Singapore: Weighted new business life premiums fall by 13% in 1H
Source: Asia Insurance Review | Sep 2020
According to data released by the Life Insurance Association Singapore (LIA) for the period January to June 2020, the city state’s life insurance industry recorded a total of S$1.66bn ($1.21bn) in weighted new business premiums for 1H2020. This marked a 13% decrease from the same period in 2019.
Meanwhile, 1H2020 annual premium business recorded a 25% plunge from the same period last year but increased single premium sales cushioned the impact caused by the decrease.
LIA noted that the ongoing recession stemming from the COVID-19 pandemic had impacted results for the period of April-June 2020 (2Q2020) as the Singapore economy experiences demand- and supply-side shocks. A