The most and least expensive countries for private international health insurance

reading glasses on a map representing someone comparing international insurance companies

Just over a week ago, we announced the release of our Cost of International Health Insurance report for 2017. This annual study collects the prices of international plans in 100 different countries and compares them to give insurers, intermediaries, and consumers a better understanding of what their own premium costs are. This week, we’re looking at the data from our Cost of International Health Insurance report again and are interested in making some comparisons between international insurance companies with the highest and lowest costs.

What’s in the Cost of International Health Insurance report?

Each year, we prepare this report so that people will have an overview of the current state of international medical insurance. Using ten global insurances companies that represent 70% of the total number of plans sold worldwide, we consider the average prices per country, compare them within their region and against the world, and discuss the factors contributing to the costs of insurance for the past year.

In short, Pacific Prime believes that the four primary factors influencing the cost of international health insurance in most countries are:

  • Increased demand for international quality private care
  • Increased cost of health care
  • Increased regulation
  • Continuing challenges related to fraud

How these factors have an impact on how much people pay for insurance around the world is described in detail in the report. For more information, download your copy today.

The highs and lows: who’s got the most expensive and cheapest insurance around the regions?

The report also separates countries into five regions in order to make faster comparison between neighboring countries. These regions are Asia, Africa, the Americas, the Middle East, and Europe. Taking into account plan prices for individuals, couples, families, and retirees, here are the countries per region with the highest and lowest overall international insurance premium:

Asia

Asia is an interesting case for international insurance premiums. While China does feature near the more expensive end of our rankings, Singapore has finally moved one spot ahead of it to take second place for the first time in three years. The most expensive Asian country for international insurance continues to be Hong Kong, who also retains its place as the second most expensive country in the world.

On the other end of the spectrum, we see Pakistan rank as the least expensive Asian nation for international insurance, with Laos and the Philippines its closest rivals.

Most Expensive

Least Expensive
Hong Kong

Average premium cost:

USD 12,585

Pakistan

Average premium cost:

USD 7,391

Africa

Africa is a region where many of the lowest international insurance prices exist. This may be because of lower numbers of expats, the lower cost of healthcare, or a great unfamiliarity of the region’s health capabilities for insurers. In fact, the region’s country with the highest insurance premium average, the Democratic Republic of the Congo, has a cost that’s little higher than the lowest average country in Asia. Côte d’Ivoire is the second most expensive country in Africa, followed by Cameroon as the third most expensive location.

The countries with lowest average international insurance in Africa are tied, with all three countries possessing the lowest prices worldwide. Ethiopia, Angola, and Mali may be similar as insurers may assess them similarly in terms of risk and apply a blanket premium price among them.

Most Expensive

Least Expensive
Democratic Republic of the Congo

Average premium cost:

USD 8,226

Ethiopia, Angola & Mali

Average premium cost:

USD 7,027

The Americas

With the Americas, it’s inevitable that the United States will leave the rest behind in terms of insurance costs. The country has the most expensive healthcare in the world. Canada, for the average cost of international plans, sits at second place with just over half the cost of the US. Argentina rounds out the top three.

The least expensive country in the Americas for international health insurance is Panama, though it should be said that there is very little difference in the cost of insurance in South American countries.

Most Expensive

Least Expensive
United States of America

Average premium cost:

USD 19,274

Panama

Average premium cost:

USD 8,137

The Middle East

Regional insurance comparisons in the Middle East have been significantly impacted by legal changes in one of the region’s most popular expatriate locations; Dubai. New mandatory insurance laws have made predicting where premiums might head for the Emirate tricky, although Dubai still sits as second most expensive behind Israel. Israel itself is the 5th most expensive country in the world for international health insurance.

Azerbaijan, however, is the region’s least expensive country for insurance premiums.

Most Expensive

Least Expensive
Israel

Average premium cost:

USD 9,989

Azerbaijan

Average premium cost:

USD 7,248

Europe

Considering the number of countries included in the Europe comparisons (25 in total), there is a wide variety of international insurance plan prices across the board. The United Kingdom stands as the most expensive location for international health insurance in Europe, and is also the 7th highest overall in the world. Greece and Russia take spots two and three for most expensive.

At the other end of the scale, Poland, Ukraine, and Serbia make up the least expensive locations, with Serbia the lowest ranked overall and 79th when compared globally.

Most Expensive

Least Expensive
United Kingdom

Average premium cost:

USD 12,585

Serbia

Average premium cost:

USD 7,077

Pacific Prime: simplifying insurance

At Pacific Prime, we’re committed to ensuring that our clients get the best service possible. This means also proving that we’re market leaders in not just selling insurance, but in understanding the market and the people within it. As a result, there are a range of guides and infographics we’ve produced to help you make the best insurance decision possible for yourself, your family, or your company.

If you want to see the Cost of International Health Insurance Report 2017 for yourself, click here to download. There you can find out more about the countries we’ve analysed, the international insurance companies we’ve used for our comparisons, and the drivers we think are impacting the costs of insurance worldwide. For a free quote or some helpful advice, contact the team at Pacific Prime today.

Key metrics for the success of your group health plan

Group of people discussing their group health plan

Regardless of your industry, there are a number of components that make up the core of the most successful employment benefits packages, one of the most important (and in demand) being health insurance. The question here is how can you or your HR team judge the success of your plan while ensuring it is meeting the needs of your employees? Here, we discuss 7 key metrics that you can employ to help you gauge the success of your group health plan.

Metric 1 – Loss ratio

Calculated by taking the amount you pay (your premium) and dividing it by the amount the insurer pays out in claims, this ratio is essential in determining the health of your plan and is often used in calculating premium increases.

As an HR professional, knowing the ratio of your health plan and comparing it with industry standards can help provide you with a sound negotiation tool when it comes to negotiating premium increases or even coverage elements. In some cases, your current and historical loss ratio can even be used to provide a ballpark estimate on future premiums or premium increases.

Learn more about loss ratios in this article from Pacific Prime Hong Kong.  

Metric 2 – Average claims per member

Calculated by taking the number of claims submitted by the number of employees covered this will tell you, on average, how many claims are submitted each year by your employees. Comparing this to either an industry benchmark or historical average, this can gauge the overall utilization and satisfaction with your group health insurance plan.  

Tracking this metric also generates a wealth of useful group health plan data that can be used to help you not only better understand plan utilization. It also acts as a litmus test that can help to identify problems. For example, by tracking and analyzing the claims submitted by each person we are often able to help HR identify individuals who claim more than average along with individuals who are submitting costly claims.

From there, we help HR teams to work with these employees to help ensure they are receiving the support they need while ensuring claims do not massively impact the loss ratio.

Beyond that, this data can also help to uncover where your employees prefer to receive care. This information can be used to try to steer employees away from certain high-cost providers, or to identify whether the plan is actually meeting their health needs.

Metric 3 – Insurer/broker response time and claims processing time

Time, as you know, is money. Spending hours a day or month on chasing insurers or brokers for information or replying to employees who are having issues with plans can be not only frustrating but also take you away from working on other, possibly more important tasks. This is where this metric can help.

In truth, this metric can actually be made up of a number of similar metrics that when combined help you judge the overall level of service you are getting from an insurer. You can then compare this to your company and employee’s needs and judge whether the plan you have is actually working.

For example, many companies we work with will track things like number of claims vs broker/insurer response time, number of claims vs average time to settle a claim, number of claims vs employee complaints, and most importantly, when the insurer broker communicates.

Generally speaking, insurers with lower premiums will tend to have lower levels of service. Securing a plan like this will often save you money upfront, but if you have to spend half your day calling the insurer, not getting answers, waiting weeks for claims to be settled, waiting weeks for new members to be added, or old members to be removed, etc, you could end up actually paying more in the long run.

It is important to measure when the insurer or broker communicates important information to allow you to make timely decisions. For example, if they take a long time to provide claims details or renewal information this could leave you with little to no breathing room to find better coverage or negotiate for better premiums.

Metric 4 – The number of people covered by the group health plan

Commonly referred to by insurers as ‘participation rate’, this metric looks at the number of employees insured by a plan versus the number of employees eligible for the plan (achieved by dividing number of employees insured by number of eligible employees) and will often compare this percentage with a benchmark for similar businesses. In practice, this metric will actually vary for each company and is normally adapted to meet the type of insurance plan you have selected.

For example, in our experience, many companies are securing group health plans that cover inpatient care only. If an employee wants additional coverage for outpatient care the company will usually cover a percentage of the premium, say 50-80%.

Looking at the number of people who are securing additional coverage or have utilized extra coverage then comparing this to industry benchmarks can be a solid indicator as to the overall success of your plan. If you find that a higher percentage of employees are selecting to add additional coverage than the benchmark this will likely point to the fact that your plan is not being perceived by employees as useful. This, in turn, means it might be worth looking into upping benefits offered by your plan.  

Metric 5 – The ratio of dependents covered by your group health plan

This is certainly a metric that will not be used by all companies, but that said, it is an incredibly important metric for companies who extend their health insurance plan to employee’s dependents.

Calculated by taking the total number of participants and dividing it by the number of employees covered, this ratio can help determine whether you are covering more or less employee’s dependents.

It is important as, in our experience, it is often dependents who have the highest number of claims. This is especially true for children who are covered by the plan as children will statistically have to visit the doctor more often. In turn, this could have adverse effects on premiums your company pays.

If you find that you are ensuring more dependents per employee than is standard it might be worth looking into your plan and seeing whether this is having an impact on your premiums or claims.

Metric 6 – Employee demographics

This metric, calculated by looking at the number of employees and breaking them down into groups such as age, sex, location, etc., can be a major help in the search for group health plans and determining the overall satisfaction with it.

For example, knowing your the age groups of your employees can help you determine what types of cover will be most utilized and the potential medical issues your staff may seek care for. You can then search for plans that meet some of these needs or work to set expectations with existing plans.

Metric 7 – Questions asked  

Like some of the above metrics, this is really more of a series of different related measurements that can be tracked to help you with your plan. For example, by tracking the number of questions asked by new plan joiners, the number of questions asked by more senior staff, etc. you can gauge exactly how engaged people are with the plan.

If you see that new employees ask a fair number of questions regarding health benefits then it is probably a good indicator that there is confusion with the plan and better explanations/onboarding is needed.

It would also pay to track the types of questions asked and by whom. For example, if your team is getting a lot of questions about claims or benefit limits you this indicates that you might be spending an inordinate amount of time answering questions that could be avoided through better documentation. Beyond that, certain questions like “Can I keep my own doctor” could point to demand for a better provider network or potential areas where employees could be unhappy with the plan.

How can I set benchmarks and implement these group health plan metrics?

One of the best ways you or your HR team can implement and track the above metrics is to actually work with a broker like Pacific Prime. In truth, the majority of the above metrics are actually part of our corporate insurance service that we offer to all companies. Our team of corporate insurance experts strive to work with your business to ensure you and your employees have the most optimal coverage while reducing the amount of time you spend managing the plan and answering questions.

To learn more about our group health plan service, visit our new corporate site today.

New report focuses on the average cost of international health insurance

2017 Cost of International Health Insurance Report

Pacific Prime is excited to announce the release of our latest report: The 2017 Cost of International Health Insurance. Now in its third iteration, this free report takes an in depth look at the average cost of international health insurance in 100 countries around the globe. Download your copy from our website today.

As with previous versions, this year’s report is divided into sections that together provide an important overview of the current state of international health insurance and the factors contributing to the costs seen in 2017. This information, in turn, has proven to be a useful tool for both companies and individuals looking to get the most out of their health insurance.

Open version of the cost of international health insurance report

Section 1: Ranking the top 20 most expensive and bottom 5 least expensive locations

The first section of this report provides a brief overview of the average cost of health insurance and ranks the 20 most expensive locations along with the 5 least expensive locations. Before we look at this ranking, it is important to explain the data used to generate this report.

To generate these averages and provide readers with a sound benchmark we have combined data from 10 of the top international health insurers who each offer three levels of plan:

  • Plan 1: Inpatient cover only
  • Plan 2: Inpatient + outpatient cover
  • Plan 3: Inpatient + outpatient + maternity

For each plan we have pulled premiums for four major demographics:

  • Individuals: Male, aged 36
  • Couples: Male aged 36, Female aged 35
  • Families: Male aged 46, Female aged 35, and two children aged 10 and 5  
  • Retirees: Male, aged 60

By taking the premiums for each of the demographics above along with the three levels of plan and averaging them together for each country we have come up with our ranking for 2017.

This year, average premiums are spread out from between USD 19,724 and USD 7,027 with the US again taking top spot as the most expensive country for international health insurance: Angola, Ethiopia, and Mali are all tied as having the least expensive average premiums.

Click here to view the ranking on our website. We have also provided the full ranking based on the demographics above in the Appendix section of the PDF, which can be downloaded here.

Section 2: In-depth analysis on the cost of international health insurance

When analyzing this year’s premiums we uncovered six major findings, which are discussed in-depth in the Analysis section of the report:

  1. Premiums in the US increased by an average of nearly 14% from 2016 to 2017.
  2. Singapore has replaced China as having the third highest average premiums.
  3. South East Asia has seen a marked increase in ranking in 2017, with 5 countries ranked in the top 20.
  4. Average premiums in Dubai actually decreased in ranking slightly in 2017.
  5. A number of countries saw a decrease in average cost between 2016 and 2017.
  6. Many countries have the same average premium.

For each of these six major findings, we have included an analysis of why these are important and the factors behind them.

Aside from that, we have also included an update on the four primary global drivers behind the cost of health insurance. These four drivers being:

  • There is an increasing demand for international quality health care.
  • Almost every country in this report has seen an increase in the cost of health care.
  • There is a trend of increasing regulation in many countries and regions included in this report.
  • Many countries and insurers face continuing challenges related to fraud.

Two versions of the report

We have two versions of this report available. The first is the online version which presents a paired down look at the ranking and first part of the Analysis sections along with an interactive overview of the average costs in different regions.

The second is the full written report in PDF format which can be downloaded. This version includes our full analysis (the four drivers along with the six findings) along with a complete ranking of the average cost of international health insurance in each of the 100 countries for each of the demographics.

Where to get your copy of the 2017 Cost of International Health Insurance Report

As mentioned above, there are two versions of the report available. Both are free and can be found on our website, or by clicking the links below:

Download the PDF – https://www.pacificprime.com/cohi-2017/download/

Read the online version – https://www.pacificprime.com/cohi-2017/

Should you have any questions about the cost of health insurance, or your premiums, please do contact us. Our expert staff can help you find the best plan for your budget today.

What makes a good group health insurance company?

Tick boxes for a good group health insurance company

So you’ve set out to find a truly great group health insurance company to handle your organization’s insurance needs. Your team is focused on securing the absolute best possible group health insurance plan both for themselves, their colleagues and the company as a whole, but they begin to realize that finding the right group health insurance company can make all the difference in the world when it comes to finding great long term value from any potential insurance policy.  We all know generally that providing excellent customer service should be a priority for any company that we work with, but what specifically should you be looking for in an insurer? To aid anyone who is in a situation similar to the one above, Pacific Prime is proud to present this feature on what you should look out for when it comes to finding the best group health insurance company.

Group health insurance company experience

If there’s one characteristic that is common among the best group health insurance companies in the world, it’s experience. Putting in leg work and elbow grease over an entire career’s worth of time can really give an insurance agent the know how to get just about any task accomplished efficiently. The relationships that are forged with other insurance professionals can really help an agent’s clients out of some sticky situations. Now, take this individual experience and spread it across an entire company and it’s easy to see where the collective knowledge of a group health insurance company can be a force to be reckoned with. Here are some additional points with regards to experience:

Familiarity with industry

When you’re shopping for group health insurance, it will come as no surprise that you will be better off choosing an insurer that has knowledge and experience within your organization’s particular sector. This is because the group health insurance company will then be familiar with the specific problems that organizations like yours faces on a regular basis. As well, an insurer should be versed in handling an organization of the same size as yours. If they mostly have experience with individual medical insurance policies, they may not be able to handle the workload that a large group policy may require.

For instance, an insurer that is familiar with insuring schools will know all the in and outs of insuring teachers, as well as the importance of addressing your policy requirements at specific times of the year. After all, schools run on a schedule that other businesses don’t, so getting insurance needs done and dusted before the summer break is important. There are many small aspects like this that need to be considered for every industry, and an insurer unfamiliar with yours is much more likely to overlook something that a more experienced insurer would not.

Claims data analytics

Once you’ve actually secured your policy from your group health insurance company, that isn’t the end of the transaction. A group health policy requires regular communication with your insurer combined with ongoing maintenance. This is because the policy will inevitably be used, and claims will be made on it by your members. The thing about these claims is that they can be studied to give insight into the future of your policy. By establishing claims trends, an experienced insurer can then determine if your benefits are serving you as well as they should, and clue you into any potential premium rises way before they actually happen. As well, plan administrators can be notified by the insurer if your employees aren’t using their insurance enough, or if the plan is used far more than originally thought.

Benchmarking

Once enough data has been collected about your organization, how will you know how you stack up versus similar or competing organizations? A competent group health insurance company or broker will be able to provide exactly this type of information. Pacific Prime, for example, has established such a large portfolio of clients over 17+ years of operation that we can confidently explain to our potential members exactly what kinds of benefits they should have to keep up with competitors or how their plan is performing vis-à-vis others in their sector.

Group health insurance company approach

Despite the above section, even a newer group health insurance company can be effective. Sometimes it’s all about their approach to the market and how they regard their clients that makes all the difference. With this in mind, you should be looking for an insurer with some of the following qualities:

Negotiation

When renewal time comes up for your group health insurance policy, negotiations can be tough. This is one of the main points where utilizing an insurance broker will be of special value to you, as they can help you negotiate terms of your next policy with your group health insurance company. Negotiating on your own, you will not have the unbiased advice that comes with a broker, and it will be on your staff to analyze your claims data to try to recognize if you’re getting a good value with your current plan. Pacific Prime’s mantra during the negotiating process is to always look out for our members’ best interests, and not those of the insurance provider.

Manage premium cost and stability

Going right along with negotiations are managing premium costs. At negotiation time, most of the time a group health insurance company is going to want to raise premiums, as medical costs tend to raise year-over-year and other factors are taken into account. What your organization will want is proof that a premium rise is justified, and that it’s not time to switch to another insurer.

Fortunately for Pacific Prime members, they will be able to address potential premium increases armed with knowledge. They will either know that the increase is appropriate, or they will be able to dispute the rise, backed up with facts and statistics that support their argument. Thereby keeping premiums low and, hopefully, avoiding switching insurers on too frequent a basis.

Customized service teams

Many times people will find that they do not get the service they need from a group health insurance company for one of two reasons. The first is that they are assigned a single person to assist them with their insurance plan. While this person may have all the experience and knowledge in the world, sometimes having only a single point of contact to work with will be overwhelming for them, and your plan performance may suffer as a result.

On the other hand, you could be given access to the entirety of the staff that an insurance company has, yet be left without a particular person to hold accountable. This means that, when you’re in need of insurance advice, you may have to explain who you are and what your problem is to somebody that is not familiar with your organization at all.

To avoid both of these issues, it’s best to find a company to work with that will provide you with a bespoke team that will be very familiar with your organization’s specifics. By having a number of people assigned to you, but also limiting the people responsible for your plan’s performance, a balance between knowledge and responsibility can be maintained.

With all of the above points in mind, we are confident that you will find that Pacific Prime are the insurance experts that you should be working with. Not only do we have all of the points above in spades, as a broker we are also in a unique position to offer you plans from the industry’s top insurers. This will save you much time and energy when searching for a new group health insurance plan, because you will not have to sift through all of the insurers and plans on the market to determine which fits you the best. Our agents will find and present the best available options to you, combined with the advice that you can only get from an experienced, multinational insurance broker.

Our agents are available today to help you find the best possible group health insurance company. Contact us today for a plan comparison and free quote!

Pacific Prime launches new corporate section for global businesses

corporate section

Never ones to rest on our laurels, Pacific Prime Insurance Brokers is proud to announce the launch of a new section on our website, PacificPrime.com! The new corporate section is an enhanced one-stop shop for all business insurance needs! If your company has any questions related to group health insurance, international health insurance or any other related topic, be sure to check out this new section, the homepage of which can be found here.

So what’s on offer? Let’s find out:

Insurance solutions

What kind of group health insurance coverages are out there? In the insurance solutions portion of the corporate section, find out about the various facets of group health insurance plans and why you might want to consider each for your employees. Medical insurance does not just mean coverage for medicine, hospital stays and surgeries. There are a number of other benefits that you can consider. This includes dental, vision, wellness, maternity, disability and life insurances, and more!

Outside of these above solutions that will address the needs of your employees, Pacific Prime also provides in this section information about some of the business-specific benefits that every company should know about, including:

  • Property insurance
  • Liability insurances
  • Group travel and accident insurance
  • Professional indemnity insurance
  • Business interruption insurance

With information on comprehensive medical and corporate insurance solutions, this page is a great place to start when searching for group and corporate insurance information.

Our approach

Lots of companies sell insurance for businesses and other organizations. Where Pacific Prime really shines, however, is in our methodology. With over 17 years of insurance broking experience, we now have the various processes that our members use down pat. Not only in assisting with making claims, but also when going through other planning and analysis. Not only do we provide policy broking service, but also consulting and plan administration, which you may not get with other brokers.

Even our closest competitors cannot match the technological advantages that Pacific Prime provides, including:

  • Census and premium management/accounting tools
  • A claims management tool
  • A document management platform

These in-house systems are all yours to take advantage of at zero additional costs versus going with an insurance company directly.  Check the ‘Our approach’ page to start to find out about why Pacific Prime will be your preferred choice.

Partners

As a corporate insurance broker, everything that we offer is one consideration, but it’s still only one piece of the equation where your insurance needs are concerned. We work with a good number of the world’s best global insurance companies, as well as the most highly regarded local insurers in the countries where our offices are located. Our ‘Partners’ section is the place where corporate members can go to find out more about our relationships with insurers.

Beyond the insurers we work with, you can also find out about some of the prestigious members that have made Pacific Prime their choice for group health and corporate insurance benefits. Learn some of the industries that we have the most experience with, such as professional service firms and schools. Then dig a little deeper to find out how our experience translates to advantages for our members when it comes to negotiating plans with insurers at renewal time or analyzing claims data.

Corporate section resources

The last part of the corporate section to mention is our resources page. Here, for corporate members that like to stay up to date on the latest in international insurance data, Pacific Prime regularly publishes reports related to various important industry trends including the cost of health insurance, international medical insurance inflation, and industry trends. Want to know how insurance in the countries in which your organization operates compares to policies found in other areas? Look no further!

Purchasing corporate insurance is no small decision. Pacific Prime recognizes this and wants to make sure that you are delivered the plan which best fits your needs, at a value that fits your budget. We have created the new corporate section to give a great introduction to what we can offer you, but there really is no better way to figure that out today than to contact us! Do so now and get advice directly from one of our insurance advisors. They can provide you with a plan comparison and free quote.

Health insurance claims: Should you submit them on your own?

health insurance claims

Have you ever had to make health insurance claims on your own? If so, then you likely know how much of a hassle the process of being reimbursed by your insurer can be. If not, then you have a great opportunity to learn about making health insurance claims by checking out Pacific Prime’s new infographic!

‘The Claim Train’ infographic and your health insurance claims

When it comes time to make a claim with your insurance company, in the absence of direct billing you basically have two options for being reimbursed for medical expenses. The first of these is to handle the claim on your own, which will leave you to deal with the insurance company on your own. The other option is to utilize an insurance broker like Pacific Prime. Using a broker has numerous possible benefits that you can find out more about by reading the infographic. In the end, the goal of the infographic is to express the differences among these two claims processes and allow the reader to decide for themselves which method for processing a claim is right for them.

Click here to read ‘The Claim Train’ infographic!

About Pacific Prime Guides

Home to our various infographics, guides and reports, PacificPrime.com’s Guides section is your home for insurance information made for a number of different audiences, be it our members, un-insured individuals, corporations, human resources managers or insurance industry professionals. This section has a little something for everyone:

  • For those new to the ins and outs of insurance, our infographics are great places to learn the basics in a visually appealing way that will aid in achieving full comprehension of important insurance terms and features.
  • Pacific Prime publishes annual reports that are read by insurance professionals around the globe on topics relevant to the international insurance market. These include the Cost of Health Insurance Report, the International Private Medical Insurance Inflation Report, and the Medical Insurance Trends report.
  • Our various regional websites also have guides that are specific to each location. These guides provide solid background information for consumers on topics including maternity insurance, IVF treatment, public and private hospitals, and top-up insurance.

Click here to visit our Prime Guides page!

Or click below for guides for you specific country:
China
Hong Kong
Singapore

Pacific Prime joins Worldwide Broker Network

cyber attacks

HONG KONG – Leading insurance intermediary Pacific Prime has just been announced as the newest Asia Pacific Region member of the Worldwide Broker Network ™ (WBN), a global network of commercial insurance brokers and employee benefits consultants.

Connecting with more than 100 firms across six continents, Pacific Prime is now in a better position than ever to support its clients with the same high standard of customer service it delivers now. Becoming a Worldwide Broker Network member gives the Hong Kong-based intermediary access to a much wider network of leading brokers than before, which will help to support Pacific Prime in providing client-centric solutions.

“Ultimately, it’s about expanding our reach and services for the good of our clients.” says Pacific Prime CEO, Neil Raymond. From its beginnings in Hong Kong, Raymond has grown the company to include 400 staff across seven offices.  “The privilege of joining such a comprehensive organization of brokers is one that supports our client-centric focus and we look forward to offering the WBN our 17 years’ experience in the Asia Pacific region.”

WBN Chief Executive, Francie Starnes, has welcomed Pacific Prime’s membership. “Pacific Prime is bolstering the representation of WBN in the Asia region, which is a critical and growing market for our network. We welcome this expansion of client based services to our members, and look forward to adding Pacific Prime’s expertise to the expansive network.”

The WBN boasts local knowledge and experience through its global network, made up exclusively of top quartile firms that are independently owned and managed. It encourages cross-border collaboration and operates under a member-to-member accountability model that promotes quality service whilst still maintaining the independence of its member firms.

Global Director of Corporate Accounts at Pacific Prime, Pierre de Mirman, will be the primary contact for all Employee Benefits and Property & Casualty opportunities. Working with the WBN to meet membership standards, de Mirman says his team are keen to utilize the benefits of the Network to widen Pacific Prime’s insurance solution capabilities for its corporate clients.

About Pacific Prime

Pacific Prime was founded in 1999 by Neil Raymond as an expert P&C and Employee Benefits consultancy. Headquartered in Hong Kong, the company operates from a number of licenses in many countries around Asia and the Middle East, serving more than 500,000 clients with its over 60 insurer relationships.

Website: https://www.pacificprime.com/

About the Worldwide Broker Network ™

Founded in 1989, Worldwide Broker Network has grown from nine member firms in Western Europe to more than 100 firms spanning the globe and serving clients through 500+ offices in six continents. Today, as an important part of the insurance industry’s distribution network, WBN generates over $5 billion in P&C and Employee Benefits revenue annually.

Website: https://wbnglobal.com/

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Pacific Prime Insurance Survey 2017: Complete our questionnaire and get yourself a free report

Pacific Prime is excited to announce that it has just launched its 2017 insurance survey. The survey has been created with the goal of furthering the market’s understanding of consumer views and preferences around insurance. Your input will help us inform market players on just what consumers want, need, and value, hopefully ensuring that insurance products in the future better suit what you want.

In gratitude for those completing the questionnaire, Pacific Prime will send all participants a free PDF version of their premier report, International Private Medical Insurance Inflation – 2017. To get yourself a copy of this important insurance report, check out our survey page here.

Pacific Prime insurance survey

What is the Pacific Prime Insurance Survey – 2017 about?

What we’re looking for is to uncover some key findings about the values, preferences and behaviors of people in different countries when it comes to insurance. As a broker, we want to make sure that we’re responsive and flexible when it comes to the needs of our clients. The information we gather from this survey will be used to generate our upcoming Top International Private Medical Insurance Trends report.

The initial benefactors will be insurance market players; insurers and brokers alike will get a better understanding of what their customers look for when they purchase insurance, how they would like to use their policies, and other helpful insights. The survey and resulting report has the potential to have a big impact on the insurance market, which means that consumers could see insurance products increase in quality as a result.

Pacific Prime itself will use the information to improve the solutions we offer to both existing and new clients, ensuring that we remain at the forefront of insurance matters abroad.

Completing the survey: what’s in it and how do I participate?

The Pacific Prime Insurance Survey – 2017 consists of 3 pre-survey questions related to demographics, then 10 simple questions about your views on insurance. The whole process shouldn’t take more than two minutes to complete. Apart from a field for your email address, the rest of the survey is in a multiple choice format that requires no other typing to complete. It really is quick and simple!

To participate in the survey and get your free copy of the International Private Medical Insurance Inflation – 2017 report, visit our survey page and complete the questionnaire.

insurance survey details

What’s in it for me?

Besides the potential benefit of helping shape your insurance options in the future for the better, the annual International Private Medical Insurance Inflation – 2017 report by Pacific Prime is a premier paper that highlights the premium changes of medical insurance around the world. More than that, you will gain access to trend insights for what may be impacting premium inflation in a number of important countries, as well as more about these key findings:

  • IPMI inflation for the year held steady, with 2016’s 9.2% increase matching that of the year before.
  • The new mandatory health insurance requirements of Dubai has led to a near 40% immediate increase in hospital visits.
  • Allianz Worldwide Care had the lower premium increase worldwide in 2016, while Aetna International (Interglobal) had the lowest IPMI inflation average over the past five years.

The report also discusses what global factors are driving the rate of inflation in insurance premiums currently, and what developments look set to impact prices in future.

As an added bonus, participants who submit their email through the survey will also be given automatic access to the upcoming report, the Cost of International Health Insurance – 2017, when it is released in summer. This highly anticipated annual report covers the average price of international health insurance in 95 countries, for all plans and demographics (singles, couples, families, and retirees).

Pacific Prime: Simplifying insurance

We’re committed to providing the best insurance solutions for our clients. As part of our drive to ensure we stay ahead of our competitors, Pacific Prime continues to push ourselves to deliver high quality and informative reports that continue to support the reputation we have as a market leader in insurance. For just two minutes of your time, you can help us make some good, positive change in our industry, which you can undoubtedly benefit from!

From all of us here at Pacific Prime, we’d like to thank you for your time. We’re looking forward to hearing your views.

To participate in the Pacific Prime Insurance Survey – 2017, click here

Pacific Prime Wins Bupa 2016 Innovative Excellence Award

The Pacific Prime China team at Bupa's award showcase

(Hong Kong, March 6, 2017) Pacific Prime is proud to announce that leading insurance provider Bupa Global has awarded Pacific Prime with the Bupa 2016 Innovative Excellence award at the 2017 Bupa Global Greater China Distributor and Partner Conference.

The Bupa 2016 Innovative Excellence award was presented to Pacific Prime in recognition of their latest achievement as the brokerage that displayed the most innovative sales and marketing strategy in the Asia region in 2016.

Neil Raymond, Managing Director at Pacific Prime, commented: “We are honored to receive such prestigious industry recognition, as meeting the needs of our clients and the industry are integral to everything that we do. By leveraging our 17 years’ experience in the industry, the innovative solutions that we provide to individual and corporate clients are at the forefront of the insurance industry.” 

The Bupa award for innovative excelence awarded to Pacific PrimeThis prestigious award took into account Pacific Prime’s bespoke approach to delivering an outstanding customer service experience, which is backed by their ‘Broker Framework Model’, a holistic value system that embodies all aspects of the firm’s consulting, policy broking, and plan administration strategy. Pacific Prime’s innovative approach to individual and corporate sales is also backed by dedicated sales and renewals teams, and further streamlined by their state-of-the art CRM system.

Bupa Global further recognized Pacific Prime’s innovative excellence in marketing, particularly their dedication to releasing insightful industry reports on International Private Medical Insurance, including the Cost of International Health Insurance Report 2016, and the International Private Medical Insurance Inflation 2017 report. Besides further establishing Pacific Prime’s reputation as a key knowledge leader in the insurance industry, the reports help customers to make more informed purchasing decisions and act as a valuable benchmark that allows insurers to see what other providers in the industry are doing.

Sheldon Kenton, Managing Director at Bupa Global, commented: “Pacific Prime has consistently pushed the envelope in terms of maximizing their digital customer relevance and natural search authority via in depth reports on the industry, a very clear and consistent target customer focus and smart content marketing. I congratulate them on this well deserved award.”

Pacific Prime has worked in partnership with Bupa Global for over 13 years, and these awards are a continued reflection on the longstanding, successful relationship between two major players in the insurance industry. On this, Raymond expanded saying, “Pacific Prime continues to push for innovation and taking a proactive approach to helping our clients, and have been recognized by Bupa and most of the insurers on the market for our continued high level of consulting and servicing provided to individuals and groups throughout the world.” 

About Pacific Prime

Headquartered in Hong Kong, Pacific Prime is an award-winning insurance intermediary that leverages its longstanding partnerships with over 60 leading insurance providers to provide the best value insurance services and products to individual and group clients. For more information, visit: https://www.pacificprime.com/

Pacific Prime looks at international medical insurance inflation

Cover of the 2017 medical insurance inflation report

We are proud to announce our latest report focusing on medical insurance inflation has been released. Titled, International Private Medical Insurance Inflation -2017 this report (available for free here), like previous years takes a look at private insurance premiums around the world and what’s driving them up. Again, we look at the insurance products of eight global insurers that offer the same products in 10 selected regions around the world.

In this blog post, we’re going to briefly highlight some key points from the report. The report itself will be of high interest to individual and corporate clients who are watching their budgets, while insurers and brokers (corporate brokers and individual brokers) alike may use the information to help inform their clients about the cost of insurance around the world.

Key results

The new report shows that the average percentage increase of IPMI around the world was 9.2%. While being exactly the same as 2015’s inflation rate, the IPMI report also shows which insurers came in this year with the lower average premium increase worldwide, and the average for the last five years:

Top 3 Global Insurers with Lowest Average Premium Increase (2017):

Top 3 Global Insurers with Lowest Average Premium Increase (2009-2016):

  • Aetna International – (InterGlobal)
  • Allianz Worldwide Care
  • William Russell


It should be noted that these are not the insurers with the lowest premium prices, but those whose rate of premium price inflation was the lowest in the areas the report focuses on.

Drivers of inflation

Again, the IPMI report focuses on some key factors that positively or negatively impacted the rate of premium inflation for this past year. Across the regions (Asia, the Middle East, and the Rest of the World), Pacific Prime found that the drivers present in previous reports were still relevant for this year:

  • New medical technology
  • An imbalance of healthcare resources
  • Increased compensation for healthcare professionals
  • Healthcare overutilization

In addition to this, three new drivers have been proposed as having the potential to significantly impact premium increases in the future:

  • Unstable economies (New for 2017)
  • Changing population dynamics (New for 2017)
  • The increasing availability of technology (New for 2017)

These newer drivers take into account the tougher economic times the world has been facing and explain how the population of insurance consumers has been impacted in the various regions. Places like Hong Kong and Singapore have noticed a clearer division in the age and experience of expats arriving to their shores, while countries like Indonesia and the UAE have noticed a significant shrinking of expat numbers.

The impact of technology in monitoring, analysis and creating efficiencies in the insurance sector are another new driver. While it was expected to have a significant impact on the price of IPMI insurance, the report has found that insurers are still some way from fully realizing the benefits of technology. Wearable tech and big data use is still in its infancy, yet many insurance companies are making headway with online portals and smartphone apps.

Major change from previous reports

Another feature of this year’s IPMI report is that Dubai has been significantly changed by its 2015 introduction of compulsory health insurance laws. Over the past year, all residents (local citizens and expatriates alike) have been required to obtain a minimum level of health insurance coverage. Those not complying are soon due to face fines for not meeting the new laws.

In the report, the usual Dubai section has been replaced with a discussion on how these changes have impacted both insurers and their products in the UAE. Some insurers have chosen not to replace the IPMI offerings that were found to be non-compliant with the new laws, while those that did replace their plans had premiums driven by the law change as opposed to the inflation drivers affecting the rest of the world.

The International Private Medical Insurance Inflation Report 2017

The  International Private Medical Insurance Inflation 2017 report is available as a free download, directly from the Pacific Prime website. An online version of the report, complete with interactive graphs and sections, is also available here. View the report today.