The insurers who were in the integrated shield plan business (IP) filed their latest result with MAS.
Havend have compiled the results together with the past results. This means that we have five years of data to review.
I decided to share some of the results tabulated by my colleague here since some might be interested.
Prudential have done very well doubling their underwriting profits from $11 million to $25 million. Income and Singlife are the two insurers with worsening results. Great Easter and RHI have improved.
With this kind of results, I think it is likely that we will see our premiums rising, especially for the highest grade of medical plan that caters for private medical care.
Income Insurance Covers Less Lives in 2024
Market Size – number of lives covered for AIA, GE, HSBC, Income, Prudential, RHI, Singlife from 2019 to 2024. Click to view larger chart. Data from MAS, compiled by Havend.
Almost all insurer show that they have more lives covered except for Income....