Singapore life insurers pay out more than S$15 billion in first 9 months of 2026

Singapore's life insurers disbursed more than S$15 billion in payouts during the first nine months of 2026. Maturity benefits constituted roughly three-quarters of these payouts, amounting to S$11.2 billion. Individual health policy claims totaled S$2.2 billion, with critical illness claims alone reaching S$756 million. Integrated Shield Plans (IPs) and their riders accounted for 46% of new business weighted premiums in the first nine months, rising 22.6% year-on-year to S$2.5 billion.

ILPs increased as a share of total industry business from 43% in the same period last year and 37% in 2024, reaching 49.7% by Q3. Participating policies reported a 5.7% year-on-year increase in premiums to S$1.2 billion, representing 23% of total new business. As of September, about three million individuals in Singapore held IPs, while around 3.4 million were covered under individual health insurance.

Life Insurance Association of Singapore (LIA) President Wong Sze Keed noted that the growing share of ILPs indicates a shift in consumers' priorities towards savings and investment, alongside their need for protection. The industry is collaborating with the Monetary Authority of Singapore to enhance disclosures and educate customers about the costs and benefits of ILPs.