Singapore life insurance sales drop 2% in Q1 after fall in annual-premium products & More News Here

SINGAPORE (THE BUSINESS TIMES) – Singapore’s life insurance trade noticed a 2 per cent dip in weighted new enterprise premiums to $1.21 billion in the primary quarter of 2022, from $1.23 billion in the year-ago interval.

This got here as sales of annual-premium products dropped 20 per cent to $555.1 million, from $692.8 million in the year-ago interval, in line with knowledge from the Life Insurance Association, Singapore (LIA) launched on Thursday (May 12).

However, single-premium products grew 21 per cent 12 months on 12 months to $655.4 million from $541.6 million. Single-premium par and non-par products comprised 88 per cent of all single-premium purchases, whereas 12 per cent was from single-premium linked products.

“As the country steadily emerges from the pandemic’s headwinds, life insurers have noted the sustained popularity of single-premium products for their relatively attractive yields,” mentioned LIA Singapore president Khor Hock Seng.

LIA additionally famous that the variety of new insurance policies bought on-line with out monetary advisory rose sharply to 214,372 in Q1 2022 in contrast with 88,565 in Q1 2021. Micro-insurance products offered by an insurer contributed to the big enhance in coverage rely noticed.

These on-line purchases introduced in $27 million in weighted premiums, accounting for two per cent of the overall weighted premiums for Q1 2022.

Integrated Shield Plans (IPs), which give protection on high of MediShield Life, remained a significant well being insurance product in the quarter, LIA famous. It mentioned 40,000 extra Singaporeans and everlasting residents had been lined by IPs as at Mar 31, 2022.

Total new enterprise premiums for particular person well being insurance for Q1 2022 amounted to $82.9 million. IPs and IP rider premiums accounted for 83 per cent of those premiums, with the remaining 17 per cent coming from different medical plans and riders.

Between Jan 1 and Mar 31, the life insurance trade paid out $2.29 billion in claims, a majority of which was for insurance policies that matured ($1.92 billion). The remaining $364 million was for dying, crucial sickness or incapacity claims.

Employment in the life trade remained secure with 165 new hires, in contrast with the corresponding interval a 12 months in the past. This brings the Singapore life insurance trade’s workforce to eight,873 workers as at Mar 31, 22.

Some 14,540 representatives held unique contracts with firms that function a tied-agency power throughout this era, LIA mentioned.

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