Total weighted premium grew 10 percent to reach S$965.8 million in the first quarter but headwinds fuelled by the pandemic are expected to follow.
Sales of annual premium policies (+3 percent) and single premium products (+31 percent) all climbed with the total sum assured totaling $34.64 billion ($25.76 billion) in the first quarter. Despite posting growth in a difficult environment, the city-state’s Life Insurance Association warned of upcoming challenges.
«However, with circuit-breaker measures, climbing unemployment and an impending recession, the life insurance industry may see the knock-on effect in the coming quarters,» said LIA president Khor Hock Seng.
Talent Boost
Employment within the life insurance sector grew 4 percent in the quarter with 359 net hires compared to the last year with the total workforce reaching 8,668. In addition, 14,604 representatives held exclusive contracts with firms operating as cooperating agencies.
Workforce growth aside, LIA Singapore also highlighted the need for upskilling the industry’s employees especially with regards to a digitalized landscape in the post-coronavirus environment.
