AXA Life joins as sixth IP insurer from May

Singapore

French insurer AXA Life will officially join the Integrated Shield Plan (IP) and rider market here as the sixth and newest provider from May 1, after it gained the Health Ministry's approval to do so.

The ministry on Wednesday said it has approved AXA's application to provide three new Medisave-approved IPs that provide coverage for private hospitals, Class A wards in public hospitals and Class B1 wards. It said that this will offer Singaporeans greater choice in private insurance plans.

The development comes nine months after The Business Times reported that AXA was set to be the sixth player joining the existing five IP insurers: AIA, Aviva, Great Eastern, NTUC Income, and Prudential.…