Year to date, the Life Insurance Association of Singapore (LIA) has reported an 18% increase in life insurance sales amounting to S$2.75bn (£1.5bn, $2bn, €1,7bn).
The LIA attributed the increase to an uptake across both single and annual premium products.
Patrick Teow, president of LIA, said: “More Singaporeans are recognising the value of financial planning and insurance for their future, and this is reflected in yet another quarter of strong growth for the life insurance industry.
“Especially against the backdrop of Singapore’s rapidly greying population, we are heartened that Singaporeans are actively taking up insurance policies to secure steady income streams in their retirement years.
“Ensuring sustainable access to affordable healthcare is another key area of focus as our population continues to age.”
The figures
Compared to last year, the LIA found a 23% increase to S$900.7m in weighted single premiums.
Single premium par and non-par products comprised 75%. The remaining 25% were single premium linked products, with Central Provident Fund Investment Scheme-included products comprising 15% and cash-funded products taking the remainder.
Weighted annual premiums increased 15% to S$1.85bn.
Health insurance premiums totalled S$258m for YTD 3Q17, of which Integrated Shield Plans (IP) premiums and IP riders accounted for 91% (S$234m). The remaining S$24m came from other medical plans.
As at 30 September 2017, 2.94 million lives, or approximately three in four Singaporeans, have an IP which provides coverage over and above the included MediShield Life component.
Notably, there was an uptake of 18,054 policies designed to provide regular payouts to policyholders during retirement years, representing a 24% increase compared to the same period in 2016.
Such plans accounted for approximately 5% of the total weighted premiums for YTD 3Q17.
