SAS LIA Life Protection Seminar

Singapore Actuarial Society (SAS) and Life Insurance Association of Singapore (LIA) held its first ever Life Protection Seminar at InterContinental Hotel on 20 August 2009. The seminar attracted over 120 participants mainly from life insurance companies from Singapore.

The 1-day seminar featured 6 presentations, 1 luncheon address by MAS and was rounded off with CEO Round Table discussions. Topics covered included underwriting, disability income, insurance adequacy, risk, financial crisis and capital management.

Managing insurance business during crisis

The Monetary Authority of Singapore shared ideas on managing the insurance business during the financial crisis to the insurance industry during the LIA AGM luncheon recently.

Some ideas shared:

• Strengthen the solvency positions early
• Conduct stress testing, including considering scenarios that are potentially devastating for business profiles
• Be watchful on potential frauds
• Should not charge into complex products that the insurer does not have expert knowledge of
• Regular updates to policyholders on the impact of the financial turbulence on their policies

Source: Straits Times

Singapore life insurance grew 3%

The Singapore life insurance industry grew 3% on weighted new premium basis, contributed mainly by annual premium business (growth: 21%). Single premium business suffered (-11% growth), which is not surprising in a down market.

NB figures in Excel file

Source: LIA