HONG KONG--(BUSINESS WIRE)--Global health insurance brokerage Pacific Prime’s latest report examines international private medical insurance (IPMI) premiums in 100 locations and finds that a number of locations’ IPMI premiums have decreased for both individuals and families. This is due to a number of key factors, chief of them being the unprecedented COVID-19 pandemic.
Pacific Prime’s Cost of International Health Insurance Report 2020-2021 begins by ranking countries based on their average IPMI premiums. The US takes the number one spot, with average premiums of USD $7,703 for individuals and USD $21,817 for families. At the bottom end of the spectrum, Thailand had the cheapest average premiums of USD $1,934 for individuals and USD $7,257 for families.
From the 100 locations studied, up to 36 countries showed a decrease in IPMI premiums, compared with the previous year, as the COVID-19 pandemic has caused people to avoid/delay seeking healthcare treatment, and countries to impose lockdown measures. In addition to the overarching trend in IPMI premiums, the report also sheds light on region-specific trends including:
- 12 out of 20 locations with the costliest health insurance premiums are located in the Americas. The US remained the country with the highest premiums due to its exorbitant cost of care, while Latin American countries’ premiums may see a jump in the next 5 years due to a rise in expensive claims for behavioral and mental health conditions.
- Hong Kong has reclaimed its position as the second most expensive location in the world for health insurance. Similarly, Singapore is the second most expensive location in Asia. This is due to factors such as overutilization of health insurance and a rapidly aging population, amongst others.
- China’s health insurance premiums are going through a correction phase after years of increase, as a result of sluggish demand amidst a global economic downturn. The country’s insurance landscape is also witnessing digitalization, as insurtech takes center stage.
- Health insurance companies are beginning to refine and redefine their premium pricing strategy for each region to strike an optimal balance between service quality and operational sustainability, as well as to prepare for any crises that could arise in the near future.
Download a free copy of Pacific Prime’s Cost of International Health Insurance Report 2020-2021 to learn more about the aforementioned trends, as well as to contextualize them with the key drivers shaping health insurance including the changing demand for care, cost of care, increased regulation, continued challenges related to fraud, and the rise of insurtech.
About Pacific Prime:
Established in 1999, Pacific Prime is an award-winning insurance brokerage, operating out of its headquarters in Hong Kong and regional offices strategically located across Asia, the Middle East, Europe, and the Americas. The brokerage is dedicated to simplifying insurance for individuals, families, and corporates. To learn more, visit: https://www.pacificprime.com/