A recent survey by MDRi reveals that 36% of Singaporeans have chosen to purchase extra medical insurance beyond the coverage provided by their employers, despite the fact that 90% of Singaporeans already own some form of medical insurance.
The survey, conducted between December 31, 2024, and January 6, 2025, also highlights a growing focus on health in financial planning, with 23% of respondents indicating plans to increase their health-related budgets in 2025. Among middle-income individuals, this figure rises to 31%, showing a significant emphasis on medical preparedness.
Medical insurance is widespread in Singapore, with 49% of respondents holding personal coverage in addition to employer-provided plans. Despite this, 10% of the population remains without insurance— a significantly lower proportion compared to Hong Kong.
The survey further reveals that 24% of Singaporeans intend to purchase additional medical insurance in 2025, driven primarily by the need to mitigate financial risks (43%), access broader coverage options (39%), and manage rising medical costs (37%). For the 10% who are uninsured, high costs remain the primary deterrent, with 52% citing it as the main reason for not securing coverage.
MDRi CEO Simon Tye commented on the maturity of Singapore’s insurance market, noting that most individuals are already covered. However, he stressed that insurers still have the opportunity to attract the uninsured by offering cost-effective solutions that address financial concerns.
The survey collected responses from 500 Singaporeans, providing a snapshot of the country’s insurance landscape and its evolving trends.
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