Official challenges insurance sector to develop risk transfer products for emerging risks

Jacqueline Loh, an official at the Monetary Authority of Singapore, said that she would like to see the insurance industry to "develop innovative and meaningful risk transfer products for new and emerging risks" such as cyber, supply chain, reputation and liability risks, Asia Insurance Review reports.

"Cyber risk is underestimated," said Ms. Loh, adding that it presents "an enormous potential for insurance players." Ms. Loh said that cyber risk is estimated to cost the global economy between $300 billion and $1 trillion each year.

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