Out Now: Pacific Prime’s Cost of International Health Insurance Report 2024



ORIGINAL POST
Posted by RR 2 days ago
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Global health insurance brokerage and employee benefits specialist Pacific Prime has recently released its annual Cost of International Health Insurance (COHI) Report 2024, which delves into IPMI premiums for individual and family health insurance across 100 global locations and more.

Report Overview

This annual report reveals the international health insurance landscape’s shifting dynamics, encompassing various trends such as the 56% increase in premiums in the United States, the escalating costs in Dubai, as well as Hong Kong’s consistent second-place ranking in premiums.

The report also discusses how Singapore continues to remain as the leader in flexible benefits and technology, along with how Thailand’s visa reformation aims to attract expats by lowering the insurance coverage requirements.

According to the report, the average IPMI premiums for individual plans varied from merely USD $3,900 in Poland to an overwhelming USD $15,296 in the US while family plans ranged from USD $10,710 to an astounding USD $34,152 in the US.

Premiums were evaluated for 100 locations globally and were driven by various factors. These factors include global inflation, flexible benefits, specific government regulations, and more. Below are the factors that contributed to the fluctuating premiums across these locations:

  • Global Inflation: Global inflation resulted in high medical trend rates in the health insurance industry. Additionally, where treatment costs are inflated, premium rates follow suit.
  • High Healthcare Utilization: In 2024, there was also a huge increase in healthcare utilization even with the inflated medical costs.
  • Wellness Initiatives: The worldwide growth in health awareness prompted traditional healthcare to shift from treatment to prevention.
  • Integration of Technology: Many insurers incorporated technology in 2024 as a cost-cutting measure in hopes of streamlining processes for consumers, businesses, and insurers alike.
  • Flexible Benefits: Flexible benefits grew in popularity as a cost-saving measure in many regions, such as the US, Hong Kong, and Singapore.
  • Insurer Exits and Consolidations: Insurers either consolidated or exited the local market due to high claims-loss ratio.
  • Specific Government Regulations: Certain regions’ governments implemented regulations to regulate health insurance costs.
 

Comments from Pacific Prime’s Neil Raymond

CEO and founder of Pacific Prime, Neil Raymond, stated,

“Consumers are encountering fewer choices in the IPMI market, as major insurers like Cigna divest licenses and Aetna exits the international space. To remain competitive, brokers must focus on enhancing the value they bring to their services.”

Get Your Free Copy Today

To learn more about how flexible benefits, global inflation, and more, affected the international health insurance market, along with what the premium rankings look like, click the link below to download your free copy of the report today.

Pacific Prime - The Cost of International Health Insurance Report 2024

In the meantime, if you have any questions, feel free to get in touch with our partner, Pacific Prime and get free, no-obligation Hong Kong insurance quotes.

 

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