Rising private Insurance costs in Singapore

AIA 2019 Premium rates

Last year I complained about a 13% price increase to my health insurance premium.

To my astonishment, this year it rose from 43.40SGD to 73SGD for my AIA Max Essential A plan. Er, that's a 68.2% increase !?!

My "AIA Essential A plan" IIUC (AIA seems to make this very confusing) is sold together with the HealthShield (AIA HealthShield Gold Max A). The SHIELD (as I understand it) is a Singapore government initiative to standardise (and supposingly simplify) private health care insurance offerings. I recall the Shield plans came into affect roughly two years ago.

This is really disappointing considering how AIA seemed to react apologetically last year with https://www.aia.com.sg/en/IP-Riders.html together with a Strait's Times article titled "Keeping insurance premiums affordable". That year they attributed the rise to following Health Care Interpretations Task Force (HITF) recommendations, wherever they are published.

This year, in the regular mass mailing where they just gave me a table with no context, I only noticed the hike due to my previous blog! I contacted my insurance agent who said "All the insurers increased their premium (because) the claims are (way) too high. Every insurer lost money for this policy". This statement seems to be confirmed by https://www.tnp.sg/news/business/insurers-suffer-losses-intergrated-shield-plans-premiums-may-rise.

I am wondering are the hikes down due to creation of the Integrated Shield Plan by the Government? I.e. the government foisted some change with good intentions, the insurance industry complied and then reacted by raising the premiums silently over the years?

Else how can health care costs go up by SO MUCH?!

I saw the businesstimes reporting on the rise, but no real reasons why and I am wondering who is looking out for the middle class who buy these policies.

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