Singapore’s Integrated Shield Plans added 44,000 more residents in Q1 2025, boosting coverage to 71% of the population amid rising insurance demand.
The number of Singapore residents covered by Integrated Shield Plans (IPs) grew to 2.98 million in the first quarter of 2025. This marks an increase of 44,000 from the same period in 2024. The Life Insurance Association of Singapore stated that IPs now protect around 71% of the population. These plans offer additional health coverage on top of the national MediShield Life scheme.
The rise in coverage comes alongside a strong jump in new individual health insurance business. New premiums totaled S$201.3 million in Q1 2025, more than doubling from a year earlier. This represents a 104.2% increase. Of this amount, IPs and their riders contributed S$181.8 million, accounting for 90% of the total. The rest, S$19.5 million, came from other medical plans and riders.
Despite the increase in new insurance sales, total claims payouts dropped significantly. The industry paid out S$2.77 billion in Q1 2025, down 44.7% compared to Q1 2024. Out of this, S$2.21 billion went to policy maturities, while S$559 million was for death, critical illness, or disability claims.
The report also showed changing preferences in policy types. Investment-linked products made up 45% of total weighted premiums for new life and health insurance, reaching S$665 million. Participating products made up 22%, and non-participating products accounted for 33%.
Employment in the life insurance industry saw a small decline. The total workforce dropped by 1.4% year-on-year, reaching 9,606 people. As of the end of Q1 2025, there were 12,385 tied representatives with exclusive contracts working under agency forces.
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