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Prudential USD

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Integrated Shield scheme insurers nursing their results back to health

17 Sep 2019 09:00

By Genevieve Cua

INSURERS in the Integrated Shield scheme (IP) significantly improved their underwriting results in 2018, despite maintaining still-predominantly loss-making health portfolios.

Prudential staged the most dramatic turnaround with an underwriting profit of S$42.7 million, compared to losses in 2017 and 2016. It is the sole insurer in the scheme whose health portfolio bounced back into the black in 2018. It is also the only insurer with a claims-based pricing system for its riders - policyholders who do not claim enjoy a 20 per cent discount on premiums. It did not raise IP premiums last year.

Agnes Choy, Prudential head of group business and medical products, says: "Following several years of underwriting losses, we saw a turnaround in our PruShield portfolio in 2018, driven in part by the stabilisation of claims in our private hospital plans.

"We attribute this to our claims-based pricing approach which rewards our customers who stay healthy with lower premiums and encourages them to use healthcare services more prudently.''

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Source: Business Times

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