Zurich latest life insurer to exit Singapore
The firm's Asia-Pacific chief executive puts the closure – which follows that of Standard Life in July – down to the business failing to achieve sufficient scale and profitability.
Zurich Life has become the second international life company to close for new business in Singapore in the second half of this year, due to a lack of sufficient scale and risk appetite.
Effective today, the Zurich life businesses in Singapore (Zurich Life Insurance Singapore and Zurich International Life) will no longer accept new policy applications. No announcement has been made on whether the Swiss firm will try to sell its existing business or plans to pay off its in-force po…
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