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The paper proposes a new multi-state modelling framework for a general buy-back accelerated critical illness (ACI) product. This allows the insured to receive a critical illness benefit payable on each of two occasions, when one of the ACI qualifying treatments is satisfied, rather than only once as in the standard ACI product. The additional premium cost of this general buy-back product is compared to a standard ACI product. Further examples of the same premium cost comparisons are provided, which take into consideration that only policyholders with certain qualifying CI conditions are to receive a reinstatement, while incorporating a higher incidence after previously healthy policyholders succumb to other non-qualifying conditions.

Singapore’s MediShield is a publicly-provided catastrophic insurance scheme that began in 1990 as a complement to the country’s compulsory medical savings account, Medisave. This paper discusses the different industry structures employed in the provision of health insurance within Singapore, and the rationale for the most recent re-structuring in 2004-2005 and the choice of the current public-private framework