Zurich winds down life business in Singapore

Life insurer Zurich has ceased to accept new policy as it winds down its life insurance business.

The two units that will be affected are Zurich Life Insurance Singapore and Zurich International Life Singapore. The decision affects its life business in Singapore leaving Zurich's general insurance business unaffected.“Our decision to no longer accept new life policy applications in Singapore did not come lightly, but is a necessary action as part of prioritising investment where we can compete to win and establish a distinctive position,” said Colin Morgan, CEO of Zurich's life business in Asia Pacific.

“We will be retaining a core number of people to oversee the transition, as well as an ongoing dedicated support team to service all existing customers, and wherever possible, Zurich will do what it can to redeploy affected employees within the organisation,” he added. Zurich Life recently transferred its 150 financial adviser representatives and 10 support staff to new financial advisory firm Nexus Singapore.