Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Poli
Singapore | Leading financial centre in Asia Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives 20th February 2024 | Hong Kong
The Life Insurance Association (LIA) Singapore has announced the 2023 industry results, with 2.93 million individuals representing 70% of Singapore residents covered by insurance policies & riders (in addition to Medishield Life). In 2023, the insurance industry paid S$13.5 billion to policyholders & beneficiaries increasing +16.2% YOY (year-on-year) with S$11.7 billion paid for maturing policies & S$1.8 billion for Death, TPD (Total Permanent Disability) & Critical illnesses. In 2023, new insurance premiums decreased (YOY) by -3.9% to S$4.9 billion with single premium decreasing -34.2% to S$1.5 billion & annual premium increasing +22% to S$3.3 billion. The 2023 new businesses by premiums – 1) Tied representatives contributing 31.1%, 2) Banks 32.8%, 3) Financial advisory 31.7%, 4) Online 1.7%. In 2023, the Singapore life insurance industry has 9,737 employees & 13,771 representatives.
“ Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives “
- Article continues below - Quick Links, Ads & Announcements Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle Sign Up Basic Member: $5 Monthly | $60 Yearly Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680) The 2024 Investment Day 6th March Hong Kong | 13th March Singapore Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 6th March 2024 in Hong Kong, 13th March 2024 in Singapore. Visit | Register here The 2024 Family Office Summit10th April Hong Kong | 24th April Singapore Join 100+ single family offices & family office professionals in Hong Kong & Singapore Links: 2024 Family Office Summit | Register here
Dennis Tan, President, LIA Singapore: “Global headwinds, slowing economic growth coupled with geopolitical tensions, rising interest rates and elevated inflationary pressures had impacted overall demand for life insurance products especially in earlier 2023. Despite these challenges, as the year progresses, the life insurance industry continues to recover and demonstrate resilience as we help more individuals get more adequately protected.
Cost of living is a key concern amongst many in Singapore, and the life insurance industry is committed to finding ways to support members of the community address their protection and financial needs. We will do this through innovations in product design and more effective business processes, amongst others. We will also continue to take a long-term view and pursue initiatives to ensure the wellbeing of Singapore’s population and to support the nation’s net-zero transition goals. Just as we seek to protect the life and health of people, we are equally serious about protecting the earth and our collective future.”
Life Insurance Association Singapore 2023 Industry Results: 2.93 Million Individuals Representing 70% of Singapore Residents Covered by Insurance Policies & Riders, Paid S$13.5 Billion to Policyholders & Beneficiaries Increasing +16.2% YOY with S$11.7 Billion for Maturing Policies & S$1.8 Billion for Death, TPD & Critical Illnesses, New Insurance Premiums Decreased YOY by -3.9% to S$4.9 Billion with Single Premium Decreasing -34.2% to S$1.5 Billion & Annual Premium Increasing +22% to S$3.3 Billion, 2023 New Businesses by Premiums – Tied Representatives Contributing 31.1%, Banks 32.8%, Financial Advisory 31.7% & Online 1.7%, Singapore Life Insurance Industry with 9,737 Employees & 13,771 Representatives
Singapore | Leading financial centre in Asia
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).
Managing $20 million to $3 billion. Investing $3 million to $300 million. For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm. Join Events & Find Services Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services. Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected] Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quick Links Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle 2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM For Investors | Professionals | Executives Latest data, reports, insights, news, events & programs Everyday at 2 pm Direct to your inbox Save 2 to 8 hours per week. Organised for success Register Below For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Save 2 to 8 hours weekly. Organised for Success. Sign Up / Register You are:
InvestorProfessionalFamily OfficeExecutive
Select:
SubscriptionMembershipEvents
Interests / Events / Summits / Roundtables / Networking:
Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1 (Work / Personal)*
Email 2 (Work / Personal)
Country
New to Caproasia Learn More | Sign Up | Subscribe | Register Events Caproasia Users - Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Professional Investor
- Family Office
- HNW Partnership
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The Family Office Summit
- March 2024 - Hong Kong
- March 2024 - Singapore
- June 2024 - Hong Kong
- June 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Visit: The Investment Day | Register: Click here
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.