Voluntary Health Insurance Scheme And Beyond Dr. Yi Mien Koh Managing Director Health & Employee Benefits AXA Hong Kong November 28, 2018 1
HK Is Rapidly Ageing Rapidly ageing population The number of people aged 65 or above will increase from 11.7% of total population in 2003 to 27% in 2033. Population Projections, 2007 to 2033* 2007 2033 *Census and Statistics Department 2
Ageing Population Demands More Health Care Increasing health expenditures due to aging population Projected growth rate of public health expenditure due to net medical Operating expenditure of Hospital Authority* inflation, population growth and aging effect* *Food and Health Bureau, Hospital Authority 3
Private Insurance Helps Finance Health Care While Government schemes increased from HK$36bn to HK$65bn, their share decreased due to increasing importance of private insurance Individual Health Insurance penetration and hospitalization in elderly population, 2009-2016* Percentage share of major components 2006-2007 2014-2015 Overall Expenditure HK$ 71.9 billion HK$ 131.8 billion Government Schemes 50.7% 49.3% Out-of-pocket spending 35.3% 35.7% from households Individual health insurance 5.9% 7.9% schemes Group-based schemes 5.4% 6.6% *Food and Health Bureau. 4
Individual Health Insurance Has Grown in Recent Years The penetration rate has increased from 20% in 2006 to 34% in 2016 Local population covered by health insurance policies, 2006-2016* 2006 2016 *Food and Health Bureau. HKSAR 5
Private Insurance Plays A Bigger Role in Elderly Care Individual health policies help divert elderly patients to private hospitals Current health expenditure in Hong Kong and its major components by percentage distribution, 2006-2007 and 2014-2015* Elderly people aged 65 and above 2009 2016 Penetration 4.9% 10.4% (% insured) Hospitalization 35% 55% (% treated in private hospitals) *Food and Health Bureau. 6
Hong Kong Remains A Robust Private Insurance Market Consistent market growth for both individual and group medical insurance Total premium and per capita premium of the health insurance market in Hong Kong, 2006-2016* Per Capita Premium Total Premium HK$ 4,683 $5,000 HK$ 4,365 HK$ 2,422 $4,000 HK$ 2,345 8.8 $3,000 $2,000 $1,000 3.3 10.3 $0 3.6 2006 2016 2006 2016 Individual-based segment Group-based segment *Food and Health Bureau. 7
Consult to the complete presentation. 咨询获得完整演讲材料。 Cathy Wu E: cathyw@szwgroup.com
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