Insurance industry in 2016

2016 was a challenging year for the insurance industry. Other than the economical changes that affected the financial sector, FinTech became more common to consumers and they have more choices when it comes to buying an insurance policy. There were several regulatory changes too. So, how did the insurance industry ended in 2016?

According to reports from Life Insurance Association(LIA), the total new business underwritten rose 10% to SGD3.29bn  in the year 2016 from 2015. Out of this amount, SGD 2.26bn were from annual premium products .

Therewas a minor shift in distribution channel of insurance policies as well.

capture

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s