SG life sector’s weighted new business premiums surge 24% YoY in 9M 2024

Q3 2024’s weighted new business premiums grew by 18.2% YoY.

The Singapore life insurance sector’s weighted new business premiums in the nine months to September (YTD Q3 2024) surged 23.5% year-on-year (YoY) to S$4.3b, data from the Life Insurance Association (LIA)of Singapore showed.

Despite global economic challenges, Q3 2024’s weighted new business premiums grew by 18.2% YoY.

Group Life & Health premiums increased by 13% YoY to S$2.5b in Q3 2024. Annual premium policies saw strong demand, with a 24.8% increase totalling S$3.0b. 

Single-premium policies also rose 20.6%, reaching S$1.3b in YTD Q3 2024.

Financial Adviser (FA) representatives facilitated S$43.3b in sum assured, comprising 39.1% of the total, whilst Tied Representatives added S$37.0b (33.5%). 

Total sum assured reached S$110.6b, a 4.8% increase from the same period last year. 

The industry paid out S$14.8b to policyholders in YTD Q3 2024, with S$13.4b for policy maturities and S$1.4b for death, critical illness, and disability claims.

Employment in the life insurance sector decreased by 2.0% to 9,578 employees end-September, with firms actively recruiting talent for digital transformation. 

Additionally, 13,149 representatives held exclusive contracts with tied-agency companies.

LIA Singapore President Dennis Tan noted the continued focus of Singaporeans on long-term financial protection, highlighting the life insurance industry's commitment to innovative offerings aligned with consumers' protection, savings, and investment goals.