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Growth of Singapore’s life insurance industry was mostly stagnant for the first quarter, with weighted new business premiums up by 1% year-on-year to SG$937.2 million, according to the Life Insurance Association Singapore of (LIA).
Demand for annual premium policies increased, with total weighted annual premiums growing by 11% to SG$712.5 million, the Straits Times reported. Meanwhile, uptake for single-premium policies decreased by 20%, due to weak growth in the global and domestic markets, LIA said.
Weighted single premiums totalled SG$224.7 million for the first quarter, 78% of which were for single-premium par and non-par products, while single premium-linked products med up the remaining 22%. Around 10% were CPFIS-included products, while 90% were from cash-funded products.
A total of 12,213 retirement policies were sold in the first quarter of 2018, up 84% year-on-year. SG$109 million in weighted premiums came from retirement policies, while SG$97.3 million came from individual health insurance.
Integrated Shield plans (IP) and IP rider premiums totalled SG$83.8 million, while other medical plans and riders contributed SG$13.5 million.
