Singapore Life Insurance Sales Decreased 16.7% to S$2.2 Billion in New Premiums, Single Premium Policies Decreased 52% to S$691 Million & New Annual Premium Value Increased 26.3% to S$1.5 Billion for 2023 1st Half, S$6 Billion Paid to Policy Owners & Beneficiaries
11th August 2023 | Hong Kong
Singapore life insurance sales has decreased –16.7% to S$2.2 billion in new premiums, single premium policies decreased -52% to S$691 million and new annual premium value increased +26.3% to S$1.5 billion for 2023 1st half, with Life Insurance Association Singapore (LIA) citing high interest interest rates & volatile macroeconomic conditions for the decline. New premiums for individual health insurance increased +32.1% to S$206 million. In 2023 1st half, Singapore life insurers paid S$6 billion (+1%) to policy holders & beneficiaries (S$5.16 billion for matured policies, S$836.6 million for death, critical illness or disability claims to 9,900+ policies). The life insurance industry has a total staff of 9,640, and 13,838 representatives (representing 1 insurer only).
“ Singapore Life Insurance Sales Decreased 16.7% to S$2.2 Billion in New Premiums, Single Premium Policies Decreased 52% to S$691 Million & New Annual Premium Value Increased 26.3% to S$1.5 Billion for 2023 1st Half, S$6 Billion Paid to Policy Owners & Beneficiaries “
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