The SRA Chairman, Mr Thomas Lillelund, EXCO members, Ms Ann Chua and Mr Alain Flandrin, and the Executive Director, Mr Jeffrey Yeo were guests at the GIA Annual Luncheon held at the Pacific Ballroom, Pan Pacific Singapore on 25 May 2015. Before the proceedings commenced, all guests rose and paid a minute’s silence to honour the late former Prime Minister, Mr Lee Kuan Yew who had passed away at age 91 on 23 March 2015. The Guest of Honour at the luncheon was Mr Chua Kim Leng, the Assistant Managing Director at the MAS. In his speech, Mr Chua paid tribute to Mr Lee as “a visionary, one who saw Singapore ‘s potential to become what he described as ‘a First World oasis in a Third World region’. Under his astute leadership, he transformed Singapore into a prosperous country and gave Singaporeans a better life. Mr Lee’s unwavering dedication and passion in serving the people of Singapore are values that will continue to guide us.”
Mr Chua also highlighted two key trends that will shape the business environment for the Singapore general insurance industry – namely, the rising need for insurance services in ASEAN; and the evolving business practices resulting from technological advancements. He noted that these key trends offer insurers ample opportunities for growth in the region, but insurers need to remain resilient and financially sound to seize these opportunities. He emphasised that insurers need to ensure they have a deeper understanding of the underlying risks in this increasingly complex environment, and that the MAS will continue working together with the industry to strengthen its foundations through two main areas – enhancing risk management capabilities and developing talent.