Fight for younger clients weighs on IP insurers
As medical claims grow in face of ageing population, IP providers explore innovative ways to ensure industry's viability
Singapore
EVEN as the six Integrated Shield Plan (IP) insurers struggle to keep a lid on rising medical claims, they are besieged with an equally worrying problem - the brutal rivalry to attract new and younger clients from an increasingly shrinking pool of healthy and available consumers.
Industry observers told The Business Times that the six IP providers of these yearly renewable private health insurance plans are hemmed in by a rapidly ageing population - a trend that is only set to grow and that will have considerable impact on the IP industry's sustainability.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month