Singapore’s life insurance sector has declined by 9.2% throughout 2022 to SGD2.35bn after sales of single-premium products fell 28.8% year on year in weighted premiums in Q4 last year. The Life Insurance Association, Singapore attributed the decline to rising interest rates and a volatile macroeconomic environment. It said that such conditions could have impacted consumers’ investment choice and preferences across various financial products in the market. Total weighted new business premiums in the annual premium product category grew 16% year-on-year in the last quarter of 2022. Meanwhile, total weighted new business premiums for individual health insurance increased by 13.5% in the same quarter compared with the previous year. A total of SGD5.1bn in weighted new business premiums was recorded from January to December, down 5.2% from 2021.
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