Life insurance sector faces first market decline in a decade

Their research has found that the market has dropped for the first time in a decade, with the first half of 2019 showing a 6.1 per cent decline compared with the same period of last year.

The drop follows a policy to reduce sales of single premium policies, along with high competition from newcomers to the insurance industry.

“However, when the country’s economy recovers and life insurance firms also develop products to serve customer demand, the market will be boosted in the next year,” according to the research.