Integrated Shield scheme insurers nursing their results back to health

Prudential is sole player to show profit after two years of losses, thanks to claims-based pricing, while most others cut losses significantly

Genevieve Cua

Published Sun, Sep 15, 2019 · 09:50 PM

Insurance

Singapore

INSURERS in the Integrated Shield scheme (IP) significantly improved their underwriting results in 2018, despite maintaining still-predominantly loss-making health portfolios.

Prudential staged the most dramatic turnaround with an underwriting profit of S$42.7 million, compared to losses in 2017 and 2016. It is the sole insurer in the scheme whose health portfolio bounced back into the black in 2018. It is also the only insurer with a claims-based pricing system for its riders - policyholders who do not claim enjoy a 20 per cent discount on premiums. It did not raise IP premiums last year.