Monday, February 23, 2015

Singapore insurance industry’s results and performance in 2014

How did Singapore's insurance industry perform in 2014?

Singapore’s insurance industry recorded $2.78 billion in total weighted new business premium for individual life & health insurance policies in 2014.

While total business did not grow vis-à-vis 2013, Single Premium jumped 23% year-on-year to $860.8 million. Annual premium declined 8% to $1.92 billion.

According to Life Insurance Association (LIA) of Singapore, the results compared to 2013 - “2013 saw a spike in premiums as a result of the re-pricing exercise of Integrated Shield Plans (IPs). Weighted annual premium sales have stabilised since the first quarter of 2014. 

Total Weighted New Business Premium 2014
(Individual Life & Health)


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