The Life Insurance Association, Singapore has announced industry results for the period January to September this year, with an 18% increase in total weighted new business premiums.
The increased figure amounts to S$2,75bn for the first three quarters of the year, the LIA Singapore said in a statement. There was also a 14% increase in sum assured for new business compared to the corresponding period in 2016, totalling S$92.5bn, attributed to an increase in uptake across both single and annual premium products.
Mr. Patrick Teow, president of LIA Singapore, said: “More Singaporeans are recognising the value of financial planning and insurance for their future, and this is reflected in yet another quarter of strong growth for the life insurance industry.
‘Rapidly greying population’
“Especially against the backdrop of Singapore’s rapidly greying population, we are heartened that Singaporeans are actively taking up insurance policies to secure steady income streams in their retirement years. Ensuring sustainable access to affordable healthcare is another key area of focus as our population continues to age.”
The life insurance industry in Singapore manages assets of approximately S$188.2bn, which is up 13% compared with a year ago.
Assets of non-investment linked business accounted for S$156.2bn, while the remaining S$32.0bn were assets held for investment-linked business.
Compared to the same period in 2016, the industry recorded: a) a 23 per cent increase to S$900.7m in weighted single premiums: b) a 15% increase to S$1,84bn in weighted annual premiums and c) a 27% increase to S$147m in total weighted premiums for retirement products. Health insurance premiums totalled S$258m for YTD 3Q2017.