Members Report: Acclaim Insurance Brokers Pte Ltd AAA Conference | 24 May 2019 Beijing, China 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 50 million - Number of Staff: approx. 65 (Singapore) ; 10 (Myanmar)

AAA Members Report – Singapore Countries of Operation: Singapore & Myanmar Location : Head Office - 19 Keppel Road #05-00 Jit Poh Building Singapore 089058 Rep. Office - Room No. 1401, 14th Floor, Plympic Tower, Corner of Mahabandoola St & Bo Aung Kyaw St., Kyauktada Township, Yangon, Myanmar

AAA Members Report – Singapore % of income by main lines of business

AAA Members Report – Singapore Professional Indemnity Details (update) - Limit of Indemnity: SGD 40 million - Legislative Requirements: SGD 1 million - Primary Insurer : 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 Program (RMI) by NTU Insurance Management Associate Program (IMAP) by Singapore College of Insurance Global Internship Program (GIP) by GIA Insurance subjects offered under Diploma study; QPIB/CII/DIP CII/ANZIF

AAA Members Report – Singapore How many Insurers are active Broker markets: Direct Insurers : Life (10); General (20) Lloyd’s Asia : 10

AAA Members Report – Singapore How many Insurers operate in the country: Direct Insurers : Life (16); General (52); Composite (8) Reinsurers : Life (3); General (21); Composite (8) Captive Insurers : Life (1); General (71); Composite (1) Lloyd’s Asia : 25 Others : 5 How many Insurers are active Broker markets: Direct Insurers : Life (10); General (20) Lloyd’s Asia : 10

AAA Members Report – Singapore Market Conditions Number of Insurers: Decreasing Insurance capacity: Increasing Premiums: Flat to Increasing Commissions: Stable Amount of fee income as a percentage of total Broker income: 5% to 7.5% Average Broker income percentage earned as commission: 7.5% to 10%

AAA Members Report – Singapore Number of Brokers decreasing, increasing, stable: Stable Percentage of business controlled by Brokers: 75% Percentage of business controlled by insurers (direct): 20% Percentage of business controlled by other intermediaries e.g. banks: 5%

AAA Members Report – Singapore Information Technology used by Brokers (including online platforms): 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) Sharepoint (to be launched in Q3)

AAA Members Report – Singapore Political issues at time of report: Transition of leadership handover in preparation of next General Election (2020/2021) Major government agencies & statutory boards databases being hacked and leaked of sensitive data Economy at time of report: 2018 GDP Growth 3.2% 2019 GDP growth forecast between 1.3% to 2.5% 2019 Q1 growth slows to 1.3% Clouded by uncertainty in the global economy especially with the trade war between China and USA Growth in technology and digital related services Labour market continues to improved

AAA Members Report – Singapore Member’s view of Insurance Broking over the next 3 years: Greater opportunities to grow our book on large corporate risks Insurance market consolidation limiting our potential growth Hard market potentially putting pressure on commission Change of leaderships in insurance companies Product & service diversification necessary to counter low margin business

AAA Members Report – Singapore Member’s principle activities/successes over last year: Annual Training Day in Bangkok Launch of Acclaim Risk Console 35th Anniversary Client Appreciation Cocktail & Anniversary Dinner Acclaim Study Endowment Fund Any major issues/challenges: Industry lacks new entrants Tighter control by government on foreign talent Shrinking number of insurers in a hardening market

AAA Members Report – Singapore Member’s planned activities over the next 3 years: Myanmar full broking license Explore employees benefits platform Recruitment of teams

AAA Members Report – Singapore Any potential business/opportunities for AAA members to work together: Interplex : 11 countries predominantly US and Europe. In Asia, main operations are in Singapore, Hong Kong & China KIH Project : Hong Kong Keppel Land – Indonesia, China, Vietnam, Philippines, Myanmar