Life insurance activity in
Singapore bounced back strongly in 2010, reports the Singapore Life
Insurance Association (LIA).
On a weighted basis, total
new premium income ended the year up 16% compared with 2009 at
S$1.7bn ($1.3bn) with annual premium sales setting the pace with an
increase of 20% to S$1.089bn.
Go deeper with GlobalData
Weighted new business premium
figures are based on 10% of single premium income and 100% of
annual premium income, adjusted for premium payment terms of less
than 10 years.
The recovery in 2010 followed
a sharp decline in 2009 when, on a weighted basis, total new
premium income came in at $1.41bn, down 17.5% compared with
2008.
LIA president Tan Hak Leh
said: “The industry has been resourceful in designing innovative
solutions to meet the current and prospective needs of
individuals.
“I believe this has been
instrumental in driving new business.”
The LIA has 19 members,
comprising 16 life insurers and three life reinsurers.
