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Scoring Methodology of Personal Accident Insurance
10Life actuaries have compared over a dozen personal accident insurance products in the Hong Kong market, analysing their value from multiple dimensions including death/disability payout, medical expense cover, physiotherapy /bone-setting cover, hospital cash cover and extreme sports coverage. Below are the rating items and weightings:
- Death/ Disability Benefit Multiplier (30%):Compare death/ maximum disability payout as multiple of annual premium
- Medical Reimbursement Multiplier (30%):Compare maximum medical reimbursement payout as multiple of annual premium
- Physiotherapy/Bone-setting cover (20%):Compare the coverage ratio assuming the insured requires the following treatment per accident: i) 5 physiotherapy sessions of HK$500 each; or ii) 5 Chinese bone-setting sessions of HK$200 each
- Hospital Cash Multiplier (10%):Compare daily hospital cash payout (assume for 7 days) as multiple of annual premium
- Extreme Sports Coverage (10%):Score based on whether these common adventurous sports are covered - skiing, scuba diving, parachuting, rock climbing and non-professional bicycle race
The scores are based on the following assumptions:
- Products with sum assured/ accidental death benefit of HKD 1,000,000 (or nearest) are selected
- Products with accidental medical expense coverage of HKD 40,000 (or nearest) are selected
- The occupation of the policyholder is indoor and non-hazardous in nature
