Life insurers should benefit society: MAS

[SINGAPORE] The life insurance industry plays an important role in society and should remain committed to that purpose, said the Monetary Authority of Singapore (MAS) executive director of insurance Loo Siew Yee yesterday.

The industry has to design effective pension and healthcare products to meet the needs of an increasingly ageing and affluent population, while dealing with various operational challenges such as cyber risk and volatile financial markets, she said in her speech to executives at the annual Life Insurance Association (LIA) luncheon yesterday.

"It's important to remain anchored to our purpose and committed to our long-term goal - a safe, vibrant and purposeful industry that benefits society," she said.