A recent survey by MDRi has revealed contrasting trends in the medical insurance landscapes of Hong Kong and Singapore. As Hong Kong experiences a growing interest in health insurance, Singapore is dealing with the challenges of rising medical costs and financial risk management.
The survey, which engaged 1,000 respondents across both regions, highlights that health is a top priority for residents in both markets. However, significant differences exist in insurance coverage. In Singapore, 90% of individuals have medical insurance, with 49% holding personal plans. In contrast, Hong Kong sees 81% coverage, with 19% of its population uninsured.
High-net-worth individuals (HNWIs) in Hong Kong are driving demand, with 48% planning to purchase new medical insurance in 2025. This contrasts with Singapore, where only 30% of HNWIs intend to acquire additional coverage due to already extensive insurance ownership.
The motivations for purchasing insurance differ between the two regions. Hong Kong residents are primarily driven by the need to address coverage gaps and rising medical expenses, whilst Singaporeans focus on mitigating financial risks. High costs remain a significant deterrent in both markets, affecting 62% of respondents in Hong Kong and 52% in Singapore.
Simon Tye, CEO of MDRi, emphasised the importance of these trends, stating, “Insurance firms must recognise the distinct landscapes of Hong Kong and Singapore.” The survey results suggest growth opportunities for insurers, particularly in Hong Kong, where many remain uninsured. Meanwhile, Singapore’s market could benefit from offering diverse coverage solutions to address rising medical expenses.
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