Health insurance remains on top of the list for Singaporeans, with over 50,000 people purchasing new health insurance policies in 2016, according to data from an industry association.
Life Insurance Association (LIA) of Singapore, which held its quarterly meeting on Tuesday, revealed that as of December 31, 2016, 2.89 million people, or roughly half of the countryís population, were covered by private health insurance and riders, with total premiums amounting to SGD1.42 billion.
For the entirety of 2016, more than 50,000 Singapore residents bought health insurance, with premiums totalling SGD241 million. Around SGD208 million, or 86% of new premiums, came from integrated shield plans (IPs) and IP riders.
The life insurance industry of Singapore grew by 10% in terms of total weighted new business premiums for 2016, fuelled by a strong surge of sales in the fourth quarter.
The strong performance is demonstrated by the total sum assured for new business, which rose by 15% to SGD117 billion, according to the Life Insurance Association (LIA) of Singapore, which announced its quarterly results on Tuesday.
For the fourth quarter of 2016, total weighted new business premiums reached SGD955.3 million, up 15% year-on-year. This was boosted by annual premium sales growing 20% to SGD661.1 million while weighted single premium products posted a 4% increase, reaching SGD294.2 million.
Banks remained as the top distribution channel for life insurance products, as SGD1.25 billion or 38% of total weighted new business premiums last year passed through banks. Tied agents were in second place at 37%, while financial advisers brought in 21%.
Direct insurance distribution such as ElderShield and online sales, where policies are sold without intermediaries, contributed only 4% of new business.
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