Around nine in ten life and health insurance policyholders in Singapore that applied to their insurers to stop paying their premiums due to COVID-19 had their requests accepted, official figures show.
Industry-wide relief measures to help policyholders in the City State means that 25,000 individuals will have had a six month breather in payments.
The figures cover payments due to have been made between April 1 and June 5, the Straits Times reports.
Some 90% of the applications have been approved so far, the Monetary Authority of Singapore (MAS) said. The deferred premium amount totals $47.6m.
Another 826 policyholders have asked to switch to flexible instalment plans for general insurance policies such as for property and vehicles, while maintaining insurance protection.
About 80% of these applicants have received approval for their requests, the MAS said.
Individual policyholders comprise 584 of the applicants between April 1 and June 5, while corporate policyholders make up the remaining 242.