SINGAPORE - Life insurance sales last year crossed a record S$100 billion mark in total sum assured due to a healthy growth across all types of businesses and a higher cost of living, Life Insurance Association Singapore (LIA) said on Wednesday.
LIA president Khoo Kah Siang said the new protection cover of S$101.2 billion represents a 14 per cent increase in new business sum assured from S$88.67 billion in 2014.
"2015 has been a purposeful year for life insurers in Singapore as we focused on implementation of the key Financial Advisory Industry Review (FAIR) initiatives - compareFIRST, Direct Purchase Insurance (DPI) products and Balanced Scorecard for financial adviser representatives," Dr Khoo said.
For the full year, total weighted new business premiums rose 8 per cent to almost S$3 billion, boosted by sales of single premium linked products. This comprised a 9 per cent rise in weighted single premium sales to S$940.8 million and weighted annual premium sales of S$2.06 billion, up 7 per cent.
Launched in April last year, DPI products drew about S$550,000 in weighted new premiums, with the lion's share coming from term life plans.
LIA will continue to work with the regulator to enhance the disclosure of policy details like bonuses and investment returns, Dr Khoo said.
He added that details of the standard class B1 Integrated Shield plan will be announced soon.