Pacific Prime's Blog
An informative blog that touches on the many different facets of group insurance, including employee benefits, health insurance, as well as the latest insurance trends and news.
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The growing population of High Net Worth and Ultra High Net Worth individuals around the world is fueling growing demand for private healthcare and leading to a dramatic spike in medical costs.
For 2019, the global phenomenon is that medical trend rates far outpace general inflation. Higher medical treatment costs and the rise of chronic conditions are impacting the entire world.
Insurers around the world are struggling with regulatory requirements that continue to evolve and expand. With increasing regulatory requirements that vary from region to region, the mechanics of offering global health plans are also getting more difficult and costly.
Insurance fraud is hindering the industry and policyholders in multiple aspects, such as higher premiums for consumers, and reduced income for insurers that fail to identify fraudulent claims.
The accelerated use of technology in the sector is having both a disruptive and transformative impact on IPMI plans across the world.
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The overall premiums of 97% of the countries listed in both the individual and family rankings have soared, except for three countries. Canada replaced Hong Kong as the second most expensive country for individual and family IPMI, while Singapore and Australia have jumped dramatically in their rankings.
Unsurprisingly, the Americas continues to dominate in the top 20 most expensive countries for international health insurance. This is partly due to the higher cost of care in North America, the way people use IPMI products in the region, growing demand for IPMI products, and rising medical costs.
China is going through a correction phase in 2019, during which time the premiums of many prominent insurers remained the same, while others even reduced their premiums. This is because insurers are now better at identifying high-cost providers, and hence are able to divide the hospital networks and offer a much cheaper plan. A change in government policy has also contributed to the reduction in medical product costs in the region.
There are 21 African countries with 15% or higher premium inflation rates for individual plans, and 10 African countries with 15% or higher premium inflation rates for family plans. Several reasons have contributed to the relatively high premium hikes in the region, such as technological advances and compliance issues.
Stay abreast of the major trends, changes, and issues in the international private medical insurance industry by reading our report.
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An in-depth guide that sheds light on international delivery costs, maternity insurance terms, coverage, and more, to help expat couples.
Read Our Latest GuideAn informative blog that touches on the many different facets of group insurance, including employee benefits, health insurance, as well as the latest insurance trends and news.
Read Our Blog
Stay abreast of the major trends, changes, and issues in the international private medical insurance industry by reading our report.
Explore and Download
An in-depth guide that sheds light on international delivery costs, maternity insurance terms, coverage, and more, to help expat couples.
Read Our Latest GuideAn informative blog that touches on the many different facets of group insurance, including employee benefits, health insurance, as well as the latest insurance trends and news.
Read Our Blog