Zurich Insurance to exit life business in S'pore

Singapore

SWISS-BASED insurer Zurich Insurance has decided to leave the increasingly competitive life insurance market here, as part of its global strategy to exit underperforming portfolios in the face of growing cost pressures.

Zurich Life Insurance Singapore and Zurich International Life Singapore Branch will no longer accept new policy applications with effect from Dec 1.

The decision to exit will not have any impact on existing customer policies in Singapore, nor will it affect its general insurance business, the group said in a state…