Insurance Industry Statistics Q2 2011

LIA has released its quarterly report on the life insurance industry for the second quarter of 2011. Sales for the industry is once again booming, but does that mean that Singaporeans are becoming more well insured?

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Banks Should Not Act Like Insurance Agents: ST Forum

I refer to the following letter sent to Straits Times forum by Ms. Jessie Loy:

Banks should not act like insurance agents

RECENTLY, my husband and I were looking to buy some insurance policies. As we had previous bad experiences buying through insurance agents who were keen on pushing only their own companies’ products, we thought of buying through banks instead.

Since most banks are now positioning themselves as one-stop centres offering a suite of financial products, we thought they would be independent. We were wrong.

Read Full Letter

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Clashes of Interests Between You and Your Financial Adviser

In my opinion, there are a few major clashes of interests between the you, the client, and your financial adviser who is making a living out of his job. 

It is only by identifying and reducing these clashes of interests can there be a mutually beneficial relationship between an adviser and a client.

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Insurance Industry Statistics Q1 2011

Life Insurance Association of Singapore (LIA) has recently released statistics for the insurance industry in Singapore for the first quarter of year 2011. Such reports are published every three months and I always find myself eager to read and learn about the industry numerically.

I usually skip past most of the sales figures though. It’s usually the same thing: industry does well, lots of insurance policies are sold, and more people are getting insured – or so it seems. Sales has never been a good indication of how well Singaporeans are insured. In fact, a high sales figure may well mean that Singaporeans are buying overpriced policies that leaves them under-insured.

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