Integrated Shield Plans coverage expands to 2.98m Singaporean residents in Q1 2025

This marks an increase of 44,000 more residents.

The Singapore life insurance industry’s Integrated Shield Plans (IPs) coverage expanded to 2.98 million residents in the first quarter of the year (Q1 2025), data from the Life Insurance Association of Singapore showed.

This marks an increase of 44,000 more Singaporeans and Permanent Residents compared to Q1 2024. IPs now cover approximately 71% of the population, offering additional protection beyond MediShield Life.

This growth in coverage coincides with a substantial rise in individual health insurance activity.

Total new business premiums in Q1 2025 reached $154.99m (S$201.3m), more than doubling the amount recorded in the same quarter last year — an increase of 104.2%.

Of this, IPs and their associated riders accounted for 90% of the total ($139.99m (S$181.8m)), whilst other medical plans and riders made up the remaining 10% ($15.02m (S$19.5m)).

Despite this increase in new health insurance business, the life insurance industry reported a significant decline in claims payouts for the quarter.

A total of $2.13b (S$2.77b) was paid to policyholders and beneficiaries, a drop of 44.7% from Q1 2024.

Of this, $1.70b (S$2.21b) was for policy maturities, whilst $430.43m (S$559m) went to death, critical illness, or disability claims.

The report also noted shifts in product preferences: investment-linked products comprised 45% of total weighted premiums in new individual life and health business, amounting to $512.05m (S$665m).

Participating (par) products and non-participating products accounted for 22% and 33% of new sales, respectively.

Employment in the life insurance sector slightly contracted, with a 1.4% year-on-year decrease, bringing the total workforce to 9,606.

Additionally, 12,385 tied representatives held exclusive contracts with companies operating agency forces as of the end of Q1 2025.