INSURANCE | Staff Reporter, Singapore

Singapore's life segment to hit S$43.5b in 2024

It posted a 13% drop in weighted new business premiums in H1 2020.

Singapore’s life insurance industry will reach S$43.5b in 2024, with a CAGR of 2.4% from 2019 to 2024, according to a GlobalData report.

The industry, which recorded S$1.66b in weighted new business premiums during H1 2020, declined 13% compared to the same period in 2019 due to the economic slowdown caused by stringent lockdown measures.

On a lighter note, the segment recovered 90.6% in weighted new business premiums in Q3 2020 over the previous quarter, according to the data published by the Life Insurance Association (LIA).

The demand for single premium policies continues to rise, partially backed by online sales. The weighted premiums of single premium policies registered a 36% increase from January to September brought about by higher returns compared to traditional savings accounts. Furthermore, the absence of a medical underwriting process makes these policies popular.

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