Singapore’s life insurance sector disbursed a record S$5.79b in claims and maturity payouts in 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.
In Q1 2026, S$5.08b was paid out for life insurance claims, covering critical illness, death, and total permanent disability, as well as matured policies. An additional S$712m was disbursed under individual health policies, easing the burden of healthcare costs. The industry also saw a 12.9% year-on-year increase in total weighted new business premiums, reaching S$1.67b.
The uptake of Integrated Shield Plans (IPs) and IP riders increased, with approximately 33,000 more Singapore residents securing these policies in the first quarter. This reflects a growing awareness of the importance of health insurance coverage, especially ahead of regulatory changes implemented on 1 April 2026.
The industry remains focused on workforce development, with companies investing in upskilling employees and integrating AI to enhance productivity and customer experience. Employment in the sector remains stable, with 9,495 employees as of 31 March 2026.
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 sustained growth in new business and higher claims payouts underscore the industry’s critical role in financial support and the increasing recognition of the need for protection.
