QBE Insurance has unveiled findings from its latest Singapore SME Survey, highlighting a concerning gap between perceived business risks and actual insurance coverage.
Conducted between December 2024 and January 2025, the survey gathered insights from 600 decision-makers on issues such as workplace safety, talent retention, and insurance.
The survey revealed that nearly three-quarters of Singapore SMEs are worried about financial losses from business interruptions, inventory damage, and fraud. However, only about 20% have insurance policies to cover these risks. Shun Quan Goh, Head of Underwriting, Retail & SME at QBE Singapore, noted the surprisingly low uptake of insurance despite the potential financial consequences, emphasising the importance of adequate coverage.
Workplace safety and health (WSH) remain a priority, though attention has slightly decreased from last year. The survey found that 78% of SMEs communicate coverage and benefits to employees, down from 81% in 2024. Meanwhile, mental health is gaining focus, with 93% of respondents acknowledging its importance, up from 89% last year. Flexible working hours and work-from-home arrangements have increased, with 59% and 45% of SMEs offering these options, respectively.
Talent retention is a growing challenge, with 49% of respondents identifying it as a key issue, up from 37% in 2024. Flexible working is now the top strategy for retaining skilled staff, cited by 51% of respondents. The survey also explored attitudes towards older workers, revealing that 41% of SMEs employ a workforce comprising 10% or more of individuals aged 65 or older.
QBE Singapore CEO Ronak Shah highlighted the importance of supporting an ageing workforce and the value of non-monetary benefits like work-life balance in attracting top talent. As Singapore’s labour force evolves, SMEs are encouraged to adopt policies that address the needs of older workers and consider comprehensive insurance solutions to mitigate risks.
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