Life insurance industry reports significant growth

SINGAPORE - The Life Insurance Association Singapore reported the industry had $1.52 billion in weighted new business premiums for the six months to June.

This was up 13 per cent compared with the same period a year ago.

Weighted single premiums also rose 28 per cent to $498 million - 80 per cent came from single premium par and non-par products, and CPFIS-included products were 12 per cent.

It also reported a 6 per cent rise in weighted annual premiums to $1.02 billion.

The total sum assured for new business rose by 15 per cent to $50.8 billion as compared with the same period a year ago.

The growth is attributed to new product launches and heightened promotional activities by insurers. This led to a greater uptake in non-linked products including endowment and whole life policies, as well as integrated shield (IP) plans and IP riders.