The trick is not to swing from over-confidence to excessive caution as that will impede growth, he said.

Mr Lee was the guest-of-honour at Great Eastern (GE) Holding's 100th year dinner celebration. The glitzy event was held at Raffles City Convention Centre, and was attended by about 900 guests.

'In the current uncertainties, we need to stay vigilant, whilst preparing ourselves to capture opportunities in the horizon,'' he said.

'Singapore needs to manage the impact of the ongoing turbulence, but we are well-placed to overcome these challenges and continue to grow.'

He highlighted the issue of inadequate life insurance protection among Singaporeans.

Noting that insurance coverage can still be improved, Mr Lee urged insurers to raise consumer awareness and tailor products to meet the protection gap.

In addition, insurance intermediaries were reminded that they have a duty to recommend products that truly meet consumers' needs, as well as to educate consumers on the risks and benefits.

'They must uphold the highest standards of integrity and professionalism, and give advice to customers that is fair, objective and in the customers' best interest,' he added.

Read the full story in Wednesday's edition of The Straits Times.