Opportunities and Challenges of Health Insurance Market
ASHK Healthcare Seminar “Striving for Sustainable Healthcare Financing”Feb 26th, 2016
Kenneth DaiVice President and Chief Actuary, Manulife Asia
Opportunities for Health Insurance Companies
4
Healthcare reforms/changes across Asia
Vietnam
"New National 10” - boost health insurance productsPreferential tax on commercial health insurance
VHIS
Universal HealthCare Bill; Expanded Senior Citizen's Act of 2010.
Govt: “Medishield” upgraded “Medishield Life”;Shield insurers: Standard Integrated Plan (same)
Coordination of Benefits between gov't and private insurers
Allow “day case” to claim hospital benefits
Gov’t roadmap to reduce medical support; More choices of hospitals
Opportunities
5
Public spending / government net
Private insurance
market
Personal expenditures (uninsured and underinsured)
• Smaller than Public currently • But solid/faster growth
Potentials in Private Health Insurance Market
Opportunities
Aging population
8
Source: The World Bank
0
2
4
6
8
10
12
14
16
18
20
% o
f tot
al
Year
Population ages 65 and above (as % of total)
Hong Kong
Singapore
China
Vietnam
Malaysia
Indonesia
Philippines
Opportunities
11
Customers
What customers care about probably don’t change
But they are more demanding and less sticky