, Singapore
4 views

Singapore life insurers post 29% jump in weighted new premiums for Q1

Single-premium products grew 85% QoQ in weighted premiums.

Singapore’s life insurance industry recorded a total of $1.25b in weighted new business premiums for Q12021, a 29% jump from Q1 2020, an announcement read.

This was in part triggered by strong sales in single-premium products, which are easy to understand and require no medical underwriting, making them ideal for online purchases, according to the Life Insurance Association (LIA). Single-premium products posted an 85% QoQ hike in weighted premiums to $541.6m in total.

Single-premium par and non-par products comprised 80% of all single-premium purchases whilst single-premium linked products made up the remaining 20%.

CPFIS-included products comprised 10% and cash-funded products took up 90%. Annual premium products also recorded a 5% uptake from the same period last year, comprising $708.2m in total weighted annual premiums.

On the other hand, 20,000 more Singaporeans and Permanent Residents were covered by IPs and riders as at 31 March 2021, totalling 2.82 million or approximately 69% of Singapore residents protected by IPs and riders, which provide coverage on top of MediShield Life.

Total new business premiums for individual health insurance for Q1 reached $96.3m. Overall, IPs and IP rider premiums took up 84% or $81.3m, with the remaining 16% $15m comprising other medical plans and riders.

Total in-force annual premiums for the group insurance business rose 16% to $1.62b.

The number of new policies purchased online skyrocketed to 88,565 in Q1 2021 compared to 4,662 in Q1 2020.

   

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
They failed to properly monitor individuals onboarded as advisors, directors.
Chua spent 18 years with UBS Wealth Management prior to his new role.
Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021.
The leading F&B establishment operator expands its retail line of condiments and flavourings.
This deepens SGX’s partnership with Nikkei Inc.
These three stocks saw significant growth in trading turnover year-to-date.
The project with a 280-bed capacity is expected to operate by 2022.
Singapore Airport Terminal Services saw the sharpest decline during Monday's trading, with a 1.21% drop.
And the G-7 states demand a probe on the origins of the COVID-19 pandemic.
Approximately 35% of MSEs in the F&B and retail sectors saw their earnings drop by more than half during the Phase 2 Heightened Alert period, according to a DBS survey.
Enterprise Singapore extends the programme that supports food and beverage businesses in providing food delivery services.
The Baht 40b debentures were 1.52 times oversubscribed.
The fund was announced at the inaugural CapitaLand Sustainability X Challenge.
Mapletree Logistics Trust saw the sharpest decline during Friday's trading, with a 0.99% drop.
This may be one of the last times the troubled water treatment firm could meet with securities holders before shutting down.