Factors Driving The Increase In Medical Costs

Note

1)   Reference time-frame used for the computations: 1 January 2023 to 31 December 2025. 

2)   Refers to the increase of average claims cost per claim per annum where a negative inflation indicates a decrease in average claims cost per claim per annum from 1/1/2023 to 31/12/2025.

3)   Refers to average rate of increase in number of claims per annum.

4)   Refers to increase of medical cost per annum as the combined effect of medical inflation and increase in utilisation rate, which is the key driver of repricing.

5)   Total company level represents the experience of all retail medical products as a whole. For products where the medical inflation and cost are not shown individually, total company level number should be referred to. This is due to the size of individual product portfolio that is not sufficient to provide credible metrics and hence subject to higher volatility.  Please refer to the following list for these products.