About Pacific Prime’s State of Health Insurance 2019-2020 Report

For this year’s report, our experts provide individuals, business leaders, and HR professionals with compelling insights into the major trends and developments that are shaping the global health insurance industry today.
Our report begins with a quick overview of global health insurance trends from Neil Raymond, Founder and CEO of Pacific Prime, and is followed by two key sections offering a substantial yet simplified analysis on the global health insurance landscape:

Changes and trends shaping the global health insurance industry

The shifting risk landscape Major healthcare challenges and trends Healthcare insurance inflation Technology increasingly takes center stage
Changes and trends shaping the global health insurance industry
Pacific Prime - Regional health insurance trends across five continents
Europe
The Americas
The Middle East
Asia-Pacific
Africa

Regional health insurance trends across five continents

Asia-Pacific

  • Insurtech takes center stage
  • Lack of mental health coverage in group policies
  • Population-related trends and challenges in the region

The Middle East

  • Mandatory health insurance legislation
  • Overprescribing trend

The Americas

  • California Consumer Privacy Act
  • The 2020 US presidential elections
  • Aging population

Europe

  • Impact of the GDPR law
  • Impact of Brexit on UK firms

Africa

  • Potential for health insurance growth
  • Mobile technology to increase prospects

Updates from Pacific Prime

To conclude, the report touches on the latest
developments that are transforming Pacific Prime in 2020
so that readers know what to expect from us.

What is the state of health
insurance globally?

To fully yield an answer, one must completely understand the shifting risk landscape and know what factors are involved. This year's report looks carefully at those factors as highlighted below.

The shifting risk landscape

The global state of health insurance has been
largely influenced by two primary factors:
Economic
uncertainty
Economic uncertainty

The global economy is expected to dip deep into a recession due to the
COVID-19 pandemic, low-interest rates, and the ongoing US and China trade war.

Disruptive
technology
Disruptive technology

Globally, insurers are incorporating new technologies, such as artificial intelligence and telemedicine into their operations, and new solutions that go hand in hand with the current technology available.

Learn more about this section and better understand the state of health insurance globally by downloading our report.
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Pacific Prime 2019-2020 State of Health Insurance Report

Major healthcare challenges and trends

A number of challenges and trends will impact the
state of health insurance in 2020, including:
Rising medical trend rates and costs
Rising medical trend rates and costs

As costs rise, insurers seek new solutions to remain competitive in the market and offer better value to consumers.

Rise in chronic conditions and NCDs
Rise in chronic conditions and NCDs

Insurers seek to reduce the chances of claims being made by helping clients live a healthier life. Poor lifestyle choices and an aging population contribute to the rise of NCDs.

Rise in awareness of mental health conditions
Rise in awareness of mental health conditions

Health insurers assist employers by offering wellness programs, so employees remain mentally fit and content.

Check out the report and gain a better understanding of the key global
healthcare challenges and trends today.
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Health insurance inflation

Health insurance premiums continue to rise around the world, which raises
concerns about affordability for individuals, families, and businesses.
Pacific Prime, 2019 Cost of Health Insurance Report
Average international private medical insurance premiums for individuals and families have risen in all major markets, with the exception of China, which saw a decrease.
Pacific Prime, 2019 Cost of Health Insurance Report
Top 5 most expensive countries for individual and
family health insurance in the world in 2019
Average individual premium in 2019 (USD)
1. The United States - USD $8,887
2. Canada - USD $7,045
3. Hong Kong - USD $5,738
4. Singapore- USD $5,458
5. Israel - USD $4,799
Average family premium in 2019 (USD)
1. The United States - USD $26,883
2. Canada - USD $18,264
3. Hong Kong - USD $17,140
4. Singapore - USD $15,055
5. Dubai - USD $14,147

Source: 2019 Cost of International Health Insurance Report - Pacific Prime

Our report goes into more detail with reference to certain countries like the US, Singapore, and Canada. It also reveals the main factors that continue to drive up plan costs.
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Technology increasingly takes center stage

Technology increasingly takes center stage

Our report examines the following trends and challenges posed by
the incorporation of technology in the health insurance sphere.
The challenges and opportunities of data privacy and management
The challenges and opportunities of data privacy and management

Compliance and regulation heavily influence the ways in which business and insurance are conducted around the world.

Digitalization transforming the insurance service model
Digitalization transforming the insurance service model

Technology assists with fraud detection and the creation of innovative insurance plans and products.

Healthcare innovation and health insurance products
Healthcare innovation and health insurance products

A new wave of wellness initiatives and the rise of mental health coverage brings much hope to consumers and businesses.

Download the report and discover how technology is having both a disruptive and transformative impact on health insurance.
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