The latest report from the Health Insurance Authority (HIA) indicates that health insurance coverage has reached 2.52 million, accounting for 46% of the population. However, prices have significantly increased, with some plans seeing hikes of up to 26%. The rate of growth in coverage is slowing, and there is a notable decline in the number of insured children. Older individuals face higher average premiums due to maintaining longstanding plans. Claims volumes appear to be stabilizing after a surge during the pandemic, affecting the insurance market dynamics.
"Despite recent price increases, our report shows more people are buying health insurance, with almost 2.52 million now having cover, highlighting a significant trend in the market."
"Health insurers have blamed a surge in claims as one of the main reasons for imposing a succession of premium hikes in the past year, making insurance unaffordable for some."
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