Singapore: Life insurers toast stellar growth of 24% for 2017
Source: Asia Insurance Review | Mar 2018
Singapore’s life insurance industry crossed a significant milestone in 2017 with total weighted new business premiums reaching a record S$4,088.2 million (US$3,083 million), says the Life Insurance Association, Singapore (LIA Singapore). The figure represents a 24% surge compared to 2016.
Weighted single premiums rose significantly by 43% to reach S$1,463.9 million, based on a year-on-year comparison. Single premium par and non-par products comprised 73% of this with the balance 27% being for single premium linked products.
Total sum assured for new business rose strongly by 12% year-on-year, totalling S$130.5 billion, continuing an upward trend since 2014.
Health insurance premiums totalled S$374 million for 2017, of which Integrated Shield Plans (IP) premiums and IP riders accounted for 91% (S$341 million). The remaining 9% came from other medical plans and riders.
As at 31 December 2017, 2.96 million lives, or approximately three-in-four Singaporeans had an IP which provides coverage over and above the component included in the government-run mandatory basic health insurance scheme, MediShield Life. A