Life insurers in Singapore saw their first quarter weighted new business premiums climb 32.2% year-on-year to S$1.37b, data from the Life Insurance Association showed.
A 25.2% increase in annual premium policies was recorded, totalling S$866.5m in weighted premiums. This trend underscores a focus on meeting protection needs in Singapore.The industry recorded S$33.8b in total sum assured, an 11.9% increase from Q1 2023. An additional 35,000 Singaporeans and Permanent Residents were covered by integrated shield plans by the end of Q1 2024, totalling 2.94 million lives .
“As we pursue efforts to drive this growth, we remain cautiously optimistic and adaptable, noting also that the median forecast of headline inflation came in at 3.1%.” Tan added....there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
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