MSIG Singapore hosts industry dialogue on AI disruption and geopolitical risk

MSIG Singapore hosted its annual Partners’ Day on 15 April, bringing together industry leaders alongside key clients and partners to examine how businesses can navigate the risk landscape amidst AI-driven disruptions and geopolitical uncertainty.

“Businesses today are navigating in an environment that is rewriting the rules of competition. While AI is accelerating innovation across industries, it is also creating new and interconnected risks that require a fundamentally different approach to protection,” said Mack Eng, Chief Executive Officer, MSIG Singapore.

“At MSIG, we see resilience as a core business strategy. Beyond insurance protection, we partner businesses to help them stay ahead of emerging risks, strengthen resilience and innovate with confidence.”

A highlight of the event was a keynote and fireside chat with George Yeo, Former Minister for Foreign Affairs, Singapore, and Visiting Scholar at the Lee Kuan Yew School of Public Policy. Mr Yeo shared perspectives on how a rapidly evolving geopolitical landscape, coupled with advances in AI, are reshaping the global order and creating greater complexities for businesses in Singapore and across the region.

Mr Yeo emphasised the importance of resilience and adaptability, noting that organisations can no longer rely on linear assumptions about the future. Instead, leaders should adopt a more flexible, forward-looking mindset and build the capacity to respond across a range of possible scenarios.

He also highlighted the value of looking to history for perspective, observing that the present is often shaped by recurring patterns from the past.

“You cannot explain anything in the present without reference to history. Every day, the world replicates what it was yesterday. Yesterday replicates what it was the day before – of course, with some change,” he said. “It is better to assume you may be wrong and prepare for that.”

On AI, he noted that while the technology will significantly enhance productivity and reshape industries, it also raises important questions around control, accountability and decision-making, underscoring the continued role of human judgement.

“AI will transform human civilisation profoundly and dramatically, but the human quality – how we relate to one another and what it means to be human – will always remain important,” he added.

The event also featured a panel discussion on the “Future of Insurance in the World of Tomorrow”, where industry experts examined how AI and emerging technologies are redefining risk and transforming the role of insurers.

The panel comprised senior leaders from insurance, reinsurance and insurtech ecosystem, including Alexander Liu (Vice President of Cyber & Financial Lines, MSIG Asia); Chia Hock Lai (CEO of Asia, Embed Financial Group Holdings); Giv Karom (Head of Cyber, Regional Markets, Swiss Re), and was moderated by George Kesselman (CEO and Founder, Insurtech Asia Association).

The panellists discussed how AI is reshaping customer behaviour and expectations, exposing gaps between technological adoption and existing insurance coverage, and heightening the need to address cyber and systemic risks.

Key takeaways from panel discussion included:

• Rising expectations in a digital-first world: AI is reshaping customer behaviour, driving demand for faster, more personalised and transparent insurance solutions.
• Evolving role of insurers and intermediaries: While automation is streamlining processes such as underwriting and pricing, human expertise remains essential for complex risk advisory and decision-making.
• Emergence of new and complex risks: Increased adoption of AI introduces evolving exposures, including cyber threats, data risks and AI-driven decision liabilities.
• Closing protection gaps: While many existing insurance solutions can address current risks, there is growing need for more tailored and forward-looking coverage as technologies evolve.
• Opportunities for innovation: The rapid pace of AI adoption presents opportunities for insurers to develop new solutions and support businesses in managing emerging risks with greater confidence.

Wrapping up the panel, moderator George Kesselman, CEO & Founder, Insurtech Asia Association said, “What we are seeing now is that AI is already influencing behaviour behind the scenes. To businesses, it may look like the same customer and the same process, but in reality, that has already changed, and it is something we need to start accounting for.”

MSIG Singapore’s Partners’ Day is part of the company’s ongoing efforts to foster dialogue and collaboration across the industry, as businesses and insurers alike adapt to a rapidly evolving risk landscape.