Insurance new business premiums up a modest 3% in 2018

Singapore

MARKET uncertainty and volatility took a toll on insurance sales in the fourth quarter of 2018.

Sales of single-premium linked plans fell 64 per cent in the fourth quarter on a year-on-year basis, from S$173.8 million in 2017 to S$62 million in 2018.

Sales of CPF-included single-premium products fell 62 per cent to S$29 million in weighted premiums.

Apart from market factors, changes to the CPF scheme may have played a part in slower sales, as advisers could have had less incentive to sell CPF-included…