Robust economic growth and an increase in the immigrant population in Singapore last year gave a boost to the industry of life insurance, which posted an increase of 16 per cent year on year the number of total sales for 2010.
The Life Insurance Association (LIA) said that insurance companies pulled in nearly $ S 1.7 billion in new sales, up from S $ 1,430,000,000 in 2009.
Last year, the annual premium sales rose 20 percent on year to S $ 1.1 billion, while single premium sales increased nine percent to S $ 562.1 million .
Health insurance sales rose seven percent to $ 156 million S. A total of 2.35 million lives are now covered by health insurance.
Financial advisors also reporting healthy sales.
For some, revenue rose 15 percent in the last two quarters.
Alliance Financial Advisors director Raymond Ng said the investment products linked single premium and investment have increased dramatically.
Market players said the health insurance sales have increased due to increased medical costs.
MediShield Basic premiums rose 10 percent to S $ 33 in the last two years.
LIA these prospective new insurers may slow this year.
Life Insurance Association president Tan Hak Leh, said: "We expect the underlying demand for our insurance products to remain strong, especially the request for protection, protection of life insurance and health protection against disability and long-term savings to increase.
'E', however, the strong growth we achieved in 2010, we expect growth in 2011 to be lower. "
But the insurance industry could see new challenges ahead.
The sources said that the roof can be 15 staff under a Director of an agency, which can be implemented as early as next month.
Introduced in 2001, LIA has recommended that agencies had to work more effectively with 15 agents under one agency director.
Some agency leaders said that the rule limiting the profits. And the answer, said the LIA are currently reviewing the Agency's guidelines for the management and updating, if necessary.
The Life Insurance Association (LIA) said that insurance companies pulled in nearly $ S 1.7 billion in new sales, up from S $ 1,430,000,000 in 2009.
Last year, the annual premium sales rose 20 percent on year to S $ 1.1 billion, while single premium sales increased nine percent to S $ 562.1 million .
Health insurance sales rose seven percent to $ 156 million S. A total of 2.35 million lives are now covered by health insurance.
Financial advisors also reporting healthy sales.
For some, revenue rose 15 percent in the last two quarters.
Alliance Financial Advisors director Raymond Ng said the investment products linked single premium and investment have increased dramatically.
Market players said the health insurance sales have increased due to increased medical costs.
MediShield Basic premiums rose 10 percent to S $ 33 in the last two years.
LIA these prospective new insurers may slow this year.
Life Insurance Association president Tan Hak Leh, said: "We expect the underlying demand for our insurance products to remain strong, especially the request for protection, protection of life insurance and health protection against disability and long-term savings to increase.
'E', however, the strong growth we achieved in 2010, we expect growth in 2011 to be lower. "
But the insurance industry could see new challenges ahead.
The sources said that the roof can be 15 staff under a Director of an agency, which can be implemented as early as next month.
Introduced in 2001, LIA has recommended that agencies had to work more effectively with 15 agents under one agency director.
Some agency leaders said that the rule limiting the profits. And the answer, said the LIA are currently reviewing the Agency's guidelines for the management and updating, if necessary.
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