Singapore health premiums jump 14.8% in February

The increase reflects a long-term repricing cycle rather than seasonal demand.

Singapore’s health insurance premiums likely rose 14.8% year-on-year, driving the country’s overall core inflation to 1.4% in February, according to government data.

The Consumer Price Index (CPI) rose 1.2% year-on-year, with a monthly growth of 0.6%, the largest increase in several months. 

Whilst seasonal demand during Chinese New Year contributed to the rise, a persistent increase in health insurance costs remains a primary driver of inflation for local households, according to Zavier Wong, Market Analyst at eToro.

Wong said that, unlike seasonal food price spikes, this represents a long-term repricing cycle in integrated shield plans that has been building for months. 

This increase directly impacts most households maintaining comprehensive coverage.

Government agencies, including the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI), warned of potential price pressures ahead. 

Global energy costs are expected to rise through 2026 due to tensions in the Middle East, whilst domestic labour costs continue to put pressure on businesses.