AIA has increased premiums for its private health and cancer cover. In addition, premiums for in-force private health, cancer care, and closed Sovereign Health policies are increasing on policy anniversaries from 20 November 2023.
AIA states that claims costs are experiencing similar inflationary pressures as many other goods and services, as well as cost increases specific to the medical sector.
“For example, labour cost increases in the medical sector, a rise in claims volumes, and ongoing healthcare innovation,” states AIA.
The firm adds that it has applied a common increase across all health products, and has also revised excess payments.
Premiums for closed AIA health products are increasing on policy anniversaries from 1 January 2024.
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