4 July 2017Insurance

New Lloyd’s coverholder targeting cyber, financial lines launched in Singapore

Delta Insurance Singapore, which describes itself as the first cyber, technology and financial lines Lloyd’s Coverholder in Singapore, has opened for business.

Delta Insurance Singapore is part of Delta International and a sister company to Delta Insurance New Zealand, a specialist financial lines, casualty and unmanned aerial vehicle (UAV) insurance specialist. It is supported by Allied World’s Lloyd Syndicate 2232.

The start-up aims to work with fintechs, start-ups, SMEs, technology firms and corporates. Delta Insurance Singapore is also a founding member of the upcoming InsureTech Asia Association; Delta Insurance New Zealand is a founding member of FinTech NZ.

Eugene Cheong, managing director of Delta Insurance Singapore, said: “We help firms to protect themselves from areas of risk – cyber, financial and professional – that the fast-growing innovation and start-up ecosystem in Singapore is facing, especially as Singapore moves towards becoming a Smart Nation and a centre of excellence for innovation and technology.

“Our innovative business model, including a Cyber Risk Management Package and our proprietary underwriting technology platform, allows us to nimbly and effectively meet the dynamic needs of an increasingly digital Singapore.”

Delta Insurance Singapore claims that by embracing insurtech it aims to change the industry dynamic using technology solutions to streamline processes, reducing the time taken for application submission, quotation and policy issuance from what is now typically a one month timeframe to within 24 hours of going on risk.

Cheong added: “Our business planning anticipates that Singapore and Asia Pacific will be one of the fastest growing regions for Cyber Insurance, increasing from around $50 million today to $500 million by 2025. Cybercrime is now the second most prevalent economic crime in Singapore, with 43 per cent of companies impacted and costing Singapore more than S$1.25 billion annually. Delta Insurance Singapore wants to work with companies to holistically safeguard against cyber risks, allowing them to fully leverage the technology wave sweeping through the region.”

Angela Kelly, country manager, Singapore, Lloyd’s Of London (Asia), also stressed the importance of continued innovation within the insurance sector in Singapore and Asia.

“As business models and technology adapt to new economic developments, risk and threats evolve alongside. It is critical that businesses understand and address these dynamic risks. Delta Insurance Singapore’s market entry as the first Cyber and Technology Lloyd’s Coverholder in Singapore is both extremely exciting and very timely, notably with the rising value and importance of data,” she said.

“The Lloyd’s Coverholder structure allows innovation-driven providers like Delta Insurance Singapore to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”

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More on this story

7 November 2017   Bitspark, a fintech company in Hong Kong developing money exchange technology and placement in the blockchain industry, has secured funding from RGAx, the innovation accelerator of Reinsurance Group of America.
23 November 2017   Delta Insurance Singapore, a cyber, technology and financial lines Lloyd’s coverholder in Singapore, has launched an online financial lines insurance platform.
9 April 2019   Specialist insurance provider Delta Insurance has launched a new cyber-protection and insurance solution in Asia Pacific, in partnership with London-based cybersecurity company DynaRisk.