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Medical malpractice insurance demand to increase over the next five years

  • Publish Date: Posted over 7 years ago

Medical malpractice demand by senior healthcare organisations in Singapore is anticipated to rise by 40% in the next five years, according to AIG Asia Pacific Insurance Pte. Ltd. Fuelling this demand is the number of people over 65, which is forecast to double from 440,000 to 900,000 by 2030, as well as growing incidents of chronic and complex diagnoses. As an ageing populace and major health diagnoses continue to grow the healthcare system is being put under increasing pressure, leading to an increased risk of medical errors. The purchase rate for malpractice insurance for general healthcare institutions is forecast to grow by a quarter in the next five years. A survey by AIG uncovered that the big concerns for Singapore healthcare organisations and their patients are below standard patient handovers between caregivers, missing independent double checks and errors in prescriptions. This means more patients are getting looked after by multiple public and private healthcare professionals. This mirrors complaints received by the Singapore Medical Council last year. Out of 141 complaints, professional negligence or incompetence cropped up the most, accounting for 28% of complaints. Dr Aileen Killen, AIG’s head of casualty risk consulting, said that AIG Singapore has witnessed a 300% growth in medical malpractice insurance enquiries last year by both healthcare institutions and professionals, with a significant proportion from senior healthcare organisations.