Chart of the Day: Singapore's life insurance take-up still far ahead of Malaysia
Penetration rate in the Lion City is around 250% compared to around 40% in Malaysia.
These charts from Maybank Kim Eng display although life insurance take-up has been rising in both Singapore and Malaysia, the Lion City is still significantly ahead of its neighbour with 250% penetration rate in 2018 compared to 40% in Malaysia.
There are around 12 million life insurance policies in both Singapore and Malaysia.
In a separate report from The Life Insurance Association, Singapore’s life insurance industry grew 1% YoY to $937.2m in weighted new business premiums in Q1, brought by the 11% YoY increase in the uptake of annual premium policies.