Unveiling our latest Cost of International Health Insurance Report 2020-2021
We are excited to announce that our Cost of International Health Insurance Report 2020-2021 is now available for download. Take a bird’s eye view of the world of International Private Medical Insurance (IPMI) through our in-house expert analysis. Here, we’ll explore the global key drivers and trends shaping health insurance premiums. With pricing data collated from 100 locations, you’ll be sure to gain the latest industry insight by downloading this free report. In this Pacific Prime UK article, we will give you a taste of what you can find in our Cost of International Health Insurance Report 2020-2021.
What is the cost of international health insurance globally?
Once again, the US snatched the top spot in 2020 as the most expensive location for both individual and family health insurance with an average individual premium of USD $7,703. It is seconded by Hong Kong (USD $6,146), and followed by Singapore (USD $5,230). Canada (USD $5,230) and Dubai (USD $5,207) rounded out our ranking of the top five countries with the costliest average individual premium. With that said, a number of countries around the globe actually saw their average IPMI premium decreased amidst the COVID-19 pandemic. As for the ranking for family premium in 2020, download our guide to find out!
Key drivers shaping health insurance in the UK
What might be the local factors influencing the cost of international health insurance in the UK? Read on for a quick overview.
Are you short on time or do you prefer a more visual medium? We’ve got you covered. Head on over to our Cost of International Health Insurance infographic. While you’re at it, we also offer a host of free insurance resources from infographics to short videos for you to take advantage of.
1. The COVID-19 pandemic’s impact on non-urgent care
UK citizens have delayed non-urgent care for the short term due to the overburdened healthcare system in the COVID-19 pandemic. This has lowered both healthcare and claims utilization, as reflected in IPMI premiums.
2. Insurers’ delay in adopting digitalization
Despite technology’s potential to increase efficiency for the insurance sector, many UK insurers discovered shortcomings in their digital capabilities.
3. Rapidly ageing population and workforce
The aging population and their tendency to develop chronic illnesses place an increasingly heavy burden on the UK’s healthcare system.
4. Wider availability of high-cost treatments
Expensive medical treatments, such as new generation cancer drug therapies, will likely increase medical costs, thereby increasing IPMI premiums.
Key drivers shaping health insurance premiums globally
Based on our analysis of global IPMI pricing data from 100 locations, we’ve identified 5 major key drivers of IPMI premiums. For an in-depth breakdown of the IPMI trends, download our Cost of International Health Insurance Report today.
1. Changing demand for care
Particularly when it comes to telemedicine, it goes without saying that the pandemic has increased healthcare utilization and expenditure the world over.
2. Cost of care
Globally, healthcare costs have significantly outpaced general inflation due to rising prescription drug prices and an aging population.
3. Increased regulation
Many insurers struggle to cope with the increasingly strict regulations and costs of compliance.
4. Continued challenges related to fraud
Fraudulent claims remain a massive problem that results in higher IPMI premiums, lower coverage and out-of-pocket expenses for policyholders.
5. The rise of insurtech
Insurers have quickly adopted digital tools to better serve their clients amidst the COVID-19 pandemic. You’ll see how these initial investment costs could impact IPMI premiums going into 2021.
Gain an in-depth understanding of the insurance sector with our free Cost of International Health Insurance Report 2020-2021
Unprecedented changes marked the years 2020 and 2021. Of course, the world of international health insurance is not unaffected. This article merely represents the tip of the iceberg. For a deeper dive into the latest trends driving IPMI premiums, refer to the Cost of International Health Insurance Report 2020-2021. Whether you are a business professional or an individual, stay informed with analysis from our in-house insurance experts.
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