Singapore is match fit for a risky world

Business leaders in Singapore have a unique take on risk and resilience

Fortune may favour the bold, but in an increasingly uncertain world, the thoughtful approach that Singapore’s business leaders take to risk is reassuring. They are aware of the risks they face and are cautious about their levels of resilience.

Why do Singapore’s business leaders view risk and resilience so differently?

While Singapore itself is resilient, its dependence on global trade in the context of today’s volatile and uncertain world leads to a lack of confidence that is perhaps rooted not in itself, but in the knowledge that this part of Asia is only as resilient as its external trading partners and neighbours.

Byran Lee Byran Lee
Head of Partnerships and Principal Officer
Beazley Singapore

35% of Singapore-based business leaders felt they were operating in a high risk environment - almost 10% more than their counterparts in the rest of the world. When it comes to resilience, overall resilience is 2% lower than their global counterparts. Only 23% report feeling highly resilient which is in marked contrast to their US counterparts where 34% report feeling highly resilient.

security

Higher risk and lower resilience
Is Singapore right to be more cautious?

environment

Environment needs to move up
Just 27% feel resilient to the risk.

supply chain

Supply chain lessons
Need to be learnt.

encryption

IP risk out of sight and mind
Just 15% are concerned about the threat.

Should Singapore based business be more worried about climate risk?

We are keen to build relationships with, and support clients that are playing an active role in climate risk mitigation, energy transition and that can demonstrate strong ESG credentials and metrics.

Lucien Mounier Lucien Mounier
Head of Asia Pacific
Beazley

Economic risk dominates but environmental concerns lack focus

spread dot chart

How worried is business about cyber risk?

As an experienced cyber underwriting business our approach is to focus on advising clients on risk mitigation and actions that can be taken before a risk is even underwritten to improve cyber security and prevent the scourge of attack.

Lucien Mounier Lucien Mounier
Head of Asia Pacific
Beazley

Supply chain resilience is weak

The risk to supply chains is not only the leading concern, it is also an area where leaders feel their resilience is low. Only 28% declare they feel ‘very prepared’ to deal with supply chain issues against a global average of 35%.

The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Beazley has not examined and/ or had access to any particular circumstances, needs, contracts and/or operations of any party having access to this document. There may be specific issues under applicable law, or related to the particular circumstances of your contracts or operations, for which you may wish the assistance of counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or for any losses allegedly attributable to this information.