Singapore’s life insurance industry has reported a record S$5.08b in claims and maturity payouts for the first quarter of 2026, according to the Life Insurance Association, Singapore (LIA Singapore). This marks the highest payout for a first quarter since 2021, providing significant financial relief to individuals and families.
The industry fulfilled its commitments with 5,507 policies claimed, resulting in S$555m paid for critical illness, death, and total permanent disability. Additionally, S$4.52b was disbursed for 87,402 matured policies. Integrated Shield Plan (IP) policyholders received the majority of the S$712m in health claims, easing healthcare costs.
The life insurance sector saw a 14.3% year-on-year growth in total weighted new business premiums, reaching S$1.69b in Q1 2026. This increase reflects a growing trend among Singaporeans to bolster their financial resilience and address protection gaps amid economic challenges.
Annual premium policies remained dominant, accounting for S$1.23b, a 7.8% rise from Q1 2025. Single premium policies also saw a 36.5% increase, totalling S$463.3m, as individuals capitalised on available funds for long-term financial planning.
LIA Singapore President Wong Sze Keed noted, “Amid continual global uncertainty, we’re seeing individuals and families continue to take deliberate steps to strengthen their financial resilience.”
The uptake of Integrated Shield Plans and IP riders grew, with 33,000 additional residents enrolling before regulatory changes in April 2026. This reflects heightened awareness of health insurance’s role in financial planning. The industry remains focused on upskilling its workforce to leverage AI and enhance customer experiences.
