Britain's MDU quits S'pore

Britain's MDU quits S'pore

SINGAPORE (AFP): Britain's top medical insurer Medical Defense Union (MDU) will pull out of Singapore next month due to escalating costs worldwide, a report said Monday.

The MDU provides insurance coverage for more than 3,000 doctors and dentists in Singapore, where it established a base more than 30 years ago.

MDU's chief executive Michael Saunders was quoted by the Straits Times daily as saying the withdrawal was because "the number of claims is escalating and the costs of defending and compensating patients is rising worldwide."

A Singapore agent for the MDU, one of the world's largest medical indemnity providers, confirmed the insurer would withdraw its services in Singapore from October 1.

According to the MDU, the numbers and costs of claims were rising worldwide by 15 percent a year. It wanted to scale down its global operations to focus on Britain and Ireland.