SINGAPORE - Media OutReach - 30 August 2018 - Etiqa, Singapore's leading digital insurer, launched its new Personal Cyber Insurance that offers individuals and families in Singapore comprehensive yet affordable protection from cyber threats -- a timely product amid growing concerns on interconnectivity risks as Singapore strives towards digitalisation and her Smart Nation vision.
The Personal Cyber Insurance addresses online risks with coverage of up to S$25,000 for four main cyber threats, namely cyber fraud, cyber extortion, restoration costs, and identity theft. Etiqa Insurance Singapore expressed a positive reception since their product soft launch, where the cyber protection plan was introduced as a supplement to Tiq Home Insurance. The innovative digital insurer has been looking forward to extend this online risk solution as an independent plan to the masses.
Last year, the Cyber Security Agency of Singapore released a report on Singapore Cyber Landscape 2017 detailing approximately 1,960 cases of e-commerce scams, amounting to a loss of S$1.4million, typically from making payment for online purchases that were not delivered to buyers.
Mr. Sue Chi Kong, Chief Executive Officer of Etiqa Insurance Pte. Ltd. commented, "There is increasing awareness on cyber risks, but many are still unaware of the extent of vulnerability when one is connected to the Internet. Technology has brought us forward, but it comes with risks that we must manage with care. Etiqa understands these risks and aims to provide individuals protection and assurance in the event of a cyber breach or attack without compromising on the lifestyle and convenience they have been accustomed to."
Key benefits of Etiqa's Personal Cyber Insurance policy include:
- Protection against financial losses that derive from cyber fraud
- Compensation for the extortion payment in the event of cyber extortion
- Reimbursement for restoration costs in the event of a cyber security breach
- Protection against financial losses incurred due to an identity theft
At present, Etiqa Insurance is one of the few companies that offers cyber risks protection for individuals in Singapore. Sue added, "By extending comprehensive cyber protection plan to individuals and households at an affordable rate, we hope that more people will be conscious and receptive toward personal cyber security".
A one-year Personal Cyber Insurance is now available at S$80.25 as a standalone policy, and at a special rate of S$53.50 when purchased as an add-on to Tiq Home Insurance.
For more information, please visit: https://tiq.com.sg/personal-cyber-insurance
Etiqa Insurance -- A Singapore Insurance Company with Asian and International Expertise
Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore (MAS). In July 2017, Fitch affirmed the company's "A-" rating for its financial strength and stable outlook.
Etiqa has been protecting Singaporeans since 1961 with a range of general insurance solutions that constantly evolve to meet their ever-changing needs. As the appointed insurer for the Housing Development Board (HDB) Fire Insurance Scheme in Singapore, we have been protecting homes since 2009. In August 2014, we added a comprehensive suite of life insurance solutions to our stable of products.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, one of Asia's leading banking groups with more than 22 million customers worldwide in 20 countries; and 31% by Ageas, an international insurance group with 33 million customers across 16 countries and a heritage that spans over 180 years, with a focus to provide world class insurance solutions to consumers in Europe and Asia through market leading joint ventures.
At Etiqa, we believe in our brand promise of humanising insurance, by placing people over policies in everything we do. We are passionate about helping Singaporeans protect themselves and their loved ones today and helping them plan for a financially secure tomorrow.