Industry Performance

Life insurance industry drives efforts to combat factors contributing to medical claims escalation

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to December 2016 (YTD 4Q2016).
 
Total weighted new business premiums1 for YTD 4Q2016 saw healthy growth of a 10 per cent increase compared to the same period in 2015, with increased interest in non-participating products.

Compared to the national Gross Domestic Product (GDP) for 2016 of 1.8...

-- Published 14 February 2017 --
Approximately 10,000 more Singapore residents get additional health insurance coverage mostly through Integrated Shield Plans and riders

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to September 2016 (YTD 3Q2016).
 
Overall, the life insurance industry in Singapore continues to report steady progress with an eight percent increase in total weighted new business premiums1 for YTD 3Q2016 compared to the same period in 2015. Total weighted new business premiums amounted to S$2,331 million for the first three...

-- Published 08 November 2016 --
Increased take-up in single premium non-linked products over linked products as individuals seek stability amid increased volatility in the investment market

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to June 2016 (1H2016). Overall, the life industry achieved a total of $1,522.6 million in weighted new business premiums1 for the first half of 2016, a 13 per cent increase over the same period in 2015.

The preference for non-linked premium products over linked products remained consistent across the first...

-- Published 10 August 2016 --

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to March 2016 (1Q2016). Overall, the life industry achieved a total of $682.1 million in weighted new business premiums1 for the first quarter of 2016, a five per cent increase compared to the first quarter of 2015.

Compared to the same period in 2015, the industry also recorded:
a) a five per...

-- Published 10 May 2016 --
Protection cover increased by S$12.6 billion, up 14 per cent in 2015

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to December 2015 (YTD 4Q2015).

Overall, the industry achieved a total of almost $3 billion in weighted new business premiums1 for the year ended 31 December 2015.

Weighted annual premium sales saw a seven per cent increase to S$2 billion when compared to 2014.
...

-- Published 10 February 2016 --

The Life Insurance Association, Singapore (LIA Singapore) today announced industry results for the period January to September 2015 (YTD 3Q2015) with a total of S$2.166 billion achieved in weighted1 new business premiums, recording a seven per cent increase over the same period in 2014.

There was a significant 21 per cent increase in the uptake of annual premium products in 3Q2015 compared to the corresponding period...

-- Published 05 November 2015 --
Increased uptake of Investment-Linked Products seen

The Life Insurance Association, Singapore (LIA Singapore) today announced industry results for the period January to June 2015 (1H2015) with a total of S$1,352.7 million achieved in weighted1 new business premiums, recording a three per cent increase over the same period in 2014.

The industry achieved a three per cent growth to S$964.9 million of weighted annual premium products, and a two per cent growth to S$...

-- Published 06 August 2015 --

The Life Insurance Association, Singapore (LIA Singapore) today announced industry results for the period January to March 2015. The life insurance industry in Singapore saw a significant 22 per cent increase in sales of single premium products, totalling S$204.4 million, of which 16 per cent were CPF-funded policies.

In the first quarter of 2015, the total sum assured for new business saw a healthy four per cent increase,...

-- Published 07 May 2015 --
Total sum assured for new business increased by S$5.8 billion, up seven per cent in 2014

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to December 2014 with a robust seven per cent increase in the overall sum assured for new business, totalling S$88.7 billion compared to 2013.

Overall, the industry achieved a total of S$2,788.8 million in weighted new business premiums1  for the year ended 31 December 2014. In 2014, there was a...

-- Published 06 February 2015 --

The Life Insurance Association Singapore (LIA Singapore) today announced industry results for the period January to September 2014 with a significant 23 per cent increase in sales of single premium products, totaling S$640.9 million in weighted1 new business premiums, and of which 14 per cent were CPF-funded policies. This is largely due to increased uptake in participating (“par”) and non-par products during the period under review.

...
-- Published 06 November 2014 --