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Singapore Life Insurance Industry Reports S$5.87 Billion New Business Premiums with +19.7% Increase for 2024, S$2.2 Billion for Investment-Linked Plans (ILPs) with +41% Increase & S$2.1 Billion for Non-Participating Products with +19.2% Increase, S$16.1 Billion Paid to Policyholders for Matured Policies & S$1.9 Billion Paid for Claims Relating to Death, Total Permanent Disability & Critical Illness
14th February 2025 | Hong Kong
Singapore Life Insurance industry has reported S$5.87 billion in new Business Premiums with +19.7% increase for 2024, S$2.2 billion for Investment-Linked Plans (ILPs) with +41% increase & S$2.1 billion for Non-Participating Products with +19.2% increase for 2024. In 2024, S$16.1 billion was paid to policyholders for matured policies & S$1.9 billion paid for claims relating to Death, Total Permanent Disability (TPD) & Critical Illness (CI). Life Insurance Association Singapore (13/2/25): “The Life Insurance Association, Singapore (LIA Singapore) today announced the full year industry results for 2024, ending the year strong with a 19.7% growth, reaching a total of S$5.87 billion in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business. A key driver of growth was investment-linked plans (“ILPs”), which surged 41% year-on-year, increasing from S$1,598 million to S$2,253 million. More consumers are leveraging ILPs for wealth accumulation, especially amidst economic uncertainty and rising interest rates, as these policies provide life insurance protection while offering higher potential returns. In particular, regular premium ILPs, which help mitigate market timing and volatility through dollar-cost averaging, are seeing a surge in uptake. Non-participating products also saw a growth of 19.2% year-on-year from S$1,836 million to S$2,189 million. Meanwhile, contributions from participating products dipped slightly by 2.7%. Despite a challenging macro-environment, Singapore’s life insurance industry continues to make strides in narrowing the nation’s protection gap, achieving a 3.6% year-on-year increase in total sum assured for YTD 4Q 2024. Financial Adviser (FA) Representatives contributed 40.7% of this growth, while Tied Representatives accounted for 33.3%. There was also a 1.8% increase in the number of lives covered by health insurance. Approximately 40,000 more Singaporeans and Permanent Residents were covered by IPs at the end of 2024 compared to a year ago. In total, 2.97 million lives – approximately 71% of Singapore residents – are protected by IPs which provide coverage on top of MediShield Life.”
“ Singapore Life Insurance Industry Reports S$5.87 Billion New Business Premiums with +19.7% Increase for 2024, S$2.2 Billion for Investment-Linked Plans (ILPs) with +41% Increase & S$2.1 Billion for Non-Participating Products with +19.2% Increase, S$16.1 Billion Paid to Policyholders for Matured Policies & S$1.9 Billion Paid for Claims Relating to Death, Total Permanent Disability & Critical Illness “
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Dennis Tan, President, LIA Singapore: “The life insurance industry’s recovery in 2024 has set a strong foundation for continued growth. While interest rate volatility and geopolitical uncertainties continued to pose challenges in 2024, the sector has remained resilient and agile. By continuously evolving its products and empowering Singapore residents through comprehensive financial planning, the industry is committed to helping individuals get more adequately protected.”
Singapore Life Insurance Industry Reports S$5.87 Billion New Business Premiums with +19.7% Increase for 2024, S$2.2 Billion for Investment-Linked Plans (ILPs) with +41% Increase & S$2.1 Billion for Non-Participating Products with +19.2% Increase, S$16.1 Billion Paid to Policyholders for Matured Policies & S$1.9 Billion Paid for Claims Relating to Death, Total Permanent Disability & Critical Illness
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