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Singapore's life insurance sector's new business premiums drop 9.7%

Singapore's life insurance sector saw a 9.7% drop in weighted new business premiums for the first nine months of 2023, totaling SGD3.5bn (USD2.6bn). Single-premium policies fell significantly by 43.5% to SGD1.1bn. However, the third quarter showed a promising 5% growth in total premiums, led by a 9.8% increase in annual premiums, totaling SGD886.9m. Year-to-date, annual premium policies surged by 24.9%, reaching SGD2.4m. The industry's total sum assured grew by 3.1% to USD105.6bn, with tied representatives and financial adviser representatives contributing significantly. Health insurance remained robust with Integrated Shield Plans covering 70% of residents and individual health insurance business premiums increasing by 25.5% to SGD321.1m. The sector paid out SGD10.1bn to policyholders and beneficiaries, marking a 16% year-on-year increase.


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