Singapore’s life insurance industry put in a
strong performance in 2011, with the Singapore Life Insurance
Association (LIA) reporting that on a weighted basis, total new
premium income came in at S$2.007bn ($1.6bn), up 21.6% on the
S$1.651bn recorded in 2010.
The rise in premium income marked the second
year of recovery following the slump in new business in 2009. In
that year, weighted new premium income fell by 17.5% compared with
2009 to S$1.41bn.
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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 economy as well as consumer sentiment
went through uncertain times during 2011, and it’s good to note
that the industry has remained resilient,” commented LIA president
Tan Hak Leh.
The main distribution channels in 2011 were
tied agents which contributed 49% of weighted new business and
bancassurance which contributed 34%.
