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Singapore’s life insurers’ new business premiums up 23% in 2021

Life insurance companies in Singapore posted a 23% rise in weighted new business premiums in 2021 from a year earlier, according to the Life Insurance Association Singapore (LIA). The total weighted new business premiums last year reached a total of SGD5.4bn (USD4bn). Single-premium products also surged 41% year-on-year in weighted premiums to SGD2.6bn, with single-premium par and non-par products accounting for 83% or SGD2.2bn of all single-premium purchases. LIA also noted that the number of new policies purchased online without financial advisory doubled to 591,282 in 2021, compared with 206,679 in 2020.

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