Sales of life policies in Singapore up 20% in Q1

Added 11th May 2017

Singapore’s life insurance industry is off to a strong start, driven by growth in single premium and annual premiums policies which saw weighted new business premiums soaring by 20% compared to the same period last year.

Sales of life policies in Singapore up 20% in Q1

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.

Industry employment

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.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

Features

Why you should care about the German elections

Why you should care about the German elections...

You may be forgiven for not staying up late this Sunday to watch the final results of Germany’s parliamentary elections come in. While chancellor Merkel is sure to win, the scale of her victory is likely...

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA International Portfolio Bond Forum Glasgow 2017
IA International Portfolio Bond Forum Glasgow 2017

Thursday 16 November
The Grand Central Hotel, Glasgow

IA Future Advisory Forum Dubai 2017
IA Future Advisory Forum Dubai 2017

Wednesday 22 November
The Shangri-la Hotel, Dubai

IA Best Practice Adviser Awards Middle East 2017
IA Best Practice Adviser Awards Middle East 2017

Wednesday 22 November
The Shangri-La Hotel, Dubai

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...