What is the Standard Premium Rate (SPR) and what does it include?
All health insurance premiums in Bermuda include a Standard Premium Rate (SPR), set by law. The SPR is comprised of:
- Standard Health Benefit (SHB) premium, which is retained by insurers to pay eligible SHB claims
- Mutual Reinsurance Fund (MRF) fee, which is collected on behalf of Government’s Health Insurance Department
While the SPR for 2019-2020 remains the same as it was in 2018- 2019, the distribution of the components of this premium have changed. This means that more than 93% of the SPR now flows to the Government.