Etiqa Insurance has introduced a no-claim discount for its cancer insurance offering, in what it claims is a market first in Singapore.

According to a statement by the insurer, the cancer insurance product offers full coverage and payouts for all stages of cancer. Additionally, the policyholder will receive 6% savings on their annual premium on policy renewal if no claims have been made in the previous policy term, the insurer said.

Etiqa cited Singapore’s Ministry of Health, which identified cancer as the leading cause of death in Singapore, accounting for nearly 30% of deaths every year. Around one-fourth to one-fifth of Singaporeans may develop cancer in their lifetime. However, the good news is that a third of all cancers are curable if they are detected and treated early, and new cancer treatments have enabled people with advanced cancers to live longer.

On the other hand, the 2017 Protection Gap Study released by the Life Insurance Association (LIA) revealed that Singaporeans may be insufficiently prepared to cope with the medical expenses should a critical illness like cancer occur. Most conventional critical illness plans cover a wide range of diseases, including cancer, but they might not cover all stages of cancer, the statement said.

“The risk of cancer increases with age. With an ageing population in Singapore, Etiqa recognises the increasing need for a comprehensive yet affordable cancer protection plan, which can reduce financial worry and allow one to fully focus on recovery if cancer is diagnosed,” said Sue Chi Kong, CEO of Etiqa in Singapore. “The NCD benefit in our cancer insurance is meant to encourage customers to consistently take charge of their protection needs.”