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Online purchases of life insurance products surge in SG

The Life Insurance Association, Singapore (LIA) disclosed that 603,116 online purchases of life insurance policies accounting for 40.7% of all new policies were made in the first nine months of 2022. This is a significant jump from the 370,528 recorded in the equivalent period a year ago. However, direct online purchases only amounted to SGD106m, or 2.7% of the SGD3.87bn weighted new business premiums accrued by Singapore’s life insurance industry during the period. Among the new business premiums acquired in 9M FY2022, individual health insurance products contributed SGD255.8m, down 4.6% from SGD268.2m a year ago. LIA president Khor Hock Seng expects the business climate for the life insurance industry to remain challenging in the short to medium term.

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