Life Insurance – A Booming Industry

Singaporeans of today are more conscious of how financial planning can benefit them, especially after retirement. More readily available is consumer information on life insurance, including on retirement planning, meeting protection needs and how to go about buying the appropriate life insurance plan in consultation with a financial adviser.

Up to the end of the third quarter of 2007, the local life insurance industry paid out a total of $4.42 billion to policyholders or beneficiaries, of which $248 million was in respect of death, critical illness and disability claims and $4.18 billion in respect of policies maturity.

The life insurance industry saw an outstanding performance over the first 3 quarters of 2007, sustained by a robust economy and a buoyant stock market. New business premiums totaled $1.18 billon, an estimated 31 per cent increase over the corresponding period in 2006.

As more and more people are utilizing their CPF accounts to acquired insurance policies, total CPF sector accounted sales amounted to approximately $4 billion, representing 63 per cent of single premium sales.

Over the first half of 2007, the life insurance industry was managing assets amounting to approximately $104.2 billion, an increase of 23 per cent compared to a year ago. This is the first time the industry’s assets exceeded the $100 billion dollar mark. As at 30 September 2007, the industry has 4,836 employees and 12,986 tied representatives.


“Great works are performed, not by strength, but by perseverance.” - Samuel Johnson