SINGAPORE - Market volatility and Singapore's subdued economic growth weighed on insurance sales in the first nine months of 2019.
Sales of annual-premium policies grew 4 per cent from a year ago, amounting to $2.1 billion in total weighted annual premiums for the first nine months. This was mainly thanks to an increased uptake of participating plans, which met the protection and saving needs of consumers, LIA noted. "However, LIA Singapore and member companies remain steadfast in our efforts to provide better protection for customers - reflected by the increased total sum assured. This is crucial when there is a growing cohort in the population of older people and increasing rates of chronic medical conditions among both the young and old," Mr Khor added.
For health insurance, Integrated Shield plans remained a significant component. As at Sept 30, there were 53,000 more Singaporeans and permanent residents covered by IPs and riders which provide coverage on top of MediShield Life, compared to a year ago.