Life insurance industry's new business premiums up 5% y-o-y in Q1

THE life insurance industry achieved a total of S$682.1 million in weighted new business premiums, a 5 per cent increase compared with the first quarter of 2015.

This was according to data released by the Life Insurance Association Singapore on Tuesday.

Compared with a year ago, the industry also recorded a 5 per cent increase to S$466.2 million in weighted annual premiums; and a 6 per cent increase to S$215.9 million in weighted single premiums.

The total sum assured for new business also rose strongly by 11 per cent, totalling S$22.1 billion from a year ago.

Direct Purchase Insurance (DPI) products saw steady growth, drawing S$730,000 in weighted premiums since its launch in April 2015. Some 855 policies have been bought to date.

DPIs are basic life insurance products sold without financial advice, and can be bought directly from customer service centres or websites of life insurance companies in Singapore.

There has been encouraging response to new and updated plans following regulatory changes, specifically DPI products and Integrated Shield Plans, the association said.