Singapore's LIA unveils consumer guide to medical underwriting

The association’s management committee continues second term.

Singapore’s Life Insurance Association (LIA) has introduced the LIA Guide to Medical Underwriting for Life Insurance, a consumer guide aimed at providing insight into the general underwriting principles and practices for life and health insurance coverage. 

The unveiling of the guide took place at the Association’s annual luncheon, coinciding with the announcement of newly elected members of the Management Committee after its Annual General Meeting. Ho Hern Shin, Deputy Managing Director (Financial Supervision), Monetary Authority of Singapore, was present at the event.

The LIA Singapore Management Committee 2023-2024, led by President Dennis Tan along with Deputy Presidents Wong Sze Keed and Raymond Ong, will continue their second term together. 

The Committee, comprising eight members, will focus on enhancing financial literacy, narrowing protection gaps in Singapore, innovating customer-centric products, and bolstering sustainability efforts as part of the nation’s transition towards a net-zero economy by 2050.

President Dennis Tan highlighted the resilience of Singapore’s life insurance industry in 2023, despite macroeconomic challenges, with an increase of 1.9% in total sum assured to $145.5b. 

He also noted the increase in the coverage of Integrated Shield Plans (IPs), with approximately 60,000 more Singaporeans and Permanent Residents covered compared to the previous year, totalling 2.93 million lives, or approximately 70% of Singapore Residents.

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“As we look ahead this year, I am cautiously optimistic about the industry’s progress as we regain momentum buoyed by a more positive economic outlook. We must remain agile in responding to potential challenges arising from economic uncertainties, geo-political tensions, and – closer to home – concerns over the cost of living and healthcare inflation. We must work in close collaboration – the insurance industry, medical fraternity, members of the public, government stakeholders – to tackle these challenges together,” Tan said in a press statement.

Tan also announced the forthcoming release of an enhanced protection gap calculator. The guide aims to help consumers better understand how insurers evaluate their applications objectively, whilst the enhanced protection gap calculator will provide updated insights from the Protection Gap Study 2022.

The LIA Guide to Medical Underwriting for Life Insurance is available on the LIA website. Additionally, the enhanced protection gap calculator, based on insights from the 2022 Protection Gap Study, will be launched soon with new features to guide accurate inputs and address mortality and critical illness protection gaps in Singapore.