Cyber insurance gains ground in Singapore as coverage widens, premiums fall
Small and medium enterprises as well as mid-market companies are taking up cyber coverage.
Singapore sees surge in cyber insurance uptake amid rising incidents
Singapore-based freight logistics firm UEI Logistics fell victim to a sophisticated phishing scam in November 2025, prompting the company to invest in both advanced threat detection and cyber insurance coverage. The incident highlighted the growing threat posed by cyber attacks in the region, leading to a surge in demand for cyber insurance among various industries, including manufacturing, transport, retail, healthcare, hospitality, and professional services.
Cyber insurance premiums in Singapore have fallen from their peak in 2021-2022, making it more affordable for companies to protect themselves against increasingly sophisticated attacks. Speciality insurers, such as Markel and AXA XL, have reported double-digit growth in their cyber insurance business in the country over the past two to three years, with annual policy sales surging between 56% and 125%.
The increased demand for cyber insurance is driven by a combination of factors, including a rise in AI-related cyber incidents, stricter regulations that make breaches costlier, and the realisation that cyber risk is now a board-level concern. As cyber attacks continue to evolve and become more damaging, Singapore's businesses are increasingly turning to cyber insurance as a safety net.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
