Life Insurance Association of Singapore New Management Committee for 2024/2025 with Prudential Dennis Tan Appointed as President, AIA Wong Sze Keed & Etiqa Raymond Ong as Deputy Presidents, Manulife Dr Khoo Kah Siang as Secretary, Income Insurance Andrew Yeo as Treasurer, 3 Members Great Eastern Life Khoo Hock Seng, HSBC Life Harpreet Bindra & Singapore Life Pearly Phau
16th March 2024 | Hong Kong
The Life Insurance Association of Singapore (LIA Singapore) has announced the new management committee for 2024/2025 – Prudential Dennis Tan appointed as President, AIA Wong Sze Keed & Etiqa Raymond Ong as Deputy Presidents, Manulife Dr Khoo Kah Siang as Secretary, Income Insurance Andrew Yeo as Treasurer, and 3 members Great Eastern Life Khoo Hock Seng, HSBC Life Harpreet Bindra & Singapore Life Pearly Phau. The Life Insurance Association of Singapore (LIA Singapore) also announced the launch of a new consumer guide on Medical Underwriting for Life Insurance (View guide). Announcement (15/3/24): The Management Committee, comprising eight members, will prioritise bolstering financial literacy and understanding of life insurance amongst consumers, pursue more initiatives to narrow Singapore’s protection gaps, spearhead innovations to develop more customer-centric products, and bolster sustainability efforts as part of the nation’s transition towards a net zero economy by 2050. The full LIA Singapore Management Committee 2023-2024 will be serving their second term together, spearheaded by Dennis Tan as President with Wong Sze Keed and Raymond Ong as Deputy Presidents. The event was attended by Ms. Ho Hern Shin, Deputy Managing Director (Financial Supervision), Monetary Authority of Singapore.”
” Life Insurance Association of Singapore New Management Committee for 2024/2025 with Prudential Dennis Tan Appointed as President, AIA Wong Sze Keed & Etiqa Raymond Ong as Deputy Presidents, Manulife Dr Khoo Kah Siang as Secretary, Income Insurance Andrew Yeo as Treasurer, 3 Members Great Eastern Life Khoo Hock Seng, HSBC Life Harpreet Bindra & Singapore Life Pearly Phau “
Dennis Tan, President, LIA Singapore: “Despite the macro-economic challenges in 2023, Singapore’s life insurance industry remained resilient and continued to make strides in helping to narrow the nation’s protection gap. There was an increase of 1.9% in total sum assured last year to $145.5bn and approximately 60,000 more Singaporeans and Permanent Residents were covered by Integrated Shield Plans (IPs) at the end of 2023 compared to the previous year. In total, 2.93 million lives – approximately 70% of Singapore Residents – are protected by IPs and IP riders which provide additional coverage on top of MediShield Life.
As we look ahead this year, I am cautiously optimistic about the industry’s progress as we regain momentum buoyed by a more positive economic outlook. We must remain agile in responding to potential challenges arising from economic uncertainties, geo-political tensions, and – closer to home – concerns over the cost of living and healthcare inflation. We must work in close collaboration – the insurance industry, medical fraternity, members of the public, government stakeholders – to tackle these challenges together. In 2024, we will intensify efforts in narrowing the nation’s protection gap and helping meet the financial, health and protection needs of the community. We’ve launched the LIA Guide to Medical Underwriting today; the aim of the guide is to help consumers better understand and provide greater assurance on how an insurer objectively evaluates their applications based on disclosures, medical evidence and other supplementary information provided by the individual, in a fair and reasonable manner.”
Life Insurance Association of Singapore New Management Committee for 2024/2025 with Prudential Dennis Tan Appointed as President, AIA Wong Sze Keed & Etiqa Raymond Ong as Deputy Presidents, Manulife Dr Khoo Kah Siang as Secretary, Income Insurance Andrew Yeo as Treasurer, 3 Members Great Eastern Life Khoo Hock Seng, HSBC Life Harpreet Bindra & Singapore Life Pearly Phau
Life Insurance Association, Singapore (LIA Singapore)
Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).
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