Demand for medical malpractice insurance from elderly healthcare institutions in Singapore is expected to rise rapidly in the next five years. According to AIG Asia Pacific, the increase could be up to 40%.
The demand will be fueled by the increase of citizens aged 65 and above, which is expected to double by 2030, from 440,000 to 900,000. Another factor is the rise in incidents of chronic and complex health conditions. These add strain on the healthcare system, increasing the risk of medical errors.
In the same vein, the increase in malpractice insurance for general healthcare is expected to increase by 25% in the next five years. Data obtained by AIG from healthcare organizations and patients includes inadequate patient handovers between caregivers, failure to correctly conduct independent double checks, and medication prescription errors as patients are handled by multiple medical professionals from both the public and private sectors.
According to Dr. Aileen Killen, head of casualty risk consulting – healthcare at AIG, there has been a 300% increase in the past year for malpractice insurance, coming from both medical institutions and professionals. A significant portion of the enquiries came from organizations involved with caring for the elderly.
Killen added: “There is a need to proactively address the risks that can arise from these pressures and for healthcare organizations to build preventive solutions into their systems. This ensures that healthcare professionals are better equipped to proactively manage risk instead of reacting to issues after the fact. In this way, healthcare organizations can keep their staff safe, and this has a major positive impact on patient outcomes and safety.”
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