latest news from the life insurance association of singapore.

2010 can be said to be a good year for the insurance industry here because there were a total of $1,651.3 million of weighted* new business premiums for the year, up from $1,427 million.

even single premium business came in strongly recording a 9% rise over 2009 with %562.1 million. of these, 18% were funded through cpfis sales.

health insurance’s contribution amounted to $156 million which saw an increase of almost 7% of which a sizeable 85% came from integrated shield plans and riders.

* The weighted new business premium figure is calculated as follows:
10% SPI + 100% API with adjustment for premium payment terms of less than
10 years.

** Source: MAS

my comments:

although i’m encouraged by the good showing of the insurance industry in 2010, i’m somewhat disappointed that the bulk of new insurance sales …