MSIG Cyber Insurance Singapore Review 2025
Last updated: November 2024
Overview
MSIG (Mitsui Sumitomo Insurance Group) is a leading Asian insurer with strong expertise in Singapore's healthcare and financial services sectors. Their cyber insurance products are designed with PDPA compliance at the core, making them ideal for businesses handling sensitive customer data.
MSIG's local presence and understanding of Singapore's regulatory landscape give them an edge when it comes to compliance-focused coverage and claims handling.
Key Coverage Features
- Regulatory Compliance: Comprehensive PDPA coverage and regulatory defense
- PDPA Coverage: Full protection for data protection violations
- Forensic Investigation: Expert forensic analysis and incident reconstruction
- Business Interruption: Income loss coverage tailored for healthcare/finance
- Healthcare-Specific: Coverage for patient data breaches and HIPAA-equivalent
Pricing
| Business Size | Coverage | Annual Premium |
|---|---|---|
| Small Clinic/Firm | $500,000 | $650 - $1,200 |
| Medium Practice | $2,000,000 | $1,500 - $3,000 |
| Large Institution | $5,000,000 | $3,500 - $8,000 |
Pros & Cons
Pros
- + Strong PDPA/regulatory focus
- + Healthcare sector expertise
- + Good value for compliance-heavy industries
- + Local Singapore claims team
Cons
- - Less suited for tech companies
- - Lower coverage limits than global players
- - Limited crisis PR coverage
Our Verdict
MSIG is the smart choice for healthcare providers, financial advisors, and other compliance-focused businesses in Singapore. Their deep understanding of PDPA requirements and sector-specific coverage makes them ideal for clinics, accounting firms, and financial services. Tech companies should consider Zurich instead.