Nov. 30, 2012
/PRNewswire/ -- The
Hong Kong medical insurance
market, closely monitored by leading insurance providers Kwiksure, is clearly witnessing an increase in new medical insurance plans entering the HK sector from global insurers including AXA,
Pressure placed on the HK Public health system has provided an opportunity for insurers to grow. However, while most
have shown promise, Aviva unexpectedly pulled out of the field 12 months ago, leaving policyholders without coverage and with pre-existing conditions considered uninsurable by new providers.
Cigna, on the other hand, is making positive moves and Kwiksure's
based customers will soon benefit from a new 'HealthFirst Elite' plan that offers unique features including lifetime renewal and community rated premiums. Community rating requires premiums to be based on the entire claims experience of all policyholders under the plan. Lifetime renewability is an attractive addition, rarely featured in local plans which usually terminate when policyholders reach age 65.
Kwiksure clients paired with Cigna policies will also gain
, maternity, dental and wellness benefits under the new plan, with a 50 percent discount on premiums for children, influenza vaccinations up to HKD$3,000 and promise of a 'no waiting period' for medical checks. Furthermore, non-smoking policyholders will receive a 10 percent discount. Underwriting in this way is highly unusual in HK and Kwiksure recognizes that Cigna's financial strength has enabled these benefits to be made available.
, sales manager at Kwiksure, commented: "We are seeing a lot of new entrants into the
medical insurance market from big branded global insurance companies, but the Cigna plan does look to be a good new option for local and expat residents."
Kwiksure analysts measure the Elite plan to be 20-40 percent more expensive than current local options, yet 20-30 percent cheaper than
international medical plans
offered by Allianz, IHI and Bupa International. The discrepancies in cost may cause concern for some but with benefits such as community rating and lifetime renewal, Cigna's latest plan is very good value for money and will be a positive addition to the