Industry Initiatives

  • Health Insurance Task Force

    The Health Insurance Task Force (HITF) was set up in 2016 to address the issue of escalating claims costs for Integrated Shield Plans (IPs), which continues to place upward pressure on health insurance premiums.

    To better understand the extent of health insurance costs inflation and to provide appropriate recommendations on managing IP claims escalation in Singapore, HITF released a Report on ‘Managing the Cost of Health Insurance in Singapore’ in October 2016.

  • Protection Gap Study

    The inaugural Protection Gap Study was released in 2012, examining the protection needs and gap of working adults in Singapore. The study took into consideration their financial commitments and analysed life insurance policies purchased by these working adults.

    The follow-up study - Protection Gap Study 2017 – revealed that Singapore faced a 20% mortality protection gap and 80% critical illness (CI) protection gap. The CI component was included in view of the nation’s continued ageing population, rising incidence of chronic diseases and escalating healthcare costs.

    The life insurance industry continues to take proactive measures to help Singaporeans bridge their protection gap and maintain their quality of life.

    Protection Gap Study 2017

    Protection Gap Study 2011