Singapore Life Insurance Sales Dips 4 Percent
Singapore’s life insurance industry posted a 4 percent year-on-year decrease in new sales for the first three quarters of 2019 amid a rocky economic environment.
The city-state registered S$3 billion ($2.2 billion) of new business, measured by total weighted premiums, leading the total sum insured to reach $960 million, a 1 percent year-on-year increase. The Life Insurance Association (LIA) attributed the sales dip to the difficult economic environment – Singapore GDP grew an estimated 0.1 percent year-on-year.
«The ongoing economic volatility has inevitably impacted the first three quarters’ performance for the life insurance industry,» said LIA president Khor Hock Seng. «However, the Association and member companies remain steadfast in our efforts and commitment to provide better protection for customers – reflected by the increased total sum assured.»
Health Insurance
According to the LIA, 53,000 more Singaporeans and permanent residents were under health insurance coverage from policies such as integrated shield plans (IPs) and rider – policies with provisions allowing greater flexibility and extra benefits – as of September 30, 2019, in addition to the state-sponsored MediShield Life. This boosted the countries total coverage to 2.77 million, or 69 percent of Singapore residents.
«This is especially crucial at a time when there is a growing cohort in the population of older people and increasing rates of chronic medical conditions among both the young and old,» Khor added.
