Announcing the latest Cost of International Health Insurance Report 2020-2021
Pacific Prime China is beyond excited to announce that the 2020-2021 Cost of International Health Insurance report is now available to download! In this highly anticipated annual report, we once again analyze the average International Private Medical Insurance (IPMI) of individuals and families from 100 global locations, as well as identify the key insurance drivers shaping health insurance premiums globally.
We also have an infographic available for those who want a visual snapshot of what to expect in the report. For this Pacific Prime China article, we’ll briefly go over what the report is about and present some key findings.
About Pacific Prime’s 2020-2021 Cost of International Health Insurance report
This report offers an exclusive look at the cost of International Private Medical Insurance (IPMI) – a popular health insurance plan for expatriates and their families – across 100 locations globally.
“Globally, the cost of health insurance has changed dramatically owing to the COVID-19 pandemic. At Pacific Prime, we have witnessed IPMI premium decreases in more than a third of countries as individuals avoid seeking healthcare treatment and countries double down on lockdown and preventative measures. Only time will tell if premiums remain the same or increase.” – Neil Raymond, CEO and Founder at Pacific Prime
What is the cost of international health insurance globally?
In 2020, the US topped our ranking as the most expensive location for individual and family health insurance, with the average individual premium in 2020 for the US being USD $7,703.
This was followed by Hong Kong (USD $6,146), Singapore (USD $5,677), Canada (USD $5,230), and Dubai (USD $5,207). One interesting point to note here is that all the countries mentioned here have high costs of healthcare, which is one reason why in 2020, they were the most expensive countries for individual health insurance in the world.
As for family health insurance, the trend is similar with the US topping the list again with the average individual premium in 2020 for the US being USD $21,817. Download the report to learn more about the rankings.
What are the key drivers shaping health insurance in China?
China is a dynamic country that continues to produce notable trends in the world of health insurance. Here are three key drivers shaping health insurance in China:
- Subdued demand
China’s economic activity was heavily affected during the peak of the country’s COVID-19 outbreak. Currently, levels of activity remain lower than before 2020 and it remains to be seen when China will be able to bounce back.
- Fewer expats to drive demand for high-end insurance products
The demand for high-end insurance products has fallen as travel restrictions are still in place and expats await their vaccinations before being able to proceed with their return to China. Instead, entry-level insurance products are seen as the main focal point, especially for the domestic market.
- Digitization making waves in the insurance sector
A suite of factors is influencing China’s insurance sector towards digitization such as big data and analytics innovation. The move is expected to help lower costs and improve overall efficiency for insurers moving in the years to come.
Key drivers influencing international health insurance premiums globally
Based on our analysis of 2020’s health insurance trends, we discovered the following key drivers influencing premiums:
- Changing demand of care: Increase in healthcare utilization and expenditure.
- Cost of care: Upsurge in healthcare costs due to the COVID-19 pandemic, an uptick in chronic illnesses, a growing aging population, and more.
- Increased regulation: Mounting cost of compliance and policies in multiple regions around the globe.
- Continued challenges related to fraud: A record number of fraudulent claims in 2020, which affects insurer’s bottom lines. This effect then gets passed onto policyholders who will have to bear higher premium costs.
- The rise of insurtech: The COVID-19 pandemic has prompted the adoption of digital technology across the insurance industry and accelerating its use across different digital platforms.
Get your free copy of the 2020-2021 Cost of International Health Insurance report today
This article merely represents a snapshot of what our 2020-2021 Cost of International Health Insurance report has to offer. The free downloadable report certainly has more to offer in terms of analysis, understanding, references, and valuable insights from our insurance experts and leaders.
Additionally, this report will certainly help individuals, families, business leaders, as well as HR professionals, strengthen their current understanding of health insurance plan premiums globally and stay up-to-date on the latest trends.
If you’d like to learn more about the cost of health insurance or receive an obligation-free quote, contact us today!
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