Saturday, March 20, 2010

Problem with private insurance

Private insurance is aimed at maximizing profits. They will deny or restrict coverage for people who need insurance most. They will increase the premium on renewal on those who had claims. Those who are caught by these practices have no choice, as other insurance companies will not accept them. These points are raised by President Obama in his speech urging reform of the health care system in America. This same challenges apply to  motor insurance in Singapore.
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2 comments:

  1. LimejuiceMarch 22, 2010 10:51 PM

    Dear Mr Tan,

    I'd like to ask what benchmark would you suggest to accept or deny a life insurance application?

    Regards,

    Limejuice

    ReplyDelete
  2. AnonymousMarch 23, 2010 9:58 AM

    People in US had different thinking than people in Singapore. If the same health reform is done in Singapore, there will be a lot of abuse of the health care system.

    This is very typical of singaporeans here. In the end, it will be sooner that the insurance company or government will become bankrupt due to this generosity of "Obama's healthcare system"

    ReplyDelete