With a shift in the number of expats moving to and living in China, we've seen an uptick in the number of individuals favoring local and regional health insurance policies.
Maternity insurance plans continue to be popular, however, policies with maternity benefits are increasingly associated with more limits and restrictions due to the high cost of care.
Health insurance inflation does run high in China, making the renewability of plans more fragile in the region.
In such a competitive market, a number of less established insurers are looking to gain market share by offering plans with enticingly low premiums, only to drastically increase rates the following year.
In 2018, China opened up its insurance market to welcome wholly foreign-owned insurers. This will likely have larger ramifications in the coming years.
There has been a greater focus on employee wellbeing in China, such as creating a proper work-life balance.
Rising costs at VIP and private healthcare facilities continue to burden employers and insurers. As a result, many companies are cutting benefits or introducing other cost containment measures to lower premiums.
Pacific Prime China, in particular, has enhanced our health management services by partnering with various medical facilities to develop preferential rate packages for our clients.