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THE life insurance industry achieved double digit growth for the first nine months of this year with strong uptake across all product types.
Total weighted new business premiums for the year to September rose 18 per cent year on year to S$2.75 billion, according to figures released on Wednesday by the Life Insurance Association, Singapore.
The sum assured for new business increased by 14 per cent to S$92.5 billion, seeing growth in both single and annual premium products.
Year on year, there was a 23 per cent increase to S$900.7 million in weighted single premiums, a 15 per cent increase to S$1.85 billion in weighted annual premiums and a 27 per cent increase to S$147 million in weighted premiums for retirement products.
Health insurance premiums totalled S$258 million for the nien months, of which Integrated Shield Plans (IP) premiums and IP riders accounted for 91 per cent (S$234 million). The remaining nine percent (S$24 million) came from other medical plans and riders.
As at end-September, 2.94 million Singaporeans, or about three in four, have an IP which provides coverage over and above the included MediShield Life component.
LIA Singapore noted an uptake of 18,054 policies designed to provide regular payouts to policyholders during retirement years, representing a 24 per cent increase compared to the same period last year. Such plans accounted for approximately five per cent of the total weighted premiums for the year to September.
Said LIA Singapore president Patrick Teow: "More Singaporeans are recognising the value of financial planning and insurance for their future, and this is reflected in yet another quarter of strong growth for the life insurance industry.
"Especially against the backdrop of Singapore's rapidly greying population, we are heartened that Singaporeans are actively taking up insurance policies to secure steady income streams in their retirement years. Ensuring sustainable access to affordable healthcare is another key area of focus as our population continues to age."