Facing pressures from rising claims, medical inflation, and expanded benefits, all but one private insurer offering Integrated Shield Plans (IPs) in Singapore have raised premiums for most of their products and riders in 2025.
Among the seven insurers in the market, six experienced a surge in net claims ranging from 9% to 27% in 2024. In response, these six companies have adjusted the coverage of their IPs and riders this year, resulting in confirmed premium increases for 2025, according to statements provided to The Straits Times.
The exception is Raffles Health Insurance (RHI), which recorded an 18% decline in net claims in 2024, although it still posted underwriting losses.
All Singaporeans are covered under the national MediShield Life scheme, which provides protection for hospitalisation costs and selected outpatient treatments, including radiotherapy and kidney dialysis.
An Integrated Shield Plan (IP) is optional health coverage offered by private insurers on top of MediShield Life, typically covering hospital stays in A or B1 wards at public hospitals, as well as stays in private hospitals.