Singapore’s life insurance industry achieved an impressive 11.3% growth in 2025, with total weighted new business premiums reaching S$6.53b, according to the Life Insurance Association, Singapore (LIA Singapore). This growth was bolstered by a 13.0% increase in the fourth quarter compared to the same period in 2024, driven by a rise in annual premium business.
Financial Adviser Representatives played a significant role, contributing 45.3% to the total sum assured, whilst Tied Representatives accounted for 28.8%. This reflects the industry’s ongoing efforts to close the protection gap, with a 3.1% year-on-year increase in total sum assured by the end of 2025.
Wong Sze Keed, President of LIA Singapore, highlighted the importance of life insurance as a financial security pillar amidst economic volatility. “It is heartening that Singaporeans recognise this,” she said, noting the increased uptake of essential protection coverage and long-term financial investments.
The demand for annual premium products remained strong, with a 5.5% increase in Q4 2025. Single premium policies also saw a 42.0% rise in weighted premiums during the same period, reflecting improved market confidence.
Individual Health Insurance premiums reached S$743.4m for the year, with Integrated Shield Plans and IP Riders accounting for 90% of these premiums. The industry also saw a 5.5% increase in claims payouts, totalling S$14.23b.
Looking ahead, Wong expressed a cautious outlook for 2026, emphasising the industry’s commitment to innovation and financial literacy to build a resilient future for Singapore.
