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June 18, 2019updated 19 Jun 2019 2:17pm

Lloyd’s Asia, Antares introduce IP insurance in Singapore

Lloyd’s Asia and managing agent Antares have partnered with the Intellectual Property Office of Singapore (IPOS) to introduce an intellectual property insurance initiative.

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Known as the Intellectual Property Insurance Initiative for Innovators (IPIII), the scheme will offer insurance coverage for legal expenses, which they may incur in IP infringement proceedings.

Through IPIII, entities and innovators with a Singapore patent, trademark or registered design will be able to buy insurance policy that pays for IP legal cases.

On behalf of Syndicate 1274 at Lloyd’s of London, the policy will be underwritten by Antares Underwriting Asia.

Antares Underwriting Asia CEO Yeo Li Shan said: “Antares has been an integral part of the development of the memorandum of understanding between Lloyd’s Asia and IPOS.

“We are proud to be participating in the IPIII and our cover will benefit IP filers by giving them confidence to develop and commercialise their IP without fear of the potential legal risks that can occur along the IP journey.”

IPOS group director of policy and engagement Bernard Ong said: “IP has been growing at a faster pace than the world population in the past decade.

“Yet, insuring IP is still nascent to a market that has witnessed multimillion-dollar patent litigation and trade disputes over IP theft. The new insurance initiative is timely in a global economy increasingly powered by the new currency of intangible assets.”

IPOS operates as a government agency of Singapore and uses its intellectual property expertise and networks to boost growth.

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img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

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