Singapore: Life insurance industry shows signs of recovery
Source: Asia Insurance Review | Dec 2020
In 3Q2020, Singapore’s life insurance industry recorded a notable 90.6% increase in new business premiums compared to 2Q2020 according to industry results published by the Life Insurance Association Singapore for the period January to September 2020.
Total weighted premiums recorded in the third quarter reached S$1.3bn ($986m) which was a significant S$629.5m more than the S$695.1m recorded in the second quarter.
The increase in premiums is consistent with Singapore’s economic performance which saw the nation’s GDP grow by 7.9% in the third quarter compared to a contraction of 13.2% in the second quarter during the lockdown period. A