Singapore’s life insurance industry paid out more than S$15bn ($11.67bn) in claims and maturity benefits during the first nine months of 2026, highlighting its continued role in providing financial protection and supporting long-term financial planning. This is according to the Life Insurance Association Singapore (LIA Singapore), which said the payouts helped individuals and families manage the financial impact of illness, disability and loss, while also meeting important financial goals. Maturity benefits accounted for approximately 74% of the total, amounting to S$11.15bn. These payouts provide policyholders with funds to support major life milestones, including retirement, children’s education and other financial commitments.
Health insurance claims also formed a significant portion of industry payouts, with S$2.23bn paid under individual health policies between January and September 2026. Of this amount, S$2.11bn came from Integrated Shield Plans (IPs) and their riders, while S$115.2m was paid under other medical plans and riders. Claims under IPs and riders increased 6.7% quarter-on-quarter, reaching S$742m in Q3 2026. Meanwhile, individual life policies paid out another S$1.68bn for critical illness, death and total permanent disability claims. Critical illness claims alone amounted to S$756m. As of September 2026, approximately 3m people in Singapore were covered by Integrated Shield Plans, while total individual health insurance coverage, including other medical plans and riders, reached around 3.35m lives.
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