Singapore life insurance sector weakens in Q3

Singapore

SINGAPORE's life insurance industry weakened in the third quarter this year, as weighted new business premiums for the three months ended September fell 6 per cent to S$705.4 million from a year ago. The decline was attributable to an 18 per cent fall in weighted annual premiums to S$446.2 million compared with the same period last year, even as weighted single premiums rose.

Weighted single premiums - policies where consumers pay only a one-time premium - had climbed 24 per cent to S$259.2 million in the third quarter of 2014.