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
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
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:
-- 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.