SINGAPORE: Sales of single-premium life insurance products rose 23 per cent in the first three quarters of this year, totaling S$640.9 million in weighted new business premiums, the Life Insurance Association Singapore (LIA) said on Thursday (Nov 6).
Of the total, 14 per cent were CPF-funded policies. This is largely due to increased uptake in participating and non-participating products, the LIA said.
Overall, weighted new business premiums reached S$2.02 billion, down 1 per cent from the same period in 2013. Weighted annual premium sales was the largest contributor to new business, totaling S$1.38 billion, despite registering a 9 per cent dip over the same period in 2013.
The life insurance industry paid out S$5.33 billion to policyholders and beneficiaries as at end-September. Of this, S$439 million was for death, critical illness or disability claims, and the remaining S$4.89 billion for policies that matured.
Approximately one in two individuals in Singapore – a total of 2.74 million people – have health insurance cover, with paid-up premiums amounting to S$1.5 billion as at end-September.
Source: Channel News Asia
