Life insurance industry fell 13.6% YoY
According to the LIA, the life insurance industry in Singapore had a total of S$1.05 billion in January to March 2023. Single premium products also fell 46% on a QoQ basis to S$355.7 million.
Amid Singapore’s slow economic growth in the first quarter of the year and talks about a possible recession in 2023, the decline can be associated with turbulent macroeconomic conditions as well as rising interest rates.
More from OMY: What and How You Should Invest During a Recession in Singapore
On the other hand, annual premium products increased 24.7% QoQ to S$692 million total in weighted premiums.
In the first quarter of 2023, tied representatives played a major role in getting a S$12.3 billion sum assured. This accounted for 40.3% of the total sum assured during the period.
Financial advisory representatives also made a pivotal contribution. The group secured S$10.4 billion in sum assured. This accounted for 34.1% of the total assured sum for the period.
The industry recorded a total of S$30.5 billion in sum assured in the first quarter of 2023.
More from OMY: Best Short And Long Term Endowment Plans In Singapore