This is a reversal from the 3.9 per cent year-on-year dip in total weighted new business premiums posted in 2023 to $4.9 billion, led by a drop in the single premium business.

MoneyOwl will also provide insurance product ratings, which involve evaluating and rating products based on their coverage level and how value-for-money they are.

The MediShield Life review last year recommended a revision in the pro-ration factors for private unsubsidised bills, to prevent such cross-subsidisation.