Mar 2018

Read the latest edition of AIR and MEIR as an Interactive e-book

Singapore: Life insurers toast stellar growth of 24% for 2017

Source: Asia Insurance Review | Mar 2018

ASEAN Singapore Life & Health

Singapore’s life insurance industry crossed a significant milestone in 2017 with total weighted new business premiums reaching a record S$4,088.2 million (US$3,083 million), says the Life Insurance Association, Singapore (LIA Singapore). The figure represents a 24% surge compared to 2016.
   Weighted single premiums rose significantly by 43% to reach S$1,463.9 million, based on a year-on-year comparison. Single premium par and non-par products comprised 73% of this with the balance 27% being for single premium linked products.
   Total sum assured for new business rose strongly by 12% year-on-year, totalling S$130.5 billion, continuing an upward trend since 2014.
   Health insurance premiums totalled S$374 million for 2017, of which Integrated Shield Plans (IP) premiums and IP riders accounted for 91% (S$341 million). The remaining 9% came from other medical plans and riders. 
   As at 31 December 2017, 2.96 million lives, or approximately three-in-four Singaporeans had an IP which provides coverage over and above the component included in the government-run mandatory basic health insurance scheme, MediShield Life. A 
| Print | Share
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.