide coverage on top of the MediShield Life health coverage scheme. Total new business premiums for individual health insurance increased 69.3 per cent year on year to $373.7 million in the first half. IPs and IP rider premiums made up 89.9 per cent, or $336.1 million, with the remaining 10.1 per cent, or $37.6 million, comprising other medical plans and riders. Around $6.35 billion was paid out to policyholders and beneficiaries in the first half, down 42.1 per cent from the same period a year earlier.
Straits Times
5 days ago
- Business
- Straits Times
Australia and Vanuatu agree $325 million security and economic pact amid China competition
Sign up now: Get ST's newsletters delivered to your inbox SYDNEY - Australia and Vanuatu on Wednesday agreed a A$500 million ($326.50 million) deal to strengthen economic and security ties between the two countries, amid increasing competition from China, the Pacific island nation's largest external creditor. Vanuatu Prime Minister Jotham Napat said the deal, known as the Nakamal Agreement, will see Australia invest the funds into Vanuatu over the next decade and was a "win win" for both countries. "The agreement... will transpire into a lot of trade benefits between the two countries, whether it be the security agreement, economic transformation, with some specific focus on labour mobility," Napat told a news conference on the island of Tanna in southern Vanuatu. Australia Deputy Prime Minister Richard Marles said the agreement showed the two nations had a "shared destiny". "It acknowledges that as neighbours, we have a shared security environment and a commitment to each other," Marles said The deal will be formally signed by Napat and Australia's Prime Minister Anthony Albanese in the coming weeks, he added. The deal also covers funding for climate resilience following a December earthquake that hit the capital Port Vila, killing at least 14 people and injuring hundreds. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Singapore Allianz insures Singapore's first fully driverless bus amid challenges posed by autonomous vehicles Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story In recent years Vanuatu has moved closer to China, the country's largest external creditor after a decade of infrastructure loans for construction, including a new president's office last year. REUTERS
Straits Times
5 days ago
- Automotive
- Straits Times
Allianz insures S'pore's first fully driverless bus amid challenges posed by autonomous vehicles
Sign up now: Get ST's newsletters delivered to your inbox The move marks a milestone in what is a nascent area for the insurance sector. SINGAPORE - The local arm of German insurer Allianz has made a foray into the autonomous vehicle (AV) space, providing insurance coverage for Singapore's first fully driverless bus operated by WeRide at the Resorts World Sentosa (RWS) integrated resort. Allianz Insurance Singapore told The Straits Times that the policy, which is a first for the insurer, covers damage caused to the driverless bus, including the vehicle's cameras and sensors. The policy also covers any compensation that WeRide, which is headquartered in Guangzhou, may need to pay for property damage, bodily injury or death caused by the self-driving bus, commonly referred to as third-party liability. The move marks a milestone in what is a nascent area for the insurance sector, and it comes as the Government prepares to deploy autonomous public shuttles within housing estates to strengthen the public transport network. All AVs in Singapore must already be covered by third-party liability insurance before they can be used or tested on roads here. This comes under a set of road traffic rules introduced in 2017 to better regulate AV trials, which also stipulate duties to notify the authorities of malfunctions or accidents, and to record key data like speed and camera footage for investigations. What is different is that Allianz Insurance Singapore is insuring WeRide's AV service, which the Land Transport Authority (LTA) has approved to operate without any human safety personnel on board. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Asia Typhoon Podul slams into southern Taiwan; hundreds of flights cancelled Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story The eight-seater driverless bus, which plies a fixed 1.2km loop within RWS, is being monitored remotely. Asked if such remote operations come with a higher risk, Allianz Insurance Singapore chief operating officer Ong Biying said the difference is 'not that significant' in the insurer's view. 'There is an operator off-site watching the vehicle and ready to do an emergency stop... So there is supervision,' she said. This human supervision exists, regardless of whether the individual is physically inside the vehicle or located elsewhere, she added. Ms Ong also cited the safety framework imposed by LTA and the extensive trial period before the removal of the safety officer as factors that gave the insurer confidence in underwriting WeRide's fully driverless operations. LTA requires AVs to be assessed at a test centre before they are deployed to ensure they can navigate safely on roads. The management of AV operations is also reviewed, among other things. Ms Ong noted that Allianz's new policy is specific to WeRide's self-driving service within RWS, and the risks will need to be re-evaluated for different vehicle types on various routes. WeRide has touted a zero-accident record for its RWS shuttle service since it started in June 2024. Ms Ong said Allianz Insurance Singapore applied the same models it uses for its regular motor insurance plans when underwriting the WeRide policy. But an extensive assessment was done on the operational and engineering aspects of the AV firm's shuttle service here. This included carrying out checks on the safety measures in place, maintenance protocols, and the market value of various components like the sensors to factor in replacement costs. 'We are still very new to this. So there will need to be constant conversations, and we may need to tweak things along the way,' Ms Ong added. Acknowledging the evolving nature of the AV sector, she flagged the need to build up related expertise across the wider ecosystem, including among vehicle workshops and insurance investigators. For instance, cybersecurity risks are a concern, and this is an area that Allianz is also looking into. Local AV firm Moovita, which operates driverless campus shuttle services at Ngee Ann Polytechnic in partnership with ComfortDelGro, said it has faced challenges in securing coverage due to insurers' limited understanding of AV technology. But this has been countered by the fact that there is still a safety driver on board its buses. Today, MooVita holds motor insurance from Liberty Insurance for its Singapore operations, as well as product liability insurance from Aon, which protects it against claims stemming from issues such as defective sensors or software bugs. Moovita's buses are allowed to operate autonomously only within Ngee Ann Polytechnic's campus, and they must be driven manually on public roads. PHOTO: LIANHE ZAOBAO As the company aims to go fully driverless, it is in the process of finding a suitable insurance partner that can provide coverage for self-driving operations with and without a safety operator on board. 'We do anticipate that the premium may be higher when we start to remove the safety driver. But hopefully when the product matures with more data, the premium can be brought down to a level equivalent to current insurance products,' said a Moovita spokesman. Some local insurers, meanwhile, remain cautious about AVs. Mr Alvino Kor, Singlife's senior vice-president for general insurance, said his firm is keeping a close watch to understand the potential opportunities and risks. Income Insurance's head of motor distribution, Ms Cecilia Siah, said AVs add a layer of complexity when determining fault in accidents, especially when distinguishing whether it is due to human error, system failure or a potential cyberattack. For self-driving vehicles, liability is also increasingly shifting towards manufacturers and software developers, she added. This is unlike traditional motor insurance, which places liability primarily on the driver. Hence, Ms Siah said insurers will need to collaborate with vehicle manufacturers, technology experts and regulators to establish standardised protocols for liability assessment. 'Traditional risk factors like driver age and driving history become less relevant, while new factors like vehicle software version, safety record and driving conditions must be considered,' she noted. There are also implications for the legal sector. Mr Anthony Wee, managing director at Titanium Law Chambers, said he foresees a higher likelihood of cross-border litigation, given that the manufacturer of the vehicle, software and components may originate from the different countries. The insurance lawyer also believes that 'the whole insurance industry itself has to change'. While he expects fewer accidents with more AVs on the road, which could in turn lower insurance costs and premiums, Mr Wee cautioned that any AV accident that happens will likely be 'catastrophic'. 'Only a system failure would give rise to such an accident. And the problem is this failure can come in various forms, including loss of signal or hacking,' he said. 'What happens if there is a failure to update the software, or if the software engineers themselves were at fault? Who is going to be liable? There are more questions than there are answers,' he added. Mr Wee said Parliament needs to look into these issues. He also called for a review committee comprising insurance and legal practitioners to plug gaps in existing laws. Mr Raphael Louis, managing director at Ray Louis Law Corporation, raised a similar point on the need to amend Singapore's criminal laws, which are today designed around human drivers. 'Can an AV operator be charged in court with negligence or causing hurt? These need to be determined,' he said. Despite the uncertainties, Ms Ong said Allianz wanted to venture into AV insurance, as it felt this was an area where it had expertise in, and it supports the motor insurer's ambitions in Singapore. Asked if the insurer will be in involved with the autonomous public shuttles set to be rolled out in Punggol in the fourth quarter of 2025, Ms Ong said: 'We hope to, and we will be excited to be a part of it, if there is an opportunity.'
Straits Times
5 days ago
- Business
- Straits Times
Solitary cell with mattress on the floor for South Korea's once powerful ex-first lady
Sign up now: Get ST's newsletters delivered to your inbox South Korea's former first lady Kim Keon Hee will spend her first day in jail on Aug 13. SEOUL - South Korea's former first lady Kim Keon Hee will spend her first day in jail on Aug 13 in a cell much like the one her husband and ex-president Yoon Suk Yeol occupies as prosecutors pursue the once high-flying couple in a widening criminal probe. Kim was formally booked into the Seoul Nambu Detention Center on the western edge of the capital, a comparatively new correctional facility that opened 11 years ago and one of the few run by a female warden. She will be treated in the same way as other inmates but will receive minor adjustments in her daily routine given her status as a high-profile figure, a source familiar with the matter told Reuters. Kim was imprisoned after a court approved a warrant for her arrest late on Aug 12 on the grounds that she might destroy evidence amid an ongoing investigation into allegations of bribery, stock fraud and influence peddling. Kim's lawyers have denied the accusations against her and dismissed as groundless speculation news reports about some of the gifts she allegedly received in return for favours. Kim apologised for causing concern in the country and called herself 'a nobody' as she appeared for questioning last week. Her solitary cell has a small table that can be used as a desk and for eating meals and a floor mattress to sleep on, said the source, who asked not to be identified because he was not authorised to speak to the media. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Asia Typhoon Podul slams into southern Taiwan; hundreds of flights cancelled Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story Kim will have separate access to a common shower room and be allowed to exercise outdoors for an hour every day except on Sundays, the time staggered to avoid overlap with other inmates, the source said. Prison will be an entirely new experience for Kim, unlike for her husband who has already spent about 100 days in jail. Yoon is on trial over his botched attempt to impose martial law, on charges of insurrection, an accusation he denies. He has been imprisoned at the Seoul Detention Center, which despite its name is outside the capital to the south. 'Political mind' The former first couple had lived in a spacious apartment in an upscale district of Seoul before Yoon's election as president in May 2022 and had returned there after his ouster for the martial law decree that resulted in a political disaster for him, his party and now for his wife. Kim is a wealthy businesswoman in her own right and most of the couple's assets including the apartment belong to her, according to a government database. Now, Kim will receive the same food as the average inmate, usually traditional Korean fare prepared at a cost of about 1,500 won (S$1.40) per meal. On Aug 13, toast with strawberry jam, sausages and salad were on the menu for breakfast. A fine art expert who founded and ran a successful curation agency, Kim has been embroiled in a number of scandals before and after her husband's election in 2022, with the controversies at times overshadowing Yoon's turbulent presidency. Her fashion choices and policy lobbying in areas like promoting a ban on eating dog meat made her controversial in a country where a first lady has typically kept a low profile. Mr Han Dong-soo, a former judge and a prosecutor who worked with Yoon, said Kim had 'a politically strategic mind' and was a driving force behind her husband's ascent to top office. After she married Yoon when he was 52, Kim became the main influence of practically all of his thinking and decisions, Mr Han said. Kim was 39 when they wed. 'Kim Keon Hee chose him,' said Mr Han. 'And she gave him the strategy and energy to be president' REUTERS
Straits Times
5 days ago
- Business
- Straits Times
Britain reassesses 'flawed' domestic abuse risk tool
Sign up now: Get ST's newsletters delivered to your inbox Pauline Jones, mother of Bethany Fields, holds a photo of her late daughter, who was killed by an intimate partner, at Horsforth Hall Park in Leeds, Britain, August 7, 2025. REUTERS/Sam Tabahriti LONDON - A month before she was stabbed to death by her ex-boyfriend, Bethany Fields walked into a police station in northern England to report his abusive and controlling behaviour. He had threatened to kill her, but she was not assessed as high risk. Fields is among many domestic abuse victims failed by risk assessments based on a form known as DASH used by Britain's overstretched police forces, social workers and others for more than 15 years, according to two academic studies, several women's charities and victims' relatives. "To get that form right literally means the difference between life and death," said Bethany's mother, Pauline Jones. The charity which co-developed the form, SafeLives, has now been tasked by the government with a project which its CEO Ellen Miller described as examining the way to see "how a review could work through, how a bigger rewrite could happen". "We know so much more now, that it needs to evolve, it needs to change," Miller said, confirming a project that is yet to be publicly announced. DASH had saved many lives, she said, adding that it should be rewritten rather than replaced and that it was up to police to use it properly. "The problem is not the DASH. The problem is police officers' values and behaviours," she said. Top stories Swipe. Select. Stay informed. Business Singapore banks face headwinds in rest of 2025, but DBS is pulling ahead: Analysts Asia Mixed reactions among Malaysia drivers on S'pore move to clamp down on illegal ride-hailing services Asia Typhoon Podul slams into southern Taiwan; hundreds of flights cancelled Business Singtel Q1 profit soars 317.4% to $2.9 billion on exceptional gains of $2.2 billion Asia Diamonds, watches and shoes: Luxury items at heart of probe into South Korea's former first lady Singapore Yishun man admits to making etomidate-laced pods for vaporisers; first Kpod case conviction Sport New Hui Fen becomes first Singaporean bowler to win PWBA Tour Player of the Year Singapore SG60: Many hands behind Singapore's success story A report by the Independent Office for Police Conduct (IOPC) into Fields' murder, published online in April this year, said the officer conducting the assessment was inexperienced to undertake such a sensitive assignment and lacked supervision; it also questioned the DASH form. Those filling in the DASH (Domestic Abuse, Stalking and Honour-Based Violence Assessment) tick: "yes", "no", or "don't know" - sometimes labelled "other" - in response to questions about possible abuse. The IOPC said the third option reduced the chances of officers pinning down a potential yes. That in turn reduces the chances of getting enough ticks for the assessment of high risk that triggers a referral for extra support. Marsha Scott, chief executive of Scottish Women's Aid, said the DASH tool was "deeply flawed". Researchers from the Universities of Manchester and Seville found the DASH "performs poorly at identifying high-risk victims", with 96.3% of such cases being wrongly assessed as standard (low) or medium risk in their study of 350,000 incidents logged by an unnamed major UK police force. SafeLives did not respond to a request for comment on the statistic, published in Madrid-based journal Psychosocial Intervention in 2022. The British system is not the only one to come under scrutiny. Spain's interior ministry said in January it had updated its gender violence management system to make it more effective; in June, it said British officials had visited to find out more. Britain's interior ministry did not respond to a request for comment for this article. It has said reducing violence against women and girls is a priority and that it plans to publish a new strategy on the issue. MISTAKES In the year ending March 2024, there were 108 domestic homicides, of which 83 of the victims were female. Reuters was not able to establish how many of those deaths followed DASH risk assessments or what those had concluded but found other deaths in which an assessment had been undertaken. Seventeen weeks pregnant, Fawziyah Javed was pushed to her death from the top of the Arthur's Seat hill in Edinburgh in 2021. Her mother, Yasmin Javed, told Reuters her daughter had reported her husband's violent and controlling behaviour to the police. Officers told her she was medium risk and despite the risk factor of being pregnant and a visit from police six days before she died, she was never referred for high risk support, her mother said, adding: "These mistakes are costing lives." Contacted for comment, police said only that the IOPC is still investigating the force's response. Both Javed's husband and Fields' ex-partner were convicted of killing them. When asked about fatalities after DASH assessments, Miller said: "I think the DASH could always be better," adding that it was up to police to safeguard people from the risk of death in their recruitment and training. Her hope, she said, was that a "refreshed DASH" would be used adequately in every case. OTHER OPTIONS The interior ministry has asked other charities to help SafeLives "bring together insights" into the systems for assessing and managing risk in the country, a letter from the ministry to one of them who asked to remain anonymous showed. Several charities contacted by Reuters said they feared the project would not go far enough. Ngozi Fulani, CEO of Sistah Space, a charity supporting victims from African and Caribbean heritage, said the DASH may not be effective for many in those communities, due to mistrust of police linked to institutional racism. "They chose to leave us out, that speaks for itself," she said, referring to the fact they have so far not been asked to contribute to the project. The Spanish police and some organisations are using new technology to assess future risk: Berlin-based startup Frontline has a machine learning risk assessment and British data scientist and former police officer Tori Olphin has created an algorithmic model to predict future harm, for example. The College of Policing, a professional body for police in England and Wales, has developed its own tool, DARA, with Cardiff University Professor Amanda Robinson, to address what she says are some of DASH's flaws, particularly around coercive control, which only became a criminal offence there in 2015. A police representative said they would assess all the available tools. "Police officers must be supported with the right training and tools to identify offences and protect victims," said Assistant Chief Constable Claire Bell, Deputy Director of the National Centre for Violence Against Women and Girls and Public Protection. REUTERS
