Singapore's life insurance industry reports 20% rise in new premiums
The Life Insurance Association, Singapore, today released its 1Q set of industry results posting a 31% rise in QoQ single premiums issued.
Singapore's life insurance industry recorded a total of S$965.8m in weighted new business premiums1 for 1Q2020, a 10% increase on the same period in 2019.
Overall, single premium business recorded a 31% QoQ increase in weighted single premiums, amounting to S$293.4m for 1Q2020, attributed to insurers' new product launches and associated promotional activities.
The LIA said single premium par and non-par products comprised 73% of new business, with single premium linked products made up the remaining 27%.
Annual premium policies recorded a steady 3% increase from the same period last year. This amounted to S$672.4 million in total weighted annual premiums.
Khor Hock Seng, president of the LIA Singapore, said: "The industry continues to make headway in bridging protection gaps in the first quarter as more consumers take action to secure their financial future in view of covid-19's drastic impact on global and local markets."
Khor went on to warn the outlook could worsten: "However, with circuit breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters."
"Singapore's life insurance industry remains resilient, united, and committed to providing support for customers and our workforce during these challenging times. We will continue working closely with regulators to facilitate support measures effectively and efficiently," he added.
Subscribe to International Investment's free, twice-daily, newsletter
by Tanya at http://www.ifacareers.today
Daniel van Niekerk
Welcome to Prestige IFA Jobs, the premier international wealth management recruitment service. Since our establishment in 2016, we have earned a reputation as the go-to choice for discerning international wealth management and investment advisory firms around the world. At Prestige IFA Jobs, we redefine the art of headhunting in our industry. We stand unrivaled, leading the way with our unique approach and unmatched expertise. No one does what we do quite like us. Our commitment goes beyond simply matching a qualified candidate with a good IFA firm. We believe in finding the perfect synergy between candidate and company. With our extensive background in personal financial advisory across multiple countries, we take the time to deeply understand our candidates and our clients. So, when things go wrong, don't go wrong with them...because the successful warrior is the average man, but with laser focus.
