How much were the premiums collected and claims paid in recent years?
The premiums collected, claims paid, change in required liabilities and the Fund’s operating loss ratio are shown in the table below.
Year | Premiums Collected [A] | Total monies required for Fund Operation [B] + [C] |
Operating Loss Ratio* ([B]+[C])/[A] | |
Claims Paid [B] | Change in Required Liabilities [C] | |||
2020 | $1,971m | $1,046m | $974m | 102% |
2021 | $2,343m | $1,197m | $1,447m | 113% |
2022 | $2,422m | $1,259m | $892m | 89% |
2023 | $2,471m | $1,384m | $954m | 95% |
2020-2023 | $9,207m | $4,886m | $4,267m | 100% |
*Does not include expenses and investment returns
The total premiums collected between 2020 and 2023 matched the current and expected claim commitments over the same duration. This is shown by the Operating Loss Ratio for the Fund, which was 100% over 2020-2023.
Related questions
What do the liabilities of the MediShield Life Fund support?
What are the premium recovery measures? Who will enforce premium payment?
Are the MediShield Life Fund’s liabilities necessary? Why is there a need to set aside liabilities for recurring claims when premiums are paid annually?
What is the difference between Operating Loss Ratio and Loss Ratio, which is a better measure? Why do some people cite the loss ratio as being low?
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