AIA, Aviva, AXA

AIA, Aviva, AXA, Great Eastern, Income, and Prudential are likely to raise premiums on Singapore’s Integrated Shield Plans (IPs) after they suffered underwriting losses in 2017.

According to their financial returns, the six insurers have been suffering losses on their IPs since the launch of MediShield Life in November 2015.

Their combined losses reached S$390 million (US$286 million) last year, primarily due to AIA’s S$284 million deficit.

Only Income and Prudential experienced a dip in claims ratio last year from the year before, which helped softened the blow because of lower claims against premium income.

According to a study conducted by the Life Insurance Association (LIA) Singapore, average inpatient claims in private hospitals have expanded 8.1% in recent years.

This is in addition to a 7% compound annual growth in claims frequency for private hospital Integrated Plans.

Insurers in Singapore likely to raise premiums after losses

AIA, Aviva, AXA, Great Eastern, Income, and Prudential are likely to raise premiums on Singapore’s Integrated Shield Plans (IPs) after they suffered underwriting losses in 2017.

According to their financial returns, the six insurers have been suffering losses on their IPs since the launch of MediShield Life in November 2015.

Their combined losses reached S$390 million (US$286 million) last year, primarily due to AIA’s S$284 million deficit.

Only Income and Prudential experienced a dip in claims ratio last year from the year before, which helped softened the blow because of lower claims against premium income.

According to a study conducted by the Life Insurance Association (LIA) Singapore, average inpatient claims in private hospitals have expanded 8.1% in recent years.

This is in addition to a 7% compound annual growth in claims frequency for private hospital Integrated Plans.

Singapore life insurers post 14% rise in Q1 sales

Singapore’s life insurance industry started 2018 on a positive note, having recorded a 14% rise in weighted new business premiums in the first three months of the year, according to the Life Insurance Association (LIA) Singapore.

Data released by the association showed that the country’s life industry recorded a total of S$925.1 million (US$692 million) in new business premiums, with linked policies recording the highest growth of S$208 million, an 82% rise from the same period last year.

For single premium products, the industry recorded S$282.3 million in weighted single premiums, a 0.4% from last year.

At March 31, 2018, the life insurance industry paid out S$1.30 billion to policyholders and beneficiaries.

Of this amount, S$1.06 billion was for policies that had matured.

The remaining S$237 million was for death, critical illness or disability claims, the LIA Singapore report showed.

Insurers in Singapore likely to raise premiums after losses

AIA, Aviva, AXA, Great Eastern, Income, and Prudential are likely to raise premiums on Singapore’s Integrated Shield Plans (IPs) after they suffered underwriting losses in 2017.

According to their financial returns, the six insurers have been suffering losses on their IPs since the launch of MediShield Life in November 2015.

Their combined losses reached S$390 million (US$286 million) last year, primarily due to AIA’s S$284 million deficit.

Only Income and Prudential experienced a dip in claims ratio last year from the year before, which helped softened the blow because of lower claims against premium income.

According to a study conducted by the Life Insurance Association (LIA) Singapore, average inpatient claims in private hospitals have expanded 8.1% in recent years.

This is in addition to a 7% compound annual growth in claims frequency for private hospital Integrated Plans.

Insurers in Singapore likely to raise premiums after losses

AIA, Aviva, AXA, Great Eastern, Income, and Prudential are likely to raise premiums on Singapore’s Integrated Shield Plans (IPs) after they suffered underwriting losses in 2017.

According to their financial returns, the six insurers have been suffering losses on their IPs since the launch of MediShield Life in November 2015.

Their combined losses reached S$390 million (US$286 million) last year, primarily due to AIA’s S$284 million deficit.

Only Income and Prudential experienced a dip in claims ratio last year from the year before, which helped softened the blow because of lower claims against premium income.

According to a study conducted by the Life Insurance Association (LIA) Singapore, average inpatient claims in private hospitals have expanded 8.1% in recent years.

This is in addition to a 7% compound annual growth in claims frequency for private hospital Integrated Plans.

Insurers in Singapore likely to raise premiums after losses

AIA, Aviva, AXA, Great Eastern, Income, and Prudential are likely to raise premiums on Singapore’s Integrated Shield Plans (IPs) after they suffered underwriting losses in 2017.

According to their financial returns, the six insurers have been suffering losses on their IPs since the launch of MediShield Life in November 2015.

Their combined losses reached S$390 million (US$286 million) last year, primarily due to AIA’s S$284 million deficit.

Only Income and Prudential experienced a dip in claims ratio last year from the year before, which helped softened the blow because of lower claims against premium income.

According to a study conducted by the Life Insurance Association (LIA) Singapore, average inpatient claims in private hospitals have expanded 8.1% in recent years.

This is in addition to a 7% compound annual growth in claims frequency for private hospital Integrated Plans.

Swiss Re: SONAR 2018 – A peek into the future?

Catching emerging risks is a bit like catching fog. Some drops will turn into water nurturing new risk pools while others just evaporate as they won’t hit the ground. But all risks have the potential to impact not only the insurance industry but also society as a whole. So it’s worth looking at them carefully. Swiss Re’s latest SONAR report draws on the company’s unique in-house risk management expertise to chart the progress of evolving risks that could spell both opportunities and dangers for the insurance industry in the future.

Growing geopolitical tensions, the re-emergence of the asbestos threat, cyber risks and new technology, biased algorithms and the erosion of risk diversification are just some of the key themes identified in this year’s SONAR report.

Fast developing technologies can also have broader implications for our general wellbeing. They can exacerbate sleep deprivation, undermine human skills or have both beneficial and negative impacts as in the case of cryptocurrencies. These are some of the additional emerging risks discussed in this publication