SINGAPORE - Life insurer Zurich will cease to accept new policy applications from Tuesday (Dec 1)as it winds down its life insurance business here.
The two units that will be affected are Zurich Life Insurance Singapore and Zurich International Life Singapore.
The decision affects its life business in Singapore leaving Zurich's general insurance business unaffected.
"Our decision to no longer accept new life policy applications in Singapore did not come lightly, but is a necessary action as part of prioritising investment where we can compete to win and establish a distinctive position," Mr Colin Morgan, chief executive officer of Zurich's life business in Asia Pacific, said.
"We will be retaining a core number of people to oversee the transition, as well as an ongoing dedicated support team to service all existing customers, and wherever possible, Zurich will do what it can to redeploy affected employees within the organisation," he added.
The new transition will have no direct impact on Zurich's customers as they will continue to be serviced by the same representatives.
Zurich said that the cessation of new business on the life business in Singapore will not have any impact on its existing customer policies in Singapore.
All the terms and conditions of existing life policies will be safeguarded and the service to these customers will remain unchanged.
Last month, Zurich Life transferred its 150 financial adviser representatives and 10 support staff to new financial advisory firm Nexus Singapore.
Back then, Zurich said that it has decided to operate with an independent distribution model through financial advisers and banks, instead of its tied agents.