Friday, August 5, 2011

Insurance distribution channels in Singapore

Wonder how much insurance business is generated by the different distribution channels in Singapore?
The breakdown of new business by tied insurance agents, sold through banks (bancassurance) or Financial Advisers (FAs)?

Here's the results from the first six months of 2011, released by the Life Insurance Association of Singapore.

Tied insurance agents accounted for 48% of new insurance business, down 9 percentage points from the same period in 2010.
Bancassurance (bank distribution) recorded 34% of new premiums, up by 10 percentage points, while Financial Advisers (FAs) maintained 13% of news insurance sales, with "others" including direct sales making up the remaining 5%.

In the first half of the year, total weighted premiums from new business insurance sales grew 38% to $941.5 million from $681.2 million in the same corresponding period.Bancassurance sales grew 100%, doubling from $161million to $322 million.

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