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Singapore's life sector sees 23% increase in single premium products sales in 2014

Source: Asia Insurance Review | Mar 2015

The Life Insurance Association Singapore (LIA Singapore) has announced that the industry results for the period January to December 2014 showed a robust 7% increase in the overall sum assured for new business, totalling S$88.7 billion (US$65.6 billion) compared to 2013.
Overall, the industry achieved a total of S$2,788.8 million in weighted new business premiums for the year ended 31 December 2014. In 2014, there was a significant 23% increase in sales of single premium products, totalling S$860.8 million. This was attributed to a significant 40% increase in uptake of new single premium participating (“par”) products.
In the same period, weighted annual premium sales saw a 8% dip to S$1,928.0 million when compared to 2013. 2013 had seen a spike in premiums as a result of the re-pricing exercise of Integrated Shield Plans (IPs). Weighted annual premium sales have stabilised since the first quarter of 2014.
On health insurance, approximately one in two individuals in Singapore (2.75 million lives) has health cover with total premiums amounting to S$1.6 billion as at 31 December 2014.
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