Life market growth

In contrast with many local markets. Singapore’s life insurance market reported a healthy 7% expansion during 2008, although this was well down on the previous year’s 18% growth rate. However, this small market, with a population of only 4.8 million and premium income of S$16,192mn (US$11,455mn) is still one of the most mature savings markets with per capita life insurance spending of US$2,549, only about 10% below those of the two leading markets of Japan and Hong Kong. There are 19 authorised life companies (including three which write life reassurance), employing 5,030 persons and engaging 13,900 agents.