A robust economy and positive market conditions have helped boost Singapore's life insurance business to record growth in 2007.

New business premiums amounted to $1.66 billion, calculated on a weighted basis. This marked a 30-percent rise over the previous year.

This figure is also a five-year high, according to a press statement from the Life Insurance Association (LIA).

A strong showing in the fourth quarter and steady quarter-on-quarter growth contributed to a record-breaking year for the industry.

Regulatory changes will affect industry

Regulatory and policy changes expected to take effect in 2008, such as changes in the CPF Investment Scheme (CPFIS), will affect the industry and its customers.

Mark O'Dell, LIA's President, said: "The LIA will continue to work in close consultation with the regulators to understand the impact of changes to the existing framework so that insurers can continue to deliver a wide option of plans to meet consumers' changing needs."

He added: "Singaporeans are becoming more financial savvy and more knowledgeable about how particular products work for their needs, be it for their children's education, protection for their dependants or for retirement planning."

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