Annual premiums drive Q4 insurance growth

Singapore

SINGAPORE'S life insurance industry reported growth on all fronts in the fourth quarter of last year, as insurers turned their focus towards narrowing the protection and retirement gap, which in turn drove sales up.

For the three months to end-December, total weighted new business sales, a growth measurement, rose 15 per cent year on year to S$955.3 million on the back of the rise in sales of annual-premium products. (These are policies for which customers pay an annual fee over a long period.)