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News - Detailed News Story

New Q1 sales in Singapore life insurance sector grows 10%

26 May 2020 09:00

By Vivienne Tay

@VivienneTayBTNEW business in Singapore's life insurance industry, in terms of total weighted premiums, grew 10 per cent to S$965.8 million for the first quarter from January to March 2020, from S$877.8 million a year ago.

This comes as more consumers took action to secure their financial future in view of Covid-19's drastic impact on the global and local markets, said the Life Insurance Association, Singapore (LIA) on Friday.

"However, with circuit breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters," said LIA president Khor Hock Seng. Sales of annual-premium policies grew 3 per cent year on year, resulting in S$672.4 million in total weighted annual premiums for the first quarter, from S$653.1 million for the same period last year.

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Source: Business Times

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