SH Group: Hong Kong insurance policy increase with little change on insurance premium

The new statistics released by the Hong Kong Institute of Insurance Supervision show that rising health care costs have led to an increase in insurance sales.

A survey conducted by the Hong Kong Medical Insurance Association collected business data from 16 major underwriters, accounting for 60% of the market share of the health insurance market in 2015. The results showed that the number of private and personal health insurance plans increased by more than 300,000.

This trend is due to the extensive use of medical services and advances in medical, leading to rising medical costs. Although the rise in insurance policies, the average growth rates for personal and collective health insurance premium over the past five years were 5.9% and 4.6%, respectively. This shows that health insurance provides a reasonable and stable premium for customer.

Private hospitals or clinics see 90% of the claims filed, emphasizing that most health insurance claims customers are directly benefiting from the benefits of insurance. In addition, the survey found that the cost of the surgeon and the cost of facilities for colonoscopy and gastroscopy were significantly different.

SH Group according to statistics, suggested that surgery in clinics and daytime surgical facilities will help reduce the cost of patients. Governments, health care providers and the insurance industry should do more public education in this area to ensure better use of resources by encouraging more usage of clinics and daytime surgical facilities.