Investment-linked plans (ILPs) emerged as a key growth driver, surging 41% year-on-year to S$2.25 billion, as consumers sought wealth accumulation opportunities amid economic uncertainty.
Non-participating products also showed strong performance, growing 19.2% to S$2.19 billion, while participating products saw a slight 2.7% decline.
The industry reported significant growth in health insurance coverage, with approximately 40,000 more Singaporeans and permanent residents covered by Integrated Shield Plans (IPs) compared to 2023.
Currently, 2.97 million lives – about 71% of Singapore residents – are protected by IPs providing coverage beyond MediShield Life.
Claims payouts increased substantially in 2024, with the industry paying out S$18.12 billion to policyholders and beneficiaries, up 33.4% from 2023. Of this amount, S$16.18 billion was for matured policies, while S$1.94 billion covered death, disability, and critical illness claims.
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