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.