the life insurance industry recorded a total of $460 million in weighted* new business premiums, continuing the uptrend from closing the previous year on a high note. this figure represented a high 45% increase over the correspondig quarter in 2010.
* 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.
on the latest statistics, the president of the life insurance association of singapore, mr tan hak leh said:
"Robust growth for the industry has come on the back of strong consumer confidence. The economy is in good shape and we are optimistic that the life insurance industry will remain strong throughout the rest of 2011."
Some Other Highlights (January to March 2011)
Distribution Channels
Tied agents contributed to nearly half of the new business, bringing in 48 per cent of weighted new business sales for the first quarter of the year.
New business sold through banks gained notable ground, registering 37 per cent of sales for the current quarter, up by 14 percentage points from that achieved in the same period of previous year. This is a record high in five years. Financial Advisers contributed 12 per cent of sales whilst other channels, which include direct sales, made up the remaining 3 per cent.
Product Classification
Of the new sales, participating ("par") products accounted for 57 per cent while non-par products accounted for 21 per cent. Investment-linked products made up the remaining 22 per cent.
Claims Payout
Up to end March 2011, the life insurance industry paid out a total of $1.39 billion to policyholders and beneficiaries. Of this, $88 million was in respect of death, critical illness or disability claims whilst the remaining $1.30 billion was for policies that matured.
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