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About the report

The Cost of International Health Insurance Report 2020-2021 is based on pricing data from 100 countries, ranking them for average individual and family health insurance premiums. With reference to the trends and findings, the report also explores the main drivers shaping health insurance costs.
China continues to see a large disparity of medical treatment costs in the private vs. public sector, which has been highlighted again this year, despite some reduction in treatment (claims) due to the COVID-19 pandemic. Overall, insurers in China continue to battle the rising costs, which are further compounded in specific regions and cities, such as Beijing - the most expensive city for treatment in the country according to many insurers.
As for the regional pricing adjustment strategies, insurers are developing virtual healthcare capabilities and forming key partnerships with medical facilities to address the increased medical costs, and collectively avoiding higher than normal increases for their members."
Jason Armer,
Country Manager at Pacific Prime China

What is the cost of international
health insurance globally?

The overarching trend this year is that scores of countries saw their average cost of individual health insurance premiums decline when compared to last year’s figures and trends.
With that said, the US remains the most expensive country for individual and family health insurance. Other notable trends include Hong Kong and Singapore surpassing Canada to take the second and third spots.
Top 5 most expensive countries for individual
and family health insurance in the world
Average individual premium in 2020 (USD)
1. The United States - $7,703
2. Hong Kong - $6,146
3. Singapore - $5,677
4. Canada - $5,230
5. Dubai - $5,207
Average family premium in 2020 (USD)
1. The United States - $21,817
2. Hong Kong - $17,425
3. Singapore - $15,964
4. Dubai - $15,377
5. Israel - $13,614

What are the key drivers shaping
health insurance in China?

Subdued demand in the world’s second-largest economy
Subdued demand in the world’s second-largest economy
Even though economic activity has been revived in the aftermath of the COVID-19 pandemic, demand remains sluggish in China and holds back recovery.
Fewer expats in the country and less traction for high-end insurance products
Fewer expats in the country and less traction for high-end insurance products
COVID-19 border closures also make it difficult for expats to enter and live in China, a group that is a key market for IPMI plans. Similarly, the high-segment of the market is seeing less traction, in favor of entry-level insurance products.
Digitalization making waves in the insurance sector
Digitalization making waves in the insurance sector
A number of factors are pushing China’s insurance sector towards digitalization, particularly in big data and analytics innovation, which serves to reduce costs and improve efficiency for insurers moving forward.

What are the key drivers shaping
health insurance premiums globally?

Changing demand for care
Changing demand for care
The COVID-19 pandemic has been a major driving force behind healthcare utilization and expenditure, especially with regards to telemedicine and virtual healthcare solutions.
Cost of care
Cost of care
Given the myriad of cost factors in many countries, healthcare costs have outpaced general inflation. These include rising drug prices, more chronic illnesses due to bad lifestyle habits, the aging population, etc.
Increased regulation
Increased regulation
Insurers have to adhere to a growing number of cross-jurisdictional regulations related to tax reporting, anti-money laundering, consumer protection, and data privacy. This adds to the cost of compliance that many insurers struggle with.
Continued challenges related to fraud
Continued challenges related to fraud
Fraudulent claims are a significant challenge for insurers, giving policyholders a worse deal overall in the form of higher IPMI premiums and out-of-pocket payments, as well as reduced benefits or coverage.
The rise of insurtech
The rise of insurtech
The COVID-19 pandemic has expedited digital innovation in the insurance sector, as insurers seek to catch up with insurtech, significantly impacting IPMI premiums.

An in-depth look at
our key findings

The Americas remains a dominant region in the top 20 most expensive countries
The Americas remains a dominant region in the top 20 most expensive countries
In the ranking of the top 20 most expensive countries for IPMI premiums, 12 countries are located in the Americas, with the number one spot going to the US due to its exorbitant healthcare costs, despite a huge decline in price this year.
 Latin America may experience an increase in premiums in the next 5 years
Latin America may experience an increase in premiums in the next 5 years
In comparison to many other regions, Latin America provides extensive mental health coverage. As behavioral and mental health conditions are the third priciest condition, experts warn that there will be a rise in IPMI premiums within 5 years. However, each Latin American country faces its own healthcare trend.
 Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong is back this year as the second most expensive location for both individual and family IPMI premiums. This is owing to a number of cost-driving factors, such as overutilization of health insurance, a rapidly aging population, and the COVID-19 pandemic.
 Singapore is the second most expensive location in Asia for health insurance
Singapore is the second most expensive location in Asia for health insurance
The second most expensive location in Asia for IPMI premiums is Singapore. The city-state is witnessing a rise in the cost of health insurance because it sees inflated medical charges and overuse of insurance. What’s more, there is an aging population and a noticeable trend of unhealthy lifestyle choices.
 China's premiums are going through a correction after years of increase
China's premiums are going through a correction after years of increase
IPMI premiums in China have decreased, as demand remains subdued in the world’s second-biggest economy, largely due to the impact of the COVID-19 pandemic. Simultaneously, insurers are adopting digital technology and innovation, which is transforming the country’s insurance landscape.
 A number of countries' premiums have decreased in 2020
A number of countries' premiums have decreased in 2020
Predominantly due to the COVID-19 pandemic’s unprecedented impact and burden on healthcare systems around the world, 36 countries in our ranking table witnessed a decrease in their IPMI premiums, in a sharp and unexpected departure from the trends in previous years.
 Insurers are taking a closer look at their regional pricing strategies
Insurers are taking a closer look at their regional pricing strategies
Insurers are refining their regional pricing strategies to set appropriate IPMI premiums that are in line with service quality and operational sustainability, along with preparing for similar crises in the future.

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