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Singapore forms 12-member Multilateral Healthcare Insurance Committee

Singapore healthcare insurance committee_IFM_Image
The committee will be officially established on April 27th, 2021

Singapore’s Ministry of Health (MOH) has announced that it has formed a 12-member Multilateral Healthcare Insurance Committee (MHIC), media reports said. The committee will be officially established on April 27th April 2021.

The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.

The purpose of the committee is to manage the increasing healthcare costs in the healthcare insurance system. Further, the committee will also guide the establishment of platforms to address complaints and conflicts arising from healthcare insurance claims.

Singapore-based insurtech firm Igloo is partnering with Philippines-based insurance broker Philpacific Insurance Brokers (Philinsure) to provide access to digital insurance products in the country. The products will target mostly micro, small and medium-sized enterprises (MSMEs). Igloo said in a statement that the goal of the partnership is to provide accessible and affordable insurance to Filipinos in the country to support their need for security and protection.

Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.

Last year, Singaporean fintech Pay2Home joined hands with Chubb Insurance to offer insurance cover to foreign nationals working in the city-state. The insurance product known as Priority2Project is designed for low-income individuals who are working in challenging conditions in Singapore.

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