Category Archives for Insurance
Rising Health Insurance Premiums in Singapore
One big factor determining the amount of insurance premiums charged by insurance companies for providing medical benefits is the amount of claims that they are paying out. With all other factors unchanged, a rising number of claims as well as higher average claim amounts will lead to rising premiums. The rising number of claims and claim amounts can […]
Future of Direct Insurance Buying and its Implications
The announcement by MAS about the details of life insurance products that will be sold directly to consumers drew many comments from the public. I see comments like : Insurance agents will be out of job soon. MAS is killing insurance agents. I think MAS needs to rethink how they are engaging the industry. I am […]
Buying Insurance Directly Without Paying Commissions
Yesterday, MAS announced the features of insurance products that consumers would be able to buy directly from insurance companies without going through an agent and paying commissions (ie lower premiums). This was one of the suggestions that were proposed and accepted in the FAIR review and has been finalized after ten months of discussions with various […]
Of Medishield Reserves and Its Loss Ratio
Reading the recent Parliament discussion on our Medishield reserves and its loss ratio got me thinking…and writing. Insurance Loss Ratio From an insurance point of view, a loss ratio is defined as the ratio of what an insurance company pays in benefits and associated expenses (such as adjustments) to what is collected in premiums, expressed as […]
What is Industry Practice For Insurance Bonus Statements?
In response to the letter from Tan Aik Meng about misleading insurance bonus statements, Great Eastern Life has replied that their statement follows industry practice: Bonus statement is industry practice It is industry practice for insurers to provide an illustration for the death benefits and surrender values of the policies, which are usually projected over […]