Life insurance sales in Singapore up 32.2% to $1.37 billion in Q1, strongest growth since 2020

SINGAPORE - The life insurance industry in Singapore saw its strongest set of results in the first quarter of 2024 since the same period in 2020.

LIA said the increase in demand for single-premium policies may be attributed to a less volatile macroeconomic environment, with Singapore’s economy picking up in the first three months of 2024. The association said the industry’s first-quarter performance was its strongest compared with corresponding periods in the last few years, since the onset of the Covid-19 pandemic.

LIA noted that Integrated Shield Plans remained a critical component of health insurance coverage.In total, 2.94 million people – accounting for about 70 per cent of Singapore residents – have IPs, which provide coverage on top of MediShield Life. “The life insurance industry is supportive of increased transparency across the entire healthcare system, including clear value and quality of care metrics. The industry remains committed to working in close collaboration with regulators and the medical industry through the Multilateral Healthcare Insurance Committee to address this challenge.”When it came to claims, the life insurance industry paid out $5.

Source: News Formal (newsformal.com)

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