SINGAPORE: A recent survey by MDRi has revealed that a significant portion of Singaporeans are actively seeking additional insurance coverage beyond what is provided by their employers.
According to the findings, 36% of respondents have chosen to purchase supplementary insurance, with the primary motivations being financial risk mitigation, enhanced coverage options, and managing rising healthcare costs.
Despite this, the survey also found that 90% of Singaporeans are already covered by some form of medical insurance, with nearly half (49%) holding personal coverage in addition to employer-provided plans. The survey highlights Singapore’s relatively high insurance penetration, with only 10% of respondents remaining uninsured—a figure that is notably lower compared to other regions, such as Hong Kong.
Among middle-income respondents, the focus on health-related financial planning is even more pronounced, with 31% planning to increase their health budgets in 2025. In fact, overall, 23% of all respondents have indicated their intention to allocate more funds towards healthcare in the coming year.
For many, the motivation to seek extra insurance coverage is largely driven by the rising costs of medical care. About 43% of respondents cited the need to manage financial risks as the primary reason for considering additional coverage, while 39% sought more comprehensive policy options and 37% were concerned about escalating medical expenses.
Despite the widespread coverage, the survey also uncovered that 52% of those without insurance listed high costs as the main reason for their lack of coverage. MDRi CEO Simon Tye emphasized that while Singapore’s insurance market is highly mature, there remains an opportunity for insurers to cater to those without coverage by offering more affordable, tailored solutions that alleviate financial concerns.
The survey, conducted between December 31, 2024, and January 6, 2025, gathered responses from 500 individuals in Singapore, providing valuable insights into the nation’s approach to healthcare and insurance planning for 2025.