Understanding medical insurance premiums and why they are rising
Claims take up the largest share per dollar of premium at 78 per cent, followed by distribution cost at 12 per cent
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AN ANALYSIS of long-term private medical insurance premiums by the Singapore Actuarial Society (SAS) has cast a spotlight on factors driving higher premiums, such as claims and distribution costs.
Integrated Shield Plans (IPs) and their accompanying riders account for 90 per cent of long-term private medical insurance.
SAS’ paper – How medical insurance premiums are spent and why they are rising – tackles each component of premium by turn. Industry data is based on returns filed by IP insurers with the Monetary Authority of Singapore (MAS).
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