The latest issue of Pacific Prime’s Cost of International Health Insurance (COHI) is here! This year, we take a deep dive into the changing insurance premiums across the world and analyze the various influencing factors.
The COHI report helps policyholders and those in the insurance industry understand the average cost of international private medical insurance (IPMI) premiums globally and the underlying trends. The report also inspects the average costs of insurance in 100 different locations and ranks them by the average IPMI for both individuals and families.
In this Pacific Prime China article, we will briefly go over some of the key findings in our Cost Of International Health Insurance Report 2021-2022.
What is the cost of international health insurance in China?
China’s international private medical insurance (IPMI) was on a steady increase up until 2018. However, the country went through a “correction phase” in 2019 and 2020. The decrease in premiums continues for individual plans throughout 2021. On the other hand, the cost of premiums for family plans is increasing, compared to 2020.
The pandemic has negatively impacted the insurance industry in China. The cost of insurance premiums decreased in China because of several reasons such as:
- Expats leaving China due to the stringent COVID-19 restrictions and lockdowns
- No new expats looking to get insurance
- More people are opting for local coverage instead of global
- Borders are still closed, which means no new expats looking to secure international medical insurance in China
After reviewing the IPMIs in China, Pacific Prime’s Country Manager, Jason Armer said,
“The growing competition in China is pushing high cost providers to review their rates. Allowing insurers to remove providers from their high cost provider list strengthens the trend of people moving towards policies with no high cost provider cover to optimize their premium – averaging at 20-30% cheaper. It allows for better loss ratios too, hence no rate action and promotional campaigns.”
To further read about the cost of health insurance in China and get a thorough understanding of the changing insurance trends, download a copy of Pacific Prime’s Cost of International Health Insurance Report 2021-2022.
How can the Cost Of International Health Insurance Report help you?
Pacific Prime’s COHI report observes the different trends that influence insurance premiums across the world and simplifies the cost of the insurance for everyone. The report is packed with infographics, graphs, and charts that visually break down the global and regional trends affecting the insurance industry.
Once you get to the end of the report you will be able to make a note of various countries that witnessed an increase in IPMIs. Apart from the rankings, you get insight into the key drivers changing caused the premiums to increase or decrease.
So, as an expat or a resident, if you are planning to move countries, this will be a useful reference for calculating your living expenses. Alternatively, talk to an insurance broker for the latest quotes on individual and family plans.
Download the Cost of International Health Insurance Report 2021-2022 for free today!
Learn more about the medical insurance trends and costs in China by downloading a copy of Pacific Prime China’s Cost of International Health Insurance Report 2021-2022 right away.
If you have more queries contact a Pacific Prime China advisor to know more about individual health insurance, family health insurance in China, and more.
Disclaimer: Pacific Prime China solely represents, operates and manages locally regulated insurance products and services in the territory of PR China. Any references to Pacific Prime Global Company or Group, the international services, insurance products or otherwise stated written or verbally, is for introduction purposes about our overseas network only as each entity is fully independent.