Asia has always been one of the standout regions in each annual edition of our Cost of International Health Insurance report. This section covers 19 countries where global medical insurance plans are highly demanded among expatriates and High Net Worth individuals alike. As in previous years, Hong Kong is once again the most expensive country in Asia, and the second costliest location globally.
In 2018, the average cost of international health insurance for all plans in Asia is spread out between USD 12,927 in Hong Kong and USD 6,833 in India. When compared globally, the continent sees countries ranked across the whole spectrum - between 2nd and 60th. This indicates a very wide spread in premiums.
One standout point to note here as it pertains to Asia's average premiums is Indonesia's jump in ranking from 7th most expensive in 2017 to 3rd most expensive in 2018. The main reason why Indonesia surpassed more costly countries like Singapore comes down largely to the market.
For one, Indonesia's affluent consumer classes are expected to double in size by 2020. Outbound mobility is also increasing at a rapid pace, which means more people are travelling/moving to other countries for work, tourism, education, healthcare, retirement, etc. This in turn drives up demand for international health insurance to ensure their medical costs are covered overseas.
Another main finding is that China and Singapore's average premiums in 2018 are slightly lower than the premium figures we featured in our 2017 report. This is partly due to the fact that we have switched to onshore insurer data for these particular countries to provide a more accurate picture of the cost of international health insurance in these locations. However, it is largely coincidental that the onshore policies are slightly cheaper.