Singapore Life Market Sees 23.5% Growth in New Premiums

14 Nov, 2024

Singapore's life insurance industry achieved a milestone, recording a total of S$4.3bn (US$3.2bn) in weighted new business premiums for the year-to-date third quarter of 2024, marking a significant 23.5% increase compared  the same period in the previous year. This impressive growth underscores the robust and sustained demand for life insurance solutions in Singapore, reflecting the active efforts of individuals to prioritize their financial security and long-term wellbeing through tailored insurance propositions.

The figures, released by the Life Insurance Association, Singapore (LIA Singapore), highlight a continued trend of consumers seeking products that offer financial protection and stability. As the insurance sector evolves, this growth trajectory demonstrates that Singaporeans are placing more emphasis on comprehensive coverage, with a focus on ensuring resilience against unforeseen life events and future financial challenges.

LIA Singapore attributes this increase to the diverse range of insurance options available, catering to both traditional life protection needs and investment-linked products that allow customers to adapt to changing economic landscapes. The rising awareness and adoption of financial wellness strategies are pivotal to the industry’s expansion, driven by customers' proactive steps to secure their futures.

This surge in new business premiums also signals confidence in the life insurance market’s ability to innovate and respond effectively to policyholders' needs. Through enhanced outreach, product customization, and value-added services, insurers have succeeded in meeting customer expectations, further cementing their role in providing peace of mind and financial stability.

The Life Insurance Association's observations affirm that the upward trend is expected to continue as more individuals recognize the importance of safeguarding themselves and their loved ones against life's uncertainties through reliable insurance products tailored to their needs.

Related News

Interview