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About the report

With reference to IPMI premiums from 100 locations globally, the Cost of International Health Insurance 2020-2021 Report compiles pricing data for both individual and family plans, analyzes key drivers shaping health insurance costs, as well as identifies key developments in the industry.
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 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, Pacific Prime

What is the cost of international
health insurance globally?

The US has unsurprisingly topped our ranking as the most expensive location for individual and family health insurance. Yet, a number of countries' average individual premiums have decreased in 2020, compared to last year. Additionally, both Hong Kong and Singapore have surpassed Canada in this year's ranking as the second and third most expensive countries for individual and family health insurance.
Top 5 most expensive countries for individual
and family health insurance in the world
Average individual premium in 2020 (USD)
1. The United States - $7,703
2. Hong Kong - $6,146
3. Singapore - $5,677
4. Canada - $5,230
5. Dubai - $5,207
Average family premium in 2020 (USD)
1. The United States - $21,817
2. Hong Kong - $17,425
3. Singapore - $15,964
4. Dubai - $15,377
5. Israel - $13,614

What are the key drivers shaping
health insurance premiums globally?

Changing demand for care
Changing demand for care
The epidemic has led to an upsurge in healthcare utilization and expenditure, especially in areas such as telehealth.
Cost of care
Cost of care
The increase in healthcare costs has outpaced general inflation owing to a multitude of cost drivers in many countries, including the cost of drugs, an uptick in chronic illnesses due to bad lifestyle habits, an aging population, and more.
Increased regulation
Increased regulation
Insurers are struggling to deal with mounting costs of compliance while meeting various requirements across jurisdictions, ranging from tax reporting and anti-money laundering to consumer protection and data privacy.
Continued challenges related to fraud
Continued challenges related to fraud
Fraudulent claims continue to pose great challenges for the health insurance sector, which leads to higher health insurance premiums and out-of-pocket expenses for consumers, as well as reduced benefits or coverage.
The rise of insurtech
The rise of insurtech
The epidemic has accelerated the insurer’s pace to adopt digital measures in a bid to catch up with insurtech, which creates a significant impact on IPMI premiums.

An in-depth look at
our key findings

The Americas remains a dominant region in the top 20 most expensive countries
The Americas remains a dominant region in the top 20 most expensive countries
Up to 12 countries in the Americas ranked within the top 20 countries with the highest cost of IPMI in the world. The US remains the most expensive country due to its high costs of care, despite a huge drop in price in 2020.
 Latin America may experience an increase in premiums in the next 5 years
Latin America may experience an increase in premiums in the next 5 years
Mental health coverage is offered more extensively in Latin America than in any other region. As behavioral and mental health conditions are now the third most costly medical condition, experts foresee an increase in IPMI premiums due to these claims in the next 5 years. Beyond this, healthcare trends differ based on the country in question.
 Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong regains its original position as the second most expensive location for IPMI for individuals and families, owing to factors including overuse of insurance, an aging population, and the COVID-19 pandemic.
 Singapore is the second most expensive location in Asia for health insurance
Singapore is the second most expensive location in Asia for health insurance
In Asia, Singapore takes the spot as the second most expensive country for health insurance. This is due to the city-state’s inflated medical charges and overuse of insurance. What’s more, an aging population and poor lifestyle choices are also increasing the disease burden.
 China's premiums are going through a correction after years of increase
China's premiums are going through a correction after years of increase
As the world’s second-largest economy, China’s IPMI premiums have gone down due to the sluggish demand as a result of the pandemic, while digitalization is gradually taking the center stage in the local insurance landscape.
 A number of countries' premiums have decreased in 2020
A number of countries' premiums have decreased in 2020
This year, up to 36 countries showed a decrease in health insurance premiums when compared to last year. The main reason is the sweeping impact of the COVID-19 pandemic on healthcare systems.
 Insurers are taking a closer look at their regional pricing strategies
Insurers are taking a closer look at their regional pricing strategies
Insurers are adjusting their pricing to strike the right balance between service quality and operation sustainability and also prepare for similar crises that could arise in the future.

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