In remarks at the Global Asia Insurance Partnership Insurance Case Competition, the Monetary Authority of Singapore emphasized that closing insurance protection gaps requires more than raising awareness or making policies easier to buy. Products must be suitable and affordable, information must support informed decisions, and fair claims handling must reinforce consumer trust. The remarks highlighted that natural catastrophes caused about USD 65 billion in economic losses across Asia in 2025, of which only USD 5.2 billion, or around 8%, was insured. Protection gaps also persist in mature markets, including mortality and critical illness gaps in Singapore, and require varied responses spanning product design, communication, distribution, technology, consumer behavior and public policy.
2026-08-21Monetary Authority of Singapore
Monetary Authority of Singapore highlights trust and consumer-focused solutions as key to closing insurance protection gaps
The Monetary Authority of Singapore said closing insurance protection gaps requires suitable, affordable products and trusted customer interactions, not awareness alone. Only about 8% of Asia’s USD 65 billion in natural catastrophe losses in 2025 was insured, while protection gaps also persist in mature markets.