Members Report: Acclaim Insurance Brokers Pte Ltd AAA Conference | 18 May 2018 Auckland, New Zealand Members Report: Acclaim Insurance Brokers Pte Ltd

AAA Members Report – Singapore Country: Singapore Name of Member: Acclaim Insurance Brokers Pte Ltd Membership details (update) - Annual Premium Turnover: SGD 42 million - Number of Staff: approx. 63 - Location: 19 Keppel Road #05-00 Jit Poh Building Singapore 089058 Countries of Operation: Singapore; Myanmar (Rep Office)

AAA Members Report – Singapore Professional Indemnity Details (update) - Limit of Indemnity: SGD 10 million - Legislative Requirements: SGD 1 million - Insurers: ArgoGlobal Underwriting Asia Pacific Pte Ltd

AAA Members Report – Singapore Who regulates Insurance Brokers in the country: The Monetary Authority of Singapore What Insurance Broker and Agent Education Programs exists: Risk Management and Insurance Programme (RMI) by NTU IMAP by Singapore College of Insurance Talent Outreach Project (TOP) by GIA Global Internship Program (GIP) by GIA Insurance subjects offered under Diploma study; QPIC/CII/DIP CII/ANZIF How many Insurers operate in the country: Direct Insurers: Life (17); General (52); Composite (7) Reinsurers: Life (3); General (19); Composite (9) Captive Insurers: Life (1); General (68); Composite (1) Lloyd’s Asia: 27 Others: 5

AAA Members Report – Singapore Market Conditions - Number of Insurers decreasing, increasing, stable: Stable - Insurance capacity decreasing, increasing, stable: Increasing - Premiums decreasing, increasing, stable: Increasing - Commissions decreasing, increasing, stable: Stable - Average Broker income percentage earned as fees: 7.5% to 10%

AAA Members Report – Singapore Number of Brokers decreasing, increasing, stable: Stable Overall level of Insurance Business decreasing, increasing, stable: Increasing with regional placements into Singapore Percentage of business controlled direct by Brokers: 70% Percentage of business controlled direct by insurers: 25% Percentage of business controlled by other outlets: 5%

AAA Members Report – Singapore Information Technology used by Brokers (including Internet): Broking & Finance – Epro* by Ebix E-filing System – Ferret Claims System – Etrek by Ebix & Acclaim Risk Console by Ventiv Office 365 for email Payroll & E-Leave – Infotech Internet (Google Chrome & Explorer)

AAA Members Report – Singapore Political issues at time of report: Political succession : who will be the next prime minister? Economy at time of report: 2017 GDP 3.6% with original forecast between 1% to 3% 2018 GDP MAS forecast at 3.2% Positive outlook with trade related sector anchoring the growth for 2018 Growth in technology and digital related services Improved labour market and expected higher consumer spending

AAA Members Report – Singapore Member’s view of Insurance Broking over the next three years: Insurers more prudent in underwriting making it tougher for client retention due to increased terms as well as clients inviting competitors to offer terms for comparison Continue to see more regional large & complex risks being introduced and placed in Singapore Continued increase in Fintech/Insuretech activities disrupting distribution Any major issues to be resolved: Industry lacks new entrants Tighter control by government on foreign recruitment Member’s principle activities over last year: Acclaim Regatta Annual Training Day Practice Leader’s Retreat 2-days Cyber Security Simulation Workshops Rolled out Epro* (Broking & Finance System) Member’s planned activities over the coming year: Annual Training Day in Bangkok : 26 to 30 Jan 18 Acclaim Risk Console – Rolled Out 2 Apr 18 35th Anniversary Client Appreciation Cocktail : 25 Apr 18 Acclaim Family Day : 28 Apr 18 Practice Leaders’ Retreat : 19 & 20 Jul 18 35th Anniversary Dinner : 1 Nov 18