What is the Eldershield claims ratio?

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By: Leong Sze Hian

I refer to the article “MOH appoints ElderShield Review Committee to study ways to better support elderly” (Channel NewsAsia, Oct 7). It reported:

“An ElderShield Review Committee has been formed to study ways to enhance the severe disability insurance scheme, announced the Ministry of Health (MOH) on Friday (Oct 7).

In a news release, MOH said the move is part of the efforts to further strengthen Singapore’s social safety nets for an ageing population. The Committee is expected to complete the review and submit its recommendations to MOH by end 2017, it added.”

$90m ElderShield claims since 2002

According to the article ““S$90m paid out in ElderShield claims since its 2002 launch” (Channel NewsAsia, Apr 5) – “Around S$90 million has been paid out since ElderShield was launched in 2002, with about 12,500 successful claims.”

How much premiums collected since 2002?

What is the total premiums collected since 2002? About $2 billion (estimate)?

Claims ratio?

What is the total claims ($90 million) to total premiums ($? billion) ratio?

What was the claims ratio for each of the years, since 2002 of the scheme?

“As at end 2015, there were 1.2 million ElderShield policyholders, or about 65 per cent of the resident population aged 40 to 83”.