Life insurance premiums up 19% to $811m in Q1

Thanks to the strong health insurance uptake.

The life insurance industry's agility in responding to consumers' fast-changing needs has led to its robust growth seen in the past quarter.

According to the industry report released by Life Insurance Association Singapore (LIA Singapore), a total of $811m in weighted new business premiums was recorded in the past quarter, up 19% compared to a year ago.

"Life insurers are providing consumers more options in the form of new products and multiple channels to buy insurance policies from. This is also reflected in increased engagement through activities across the different distribution channels, including tied agents, banks and financial advisers," LIA said in a statement.

The industry recorded a 30% increase in single premiums to $281.3m and a 14% increase in annual premiums to $529.7m.

Here's more from LIA Singapore:

Accordingly, the industry recorded sum assured for new business totalling S$24.3 billion. This was a significant 10 per cent increase compared to the corresponding period in 2016 as the industry continues to better meet the protection needs of society.

On top of this, approximately 20,000 Singapore residents bought additional health insurance coverage to complement MediShield Life in the first quarter of the year.

In all, new health insurance premiums totalled S$66 million for 1Q2017, of which Integrated Shield Plans (IP) premiums and IP riders accounted for 90 per cent (S$59 million). The remaining S$7 million was contributed by other medical plans and riders.

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