Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives
20th February 2024 | Hong Kong
The Life Insurance Association (LIA) Singapore has announced the 2023 industry results, with 2.93 million individuals representing 70% of Singapore residents covered by insurance policies & riders (in addition to Medishield Life). In 2023, the insurance industry paid S$13.5 billion to policyholders & beneficiaries increasing +16.2% YOY (year-on-year) with S$11.7 billion paid for maturing policies & S$1.8 billion for Death, TPD (Total Permanent Disability) & Critical illnesses. In 2023, new insurance premiums decreased (YOY) by -3.9% to S$4.9 billion with single premium decreasing -34.2% to S$1.5 billion & annual premium increasing +22% to S$3.3 billion. The 2023 new businesses by premiums – 1) Tied representatives contributing 31.1%, 2) Banks 32.8%, 3) Financial advisory 31.7%, 4) Online 1.7%. In 2023, the Singapore life insurance industry has 9,737 employees & 13,771 representatives.
“ Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives “
Dennis Tan, President, LIA Singapore: “Global headwinds, slowing economic growth coupled with geopolitical tensions, rising interest rates and elevated inflationary pressures had impacted overall demand for life insurance products especially in earlier 2023. Despite these challenges, as the year progresses, the life insurance industry continues to recover and demonstrate resilience as we help more individuals get more adequately protected.
Cost of living is a key concern amongst many in Singapore, and the life insurance industry is committed to finding ways to support members of the community address their protection and financial needs. We will do this through innovations in product design and more effective business processes, amongst others. We will also continue to take a long-term view and pursue initiatives to ensure the wellbeing of Singapore’s population and to support the nation’s net-zero transition goals. Just as we seek to protect the life and health of people, we are equally serious about protecting the earth and our collective future.”
Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives
Life Insurance Association, Singapore (LIA Singapore)
Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).
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