Singapore Life Insurance Growth

Singapore’s life insurance industry crossed a significant milestone in 2017 with new business premiums passing S$4bn (£2.2bn, $3bn, €2.5bn) for the year, the city state’s Life Insurance Association (LIA) announced.

Compared with 2016, new business premiums rose by 24% driven by a 43% jump in single premiums.

The total sum assured for new business rose strongly by 12%, year-on-year, totalling S$130.5bn, continuing an upward trend since 2014. As at 31 December 2017, the life insurance industry paid out S$5.82bn to policyholders and beneficiaries. Of this amount, S$4.93bn was for policies that matured.

The remaining S$884m was for death, critical illness or disability claims.

Tied representatives

The contribution of new business via different distribution channels remained relatively constant with 2016. Tied agents accounted for more than half of the sales made during 2017.