The Life Insurance Association Singapore (LIA Singapore) has announced that the life insurance industry paid out over S$15b in claims and maturity benefits during the first nine months of 2026. Maturity benefits comprised 74% of this total, amounting to S$11.15b. Health claims under individual policies accounted for S$2.23b, whilst S$1.68b was paid for critical illness, death, and total permanent disability.
The industry experienced a 15% year-on-year growth in total weighted new business premiums, rising from S$4.76b to S$5.47b. This growth was driven by economic momentum, with investment-linked plans (ILPs) contributing significantly. ILPs saw a 22.6% increase, making up 46% of the industry’s total new business premiums.
Around 3 million Singaporeans remain covered by Integrated Shield Plans, with new business premiums for these plans increasing by 29.5% year-on-year. However, Q3 2026 saw a decline in new business premiums for these plans compared to the previous quarter and the same period last year.
Financial Adviser Representatives and Tied Representatives facilitated 79.2% of all new policy purchases, highlighting the importance of personal advice in insurance decisions. LIA Singapore President Wong Sze Keed emphasised the role of the association in helping consumers make informed choices, stating, “Our role is to help them understand their options and make choices they can sustain.”
The industry continues to adapt to evolving healthcare needs, with LIA Singapore working closely with the Monetary Authority of Singapore to enhance product disclosures and consumer understanding.
