Singapore: Private health insurers in 'race to the bottom'
Source: Asia Insurance Review | Aug 2024
Private insurers in Singapore are engaged in a race to the bottom as they are offering very attractive terms to encourage sign-ups and win market share, Singapore minister for health Ong Ye Kung said.
Speaking at the 25th anniversary members’ night of the Securities Investors Association (Singapore) on 12 July, Mr Ong that there are integrated shield plans (IPs) that promise no claim limits, and riders to protect policyholders from co-payment. IPs are medical insurance plans that consist of both the government-run basic health plan and additional private insurance coverage that private insurance companies offer.
Mr Ong said, “These features look generous and very attractive and give absolute peace of mind, but they have also aggravated the buffet syndrome and are pushing up healthcare costs.” A