Singapore’s first digital-only life insurance, Singapore Life which was established in June last year, recently announced its acquisition of Zurich Life insurance business in Asia.
The deal totalling USD4.5 billion will allow Singapore Life to own rights in handling all policies of Zurich Life customers across Asia.
"Zurich Life sold its life insurance business in Singapore at the end of 2015 and the firm expects the transfer to Singapore Life to be completed by June this year."
Other Zurich’s products in Singapore such as commercial insurance is still being owned by Zurich.
RFi Group data from Singapore Retail Banking Council (H2 2017) shows that around six in ten banked customers in Singapore (61%) own a life insurance.
According to Singapore Life’s founder and chief executive, Walter de Oude, the life insurance market will grow in Asia due to rising affluence as well ageing population, which drives the need of the product.