latest news from the life insurance association of singapore.
2010 can be said to be a good year for the insurance industry here because there were a total of $1,651.3 million of weighted* new business premiums for the year, up from $1,427 million.
even single premium business came in strongly recording a 9% rise over 2009 with %562.1 million. of these, 18% were funded through cpfis sales.
health insurance's contribution amounted to $156 million which saw an increase of almost 7% of which a sizeable 85% came from integrated shield plans and riders.
* The weighted new business premium figure is calculated as follows:
10% SPI + 100% API with adjustment for premium payment terms of less than
10 years.
** Source: MAS
my comments:
although i'm encouraged by the good showing of the insurance industry in 2010, i'm somewhat disappointed that the bulk of new insurance sales remained with the tied agency channel from more than 13,300 agents.
i must state that i'm have nothing against other financial advisers (which includes tied agents) as i do not regard them as my competition. my greatest competitor has and will always be myself in terms of overcoming the challenges of convincing individuals, families and companies to prioritize their wealth protection planning.
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