Generative AI holds immense potential for the insurance industry.

Ransomware is reshaping cyber insurance in APAC. With cybercrime losses projected to reach $13.82 trillion by 2028, insurers face rising claims, stricter underwriting, and higher premiums. In Singapore alone, scams cost S$385.6M in H1 2024, highlighting the urgency. This article explores ransomware’s evolution, its impact on cyber insurance, and how insurers can adapt—from tighter policies to AI-driven underwriting. Stay ahead of the curve and seize new opportunities in this rapidly evolving landscape.

Generative AI holds immense potential for the insurance industry.

A Special Message by Mr. Daniel Wang, Chairman, Singapore College of Insurance Executive Director, Insurance Department, Monetary Authority of Singapore