Latest figures from Singapore’s Life Insurance Association (LIA), between January to March the industry saw increased uptake across both single and annual premiums, compared to the same period last year.
For example, sales of single premium policies grew 30% to S$281m (£154m, €182m, $200m), while weighted annual premiums rose by 14% to S$529.7m.
LIA president Patrick Teow said the industry continued growth at a healthy pace due to the industry's agility in responding to consumers' fast-changing via new products and multiple channels.
“The encouraging results in the first quarter point to our core focus of bridging Singapore’s protection gap. Work is underway on a fresh Protection Gap Study this year.
“Ensuring adequate protection is especially critical at a time of economic uncertainty and rapid demographic shifts in Singapore. Life insurers are increasingly leveraging digitalisation to innovate and respond to these fundamental changes,” he said.
Overall, new business surged to S$24.3bn, following a 10% boost compared to the same period in 2016 as the industry “continues to better meet the protection needs of society”, said the LIA.
Tied agents and financial advisers in Singapore continued to be the dominant distribution channel for new life insurance sales in the first three months of this year, outpacing bancassurance.
Tied representatives and financial advisers account for 69% of new policies, while bank representatives account for 46% of total new weighted business premiums.
There was a 6% increase in the number of employed individuals within the life insurance industry in the first quarter of this year as 14,269 representatives held exclusive contracts with companies that operate a tied agency force.
Around 6,900 individuals were employed by member companies, up from 6,503 staff in the same quarter last year.
“The industry continues to seek talent in all areas, including underwriting and specialised digital technologies,” said the LIA.