Singapore life insurance records whopping $1.97m in sales

This accounts for a YoY 61% growth in H1 2021.

The Life Insurance Association, Singapore (LIA Singapore) announced that the life insurance industry in Singapore achieved S$2.68b ($1.97m) in weighted new business premiums for the first half of 2021, a 61% growth compared to last year.

The insurance firm said that single-premium products recorded a 106% year-on-year increase in weighted premiums amounting to S$1.28b ($940m) for the first half (H1) of 2021. Single-premium par and non-par products comprised 84% of all single-premium purchases whilst single-premium linked products made up the remaining 16%.

Additionally, CPFIS-included products comprised 8% and cash-funded products accounted for the remaining 92%.

Meanwhile, the number of new policies purchased online continues to increase to 203,351 in H1 2021 compared to 32,952 in H1 2020. These are purchases transacted online by customers without a financial advisory.

LIA Singapore also said there has been an increase in uptake of annual premium products of 35%, compared to the same period last year, amounting to S$1.40b ($1.03b) in weighted annual premiums.

“The strong showing of business results seen in the life insurance industry in the first half of this year reflects a level of stabilisation of Singapore’s economy from the immediate impact of COVID-19 in H1 2020. The growth in uptake of life insurance also seems to show that more people are placing greater importance on providing for their long-term financial and healthcare needs in the midst of an evolving pandemic environment,” Khor Hock Seng, president of LIA Singapore, said.