Forum: Impose cap on how much insurers can raise premiums

I purchased two insurance policies from an insurance company some time back.

My premiums for both policies doubled to over $700 last year when I was 42 years old.

This year, it cost me a total of $1,367, though I have never utilised either policy.

According to the insurance company, the adjustment is necessary to keep up with the latest claims experience and medical inflation and that "the claim experience has seen an increase of 22 per cent per annum".

In short, the insured are held hostage by insurance providers. Either we pay the more expensive premiums or we risk hefty medical charges.

I urge the authorities to step in to deter insurance providers from raising their fees as they deem fit.

Justifications for any increment must be provided and there should be a cap on how much they can raise it by.

Consumers should never be at the mercy of health service providers, and/or insurance companies.

Koo Ying Siew

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