Announcing the latest Cost of International Health Insurance Report 2020-2021
We’re excited to announce that Pacific Prime’s 2020-2021 Cost of International Health Insurance report is now available for download! In the latest edition of our annual report, we once again take a close look at the average cost of international health insurance across the globe in 2020.
The findings and analysis cover 100 locations globally and the report looks at the average cost of International Private Medical Insurance (IPMI) of individuals and families, as well as identifies 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 our 2020-2021 edition of the Cost of International Health Insurance report.
About the 2020-2021 Cost of International Health Insurance report
The latest annual Cost of International Health Insurance report from Pacific Prime provides a comprehensive look at the cost of International Private Medical Insurance (IPMI) – a popular health insurance plan for expatriates (individuals and families) – across 100 locations surveyed.
“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 and locations 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, we learned that the US topped our ranking as the most expensive location for individual and family health insurance. The average individual premium in 2020 for the US was USD $7,703 and was followed by Hong Kong (USD $6,146), Singapore (USD $5,677), Canada (USD $5,230), and Dubai (USD $5,207). These represent the top 5 most expensive countries for individual health insurance in the world in 2020. As for family health insurance, download the report to learn of the rankings.
Key drivers influencing international health insurance premiums globally
As a leading health insurance brokerage, we’ve got access to rich data across all the regions around the globe, and we can recognize the corresponding key health insurance trends. Based on our analysis of 2020’s health insurance trends, we discovered the following key drivers influencing premiums:
1. Changing demand of care: Upsurge in healthcare utilization and expenditure
2. Cost of care: Increase in healthcare costs citing the COVID-19 pandemic, uptick in chronic illnesses, an aging population, and more.
3. Increased regulation: Mounting cost of compliance and policies in multiple regions around the globe.
4. Continued challenges related to fraud: Fraudulent claims increased in 2020, which affects insurers. Consequently, policyholders will have to bear the costs.
5. The rise of insurtech: The COVID-19 pandemic has accelerated the adoption of digital technology across the insurance industry.
Get your free copy of the 2020-2021 Cost of International Health Insurance report today
The article merely represents a snapshot of what our 2020-2021 Cost of International Health Insurance report has to offer. The analysis, discoveries, and evaluation are broad and extensive. However, this will help individuals, families, business leaders, as well as HR professionals to strengthen their current understanding of health insurance plan premiums globally and stay up-to-date on the latest trends uncovered by the report.
If you’d like to find out more about international health insurance or receive an obligation-free quote, contact us today!
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