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

The latest edition of Pacific Prime’s State of Health Insurance Report highlights the major trends and developments that will shape the insurance sector in 2020 and beyond. Chief among our insights include the main drivers of growth in the insurance industry (e.g. insurtech), as well as country-specific practices and legislations that will have a large impact on the sector.
Our report's insights include drivers of growth on a global scale, such as digital technology and insurtech, as well as country-specific practices and legislations that will have a large influence on the health insurance industry.
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 these three sections:

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

Lastly, our report provides a quick overview of Pacific Prime's latest developments.

What is the state of
health insurance in Europe?

While challenges and opportunities vary by country, we have identified the below as the most influential factors affecting individual and corporate health insurance plans in Europe:

The COVID-19 pandemic

The COVID-19 pandemic will continue to have a large impact on the European insurance market. Our report explores the main obstacles faced by the insurance industry and its clients in Europe:
Businesses and insurers in the region are grappling with the 'coronavirus recession'
Businesses and insurers in the region are grappling with the 'coronavirus recession'
Corporate clients are becoming less willing to spend money on costly employee benefits
Corporate clients are becoming less willing to spend money on costly employee benefits
Learn more about the impact of COVID-19 on Europe by downloading your free copy of our report.
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Pacific Prime 2019-2020 State of Health Insurance Report

The wide-reaching impact of GDPR

Since its introduction in 2018, the GDPR law continues to affect the way HR teams and employee benefits providers work in Europe, such as how they handle personal client and employee data. To reduce the risk of breaching the GDPR, which can result in fines of up to EUR €20 million, corporations in the region have been implementing the following measures:
Ensuring all data handling processes are transparent
Ensuring all data handling processes are transparent

Businesses in the region are becoming more transparent about their employee data collection process.

Forming partnerships with trusted providers
Forming partnerships with trusted providers

Employers are ensuring that they partner with a trusted employee benefits provider with a good track record of GDPR compliance.

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Pacific Prime 2019-2020 State of Health Insurance Report
Brexit is set to have a significant impact on the UK insurance landscape. To retain talented EU employees, employers will need to ensure that their benefits are implemented and managed optimally.
Liz Russell, Manager at Pacific Prime UK

Brexit

Brexit has already significantly affected the job market prior to the UK’s actual departure from the EU. Despite widespread concern about employment in the UK, the demand for EU workers is still high in the country. UK firms will need to entice EU employees with competitive employee benefits to attract top talent.
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What is the state of health insurance in the UK?

What is the state of health insurance in the UK?

Brexit’s impact on the UK has encouraged employers to try harder to attract and retain talented EU employees.
Brexit aside, there are several key factors that currently influence the state of health insurance in the UK, including:
Privatisation of the NHS
Privatisation of the NHS

The potential privatisation of the NHS has resulted in an increase in demand for international private health insurance. This is largely due to the restrictions of the NHS, along with the waiting times for GP appointments and treatment. Since UK plans offer limited coverage, clients will need to purchase an IPMI plan if they want more benefits, such as a private GP or maternity cover.

Medical insurance inflation will continue to be an issue
Medical insurance inflation will continue to be an issue

Medical insurance inflation is likely to be an issue that won’t go away anytime soon, with UK employers expected to pay an additional 4.3% for employee health insurance this year. The growing demand for mental health services is likely to result in an increase in costs as well.

Increasing popularity of telemedicine
Increasing popularity of telemedicine

Telemedicine has the potential to be a cost containment tool, as it is typically a more affordable option than visiting facilities in person. In fact, international insurers are starting to embrace telemedicine to reduce costs related to outpatient treatment.

Download our report for the full picture of the UK's state of health insurance.

Download The State of Health Insurance Report

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