Singapore life insurers pay out more than $15 billion in first nine months of 2026
Maturity benefits account for 74% of payouts; ILPs make up 46% of new business weighted premiums.
Life insurers in Singapore paid out an astounding $15.2 billion in insurance claims and maturity benefits during the first nine months of 2026, according to the Life Insurance Association (LIA) Singapore. Policy maturities made up 74% of the total payouts, totaling $11.2 billion. Healthcare claims accounted for $2.2 billion, while individual life policies paid out $1.7 billion for critical illness, death, and total permanent disability, with critical illness claims alone amounting to $756 million.
Integrated Shield Plans (IPs) and their riders comprised $2.1 billion of the health insurance claims, with IP riders making up 24.1% of the total. New business premiums rose by 15% year-on-year to $5.5 billion in the first nine months of 2026, with investment-linked policies (ILPs) accounting for an increasingly large share, rising 22.6% year-on-year to $2.5 billion, or 46% of the industry's total.
ILPs now represent 49.7% of the industry's total, up from 43% in the same period last year and 37% in 2024. LIA Singapore president Wong Sze Keed highlighted that consumers are increasingly focusing on savings and investment priorities alongside protection needs, with ILPs offering access to professionally managed funds and financial advice.
The industry is working closely with the Monetary Authority of Singapore to strengthen disclosures to help customers better understand the costs and benefits of ILPs.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
