Life insurance industry in Singapore remains resilient
- Asia First
- Aug 15, 2022
- 1 min read
The life insurance industry in Singapore has remained resilient and even achieved a commendable performance amidst the increased uncertainty in the global economy due to geopolitical tensions, recurring Covid-19 waves, and rising inflationary pressures. This is according to Khor Hock Seng, president of the Life Insurance Association, Singapore (LIA), after the life insurance sector recorded SGD2.63bn (USD1.9bn) in weighted new business premiums for the first 6 months of 2022, down 1.91% from a year ago. Khor said that single-premium products are seeing sustained growth and remain popular among Singaporeans. In the six months, the life insurance industry paid out SGD5.92bn to policyholders and beneficiaries. Of this amount, SGD5.2bn was for policies that matured, while the remaining SGD740m was for death, total and permanent disablement, and critical illness claims.