Close Menu
    Facebook X (Twitter) Instagram
    BusinessNews.phBusinessNews.ph
    Subscribe
    • Top Stories
    • Business
    • Events / Conventions
    • National
    • Technology
    BusinessNews.phBusinessNews.ph
    Home » Singapore Life Insurance Industry Posts Positive Result in 2020
    World

    Singapore Life Insurance Industry Posts Positive Result in 2020

    By Beth Laguna-SyFebruary 10, 2021
    Singapore Insurance
    Photo by Guo Xin Goh on Unsplash
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Singapore’s life insurance industry recorded a total of S$4.38 billion in weighted new business premiums in 2020, up three per cent from a year earlier, according to the Life Insurance Association, Singapore (LIA Singapore).

    Data showed that the industry posted a rebound in the second half of 2020 after the initial fallout from COVID-19, which affected policy uptake most significantly in the second quarter of the year.




    “The foremost priority for life insurers this year is to ensure that individuals, families and companies continue to have their healthcare, financial, and service needs met as we continue to experience fallout from the global pandemic. We are working closely with the relevant government agencies to constantly review the situation and support national initiatives,” said LIA Singapore president Khor Hock Seng.

    The uptake of new policies purchased online saw a significant increase to 206,679 in 2020 compared to 9,971 in 2019. Most of the policies purchased online were single premium products such as short-term non-par endowment plans, par whole life plans, and universal life plans.

    Contributing factors leading to increased uptake of such policies online include:

    • Simple online purchasing process
    • Simple and easy to understand features
    • Short-term commitment period, especially appealing to consumers amid uncertain financial security, and
    • Reasonable returns, which are attractive to consumers seeking safe assets amid a low interest rate environment and uncertain economy.

    Sales of single premium products recorded a 47 per cent year-on-year increase in weighted premiums amounting to S$1.84 billion in total for YTD 4Q2020.

    Strong uptake of single premium products cushioned the decreased uptake of annual premium policies for the year.

    Sales of annual premium products recorded a 15 per cent drop from the same period last year, amounting to S$2.55 billion in total weighted annual premiums.

    Employment in the life industry rose by four per cent, compared to the corresponding period in 2019, with 320 net new hires. This brings Singapore’s life insurance industry’s workforce to 8,768 employees as at 31 December 2020. New hires have primarily been attributed to insurers expanding their IT and operations teams as well as steady hiring in project and product management roles.

    The demand for digital specialists is expected to continue unabated in the foreseeable future as the industry presses on with digital transformation efforts.

    In the same period, 15,201 representatives held exclusive contracts with companies that operate a tied-agency force. – BusinessNews.ph

    For the latest business and finance news in Asia - Business News Asia
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Sun Life Wins Top Accolades in Philippine Insurance and Investment Sectors

    April 10, 2025

    Philippine Insurers Gain Investment Flexibility Under New Regulator Rules

    April 10, 2025

    $60 Million ADB Financing to Improve Climate Resilience of Infrastructure for Ethnic Minorities in Viet Nam

    August 26, 2021
    Latest News

    Global Sports Brand U.S. Polo Assn. Launches Menswear in Argentina

    May 15, 2025

    International Medical and Healthcare Week Highlights Hong Kong’s Strengths in Medical and Innovation

    May 15, 2025

    African Mining Giant Intends to List in Hong Kong to Build West African Gold Leader

    May 15, 2025

    Mitsubishi Electric Building Solutions Launches a New Projection-type Hall Lantern for Overseas Markets

    May 15, 2025

    Business delegation concludes Middle East mission in Kuwait

    May 14, 2025

    Quotient Capital’s Strategic Outlook for 2025

    May 14, 2025

    Staying Ahead in the Digital Era as AI Takes Full Center Stage at InfoComm Asia 2025 — Visitor Registration Opens

    May 14, 2025

    OMP’s Unison Planning Achieves SAP(R) Certified Integration with RISE with SAP S/4HANA(R) Cloud

    May 14, 2025

    Making Anime More Interesting and Taking it into the Future, Launch of Three New Projects

    May 14, 2025

    Southeast Asian stem cell leader Medeze launches voluntary conditional cash partial offer for 10% stake in SGX-listed Cordlife Group Limited

    May 14, 2025

    EdgePoint completes 12 projects under its Connectivity for Communities Program, impacting more than 6,500 students across Malaysia, Indonesia and the Philippines

    May 13, 2025

    Widespread Use Of Illicit Streaming Devices In Taiwan Poses Potential National Cybersecurity Threat, New Research Finds

    May 13, 2025

    Adyen and JCB launch Card-on-File Tokenization to Enhance Payment Security

    May 13, 2025

    Euro Manganese Announces Appointment of Ms. Martina Blahova as Permanent President & Chief Executive Officer

    May 12, 2025

    India: Revolutionizing Video And Content For The Global Media And Entertainment Industy

    May 12, 2025
    BusinessNews.ph
    • Home
    • Business News Asia
    • Cebu Lifestyle Channel
    • Property News
    • Events News Asia.com
    • Contact Us
    • Cebu Business News
    © 2025 All Rights Reserved | BusinessNews.ph

    Type above and press Enter to search. Press Esc to cancel.