Life Insurance Association Singapore (LIA Singapore) said Singapore's life insurance industry disbursed S$5.08bn ($3.8bn) in claims and maturity benefits during the first quarter of 2026, the largest first-quarter payout recorded since 2021.
The industry body released the figures as part of its latest quarterly performance update, highlighting continued growth in both customer payouts and new business activity.
According to LIA Singapore, total weighted new business premiums rose 12.9% year on year to S$1.67bn in 1Q2026, compared with S$1.48bn during the same period last year. The increase represented an additional S$191m in new business sales.
The Association said Singapore’s life insurance industry paid out S$555m in claims related to critical illness, death and total permanent disability during the first quarter of 2026, covering 5,507 successfully claimed individual life insurance policies.
An additional S$4.52bn was distributed to 87,402 policies that matured during the same period.
The Association also said policyholders covered under Integrated Shield Plans (IPs) and IP riders received most of an extra S$712m paid out under individual health insurance policies in the first three months of the year, helping families manage healthcare and hospitalisation costs.
Overall, the industry paid out S$2.87bn in health insurance claims in 2025, supporting policyholders’ access to timely medical treatment while reducing out-of-pocket healthcare expenses.
Separately, LIA Singapore said annual premium policies, which require customers to make regular premium payments over a set period, continued to account for the largest share of new business in the first quarter of 2026.
Total weighted new business premiums for such policies rose 5.9% year on year to S$1.21bn.
The Association also reported growing demand for single-premium policies, which involve a one-time payment by customers. Sales of these products surged 36.5% from a year earlier, reaching S$463.3m in total weighted new business premiums during 1Q2026.
Compared with the previous quarter, uptake of single-premium policies also edged up 1.2% from 4Q2025.
“Amid continual global uncertainty, we’re seeing individuals and families continue to take deliberate steps to strengthen their financial resilience. The higher level of claims payouts this quarter, alongside sustained growth in new business, reflects both the industry’s role in providing financial support at critical moments, and a growing recognition of the importance of protection,” LIA Singapore President Ms Wong Sze Keed said.