Pacific Prime’s Latest Report Finds That Health Insurance Premiums Have Rebounded After COVID-19
Based on a study of 100 locations around the world, global health insurance brokerage Pacific Prime’s latest report finds that average international private medical insurance (IPMI) premiums for both individual and family plans have rebounded in the majority of locations. This comes as the world is reeling from the impacts of the COVID-19 pandemic – albeit at different paces in different locations, and looking towards digitalization and technology to increase efficiency in the health insurance and healthcare sector.
Now in its 7th edition, Pacific Prime’s Cost of International Health Insurance Report 2021-2022 begins by ranking locations based on their average IPMI premiums. Consistent with last year, the US takes the number one spot this year, with average premiums of USD $7,431 for individuals and USD $20,929 for families. On the other end of the spectrum, Thailand also continues to remain the cheapest location with average premiums of USD $2,035 for individuals and USD $7,367 for families.
From the 100 locations examined, the report found that an overwhelming 90% and 93% of locations saw their IPMI premiums rise this year for individual and family plans, respectively. This is in stark contrast to the previous year where a number of countries saw their premiums decline. In addition to the overarching global trend in IPMI premiums, the report also sheds light on region-specific trends including:
- The Americas continue to dominate the top 20s, but it was also a region with sluggish growth.
- US remains world’s most expensive location, despite a decline in premiums.
- Mexico is the region’s anomaly as its premiums spike.
- Hong Kong remains in the second spot in the world, for the second year in a row.
- Singapore moves up the ranks to claim the third spot in the world.
- Thailand’s premiums are rising, though it is still the lowest in the countries we surveyed.
- China’s “correction phase” may be starting to slow down.
- UAE rates hold steady, but past claims is a driver.