Individual health insurance business premiums hit $465.7m in Q4 2019

IPs and IP rider premiums comprised $419.7m of the amount.

Total new business premiums for Singapore individual health insurance totalled $465.7m (US$336.4m) in Q4 2019, the Life Insurance Association said in a news release.

Integrated Shield Plan (IPs) and IP rider premiums comprised 90% or $419.7m (US$303.2m) with the remaining 10% or $46m (US$33.2m) composed of other medical plans and riders.

Almost 3 million Singapore residents are protected by IPs and riders, with 58,000 more Singaporeans and Permanent Residents covered as of end-December 2019.

All IP insurers have floated new rider policies with mandatory co-payment of 5% of more from April that year, motivating consumers and providers to choose cost-effective treatments. These will also have a cap on the co-payment amount each year for pre-authorised treatments. 

IP insurers may put a co-payment cap of $3,000 (US$2,167) or more per policy year. New policyholders will be informed that they will be transited to the new riders with co-payment from 1 April 2021.