Singapore’s life insurance industry recorded SG$4.76 billion in weighted new business premiums for the period from January to September 2025 (YTD Q3 2025), according to figures released by the Life Insurance Association of Singapore (LIA Singapore). This represents a 10.4% increase compared to the same period in 2024. The third quarter alone saw a 15.2% year-on-year rise in total weighted new business premiums, reflecting continued demand for life insurance solutions.
Group life & health insurance also expanded, with in-force premiums rising 15% over the previous year to reach SG$2.83 billion. Of this total, group accident & health policies accounted for 74.5%, while group life policies made up the remaining 25.5%.
A key contributor to the industry’s growth was the uptake of annual premium policies, which increased by 19.9% year-on-year to SG$3.57 billion in total weighted annual premiums in YTD Q3 2025. In contrast, single-premium policies declined by 10.8% to SG$1.19 billion for the same period.
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Wong Sze Keed, president of LIA Singapore, said the industry is seeing ongoing improvement in closing the protection gap in Singapore. “Singaporeans are not just getting more financially savvy; they are also taking steps to become more adequately insured. This is a positive move towards future-proofing their lives and the well-being of their loved ones amidst ongoing global uncertainty. The life insurance industry will continue to drive this progress by introducing innovative products alongside public education initiatives to build a more resilient Singapore together,” she said.
Financial adviser (FA) representatives, including both independent and insurer-backed advisers, secured SG$50.8 billion in sum assured during the first nine months of 2025, accounting for 44.3% of the total sum assured for the period. Tied representatives contributed S$32.6 billion, or 28.5%. Bank representatives, while responsible for only 11.1% of the number of policies, contributed the largest share of total weighted premiums at 35.2% (SG$1.68 billion). The industry’s total sum assured reached SG$114.6 billion during YTD Q3 2025, a 3.6% increase over the same period last year.
Investment-linked policies represented 43% of total weighted new business premiums in the first nine months of 2025, a proportion consistent with the first half of the year. Participating (par) funds generated SG$1.18 billion in total weighted new business premiums, up from SG$1.08 billion a year earlier. Non-participating policies decreased to SG$1.54 billion from SG$1.64 billion.
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Integrated shield plans (IPs) continued to play a significant role in health insurance coverage. Nearly 113,000 Singaporeans and permanent residents took up IPs during the reporting period, bringing the total number of lives covered to approximately 3.0 million, or about 71% of Singapore residents. Total new business premiums for individual health insurance reached SG$553.7 million, up 45.3% year-on-year. IPs and IP rider premiums made up 89.7% of this figure, with the remainder attributed to other medical plans and riders.
The growing uptake of IPs and related health insurance products comes amid a backdrop of rising healthcare costs. Medical expenses in Singapore are forecast to continue rising, according to WTW’s 2026 Global Medical Trends report, which estimates that costs will climb by 16.9% in the coming year. This projected increase surpasses the 15.5% growth recorded in 2025 and is higher than the Asia-Pacific regional average, which is expected to reach 14% in 2026.
The industry paid out SG$10.17 billion to policyholders and beneficiaries in the first nine months of 2025, a 31.3% decrease from the same period in 2024. Of this amount, SG$8.61 billion was for matured policies, while SG$1.56 billion was paid for death, critical illness, or disability claims across nearly 17,000 policies.
Employment in the life insurance sector remained steady, with 9,487 employees as of Sept. 30, 2025. Additionally, 12,281 representatives held exclusive contracts with companies operating tied-agency forces.
Looking ahead, Wong Sze Keed noted that the outlook for the sector remains positive, referencing Singapore’s economic growth of 2.9% in Q3 2025 compared to the previous year. She said: “The life insurance industry will continue to develop innovative products to better meet the community’s protection, savings, and investment needs.”
Wong added that the industry remains focused on evolving health insurance products and working with stakeholders to ensure healthcare remains sustainable and accessible. The ongoing uptake of integrated shield plans was cited as evidence of the value placed on comprehensive health protection.
