Singapore Life Insurance Premiums Jump 30.4% in H1 2024

Singapore’s life insurance sector saw a 30.4% year-on-year increase in total weighted new business premiums for the first half of 2024, reaching $2.17 billion (S$2.86 billion). This rise is attributed to strong economic performance and higher demand for both single and annual premium policies. Single-premium policies surged 32.9% to $697.68 million (S$918.0 million), while annual premiums grew 29.3% to $1.47 billion (S$1.94 billion). The sector’s total sum assured hit $53.35 billion (S$70.2 billion), up 6.7% from last year. Despite a slight 0.5% decrease in employment, the industry paid out $8.33 billion (S$10.96 billion) to policyholders, an 82.8% increase. Dennis Tan of LIA Singapore highlighted ongoing challenges such as rising healthcare costs.