Six IP insurers stung by underwriting losses as claims surge

3 days ago, i think this news have being trending in internet and all Six insurers are making lose even with the IP increased. you can imagine, the sixth player, AXA, only started selling IPs – a yearly renewable product – in May 2016 but has already recorded a stinging loss of S$5.1 million, mainly due to the hefty distribution expenses of nearly S$5.7 million. This is quite a stunning news.

Overall individual IP insurers trend of losses and you can see how much they have increase their premium over the years. As my previous post, Prudential have launch the claims experience and 10% pru rewards to tackle this issue ,that looking in a direction to have a ‘smoother premium’ .

Private medical treatment, the inflation and the salary of the private professional are getting steeper and even the proximity of the rising cost  the time frame are getting shorter and shorter,

 

 

 

 

 

 

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Christopher Loo

Associate

Senior Financial Consultant