Singapore: Life market chalks up 23.5% growth in new business premiums in first nine months
Source: Asia Insurance Review | Dec 2024
Singapore’s life insurance industry recorded a total of S$4.3bn ($3.2bn) in weighted new business premiums for YTD3Q2024, an increase of 23.5% compared to the corresponding period last year, according to the Life Insurance Association, Singapore (LIA Singapore).
The growth underscores sustained demand driven by customers taking steps to protect their financial wellbeing with suitable insurance propositions, says LIA Singapore in a statement.
In the third quarter of this year, total weighted new business premiums increased by 18.2% to S$1.5bn compared to the corresponding quarter last year.
The growth was despite the unabated uncertainty in the global macro-environment reflected in continued economic volatility, inflation and geopolitical tensions.
In-force premiums for group life and health continue to show steady growth with a 13% increase in 3Q2024 from 3Q2023 to record a total of S$2.47bn to date.
Despite the macroeconomic headwinds, demand for annual premium policies remained strong as the take-up of annual premium policies increased by 24.8% in YTD3Q2024 as compared to YTD3Q2023, amounting to S$3.0bn in total weighted annual premiums. On the other hand, single-premium policies increased by 20.6% in weighted premiums over the same period last year, totalling S$1.3bn for YTD3Q2024. A