• March 7, 2021

Health Insurance Premiums Have Decreased in a Number of Countries, According to Pacific Prime’s Latest Report - Odessa American: Business

e-Edition Subscribe

Health Insurance Premiums Have Decreased in a Number of Countries, According to Pacific Prime’s Latest Report

Print
Font Size:
Default font size
Larger font size

Posted: Monday, February 22, 2021 8:01 pm | Updated: 8:33 pm, Mon Feb 22, 2021.

HONG KONG--(BUSINESS WIRE)--Feb 22, 2021--

Global health insurance brokerage Pacific Prime’s latest report examines international private medical insurance (IPMI) premiums in 100 locations and finds that a number of locations’ IPMI premiums have decreased for both individuals and families. This is due to a number of key factors, chief of them being the unprecedented COVID-19 pandemic.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210222005328/en/

Pacific Prime’s Cost of International Health Insurance Report 2020-2021 begins by ranking countries based on their average IPMI premiums. The US takes the number one spot, with average premiums of USD $7,703 for individuals and USD $21,817 for families. At the bottom end of the spectrum, Thailand had the cheapest average premiums of USD $1,934 for individuals and USD $7,257 for families.

From the 100 locations studied, up to 36 countries showed a decrease in IPMI premiums, compared with the previous year, as the COVID-19 pandemic has caused people to avoid/delay seeking healthcare treatment, and countries to impose lockdown measures. In addition to the overarching trend in IPMI premiums, the report also sheds light on region-specific trends including:

  • 12 out of 20 locations with the costliest health insurance premiums are located in the Americas. The US remained the country with the highest premiums due to its exorbitant cost of care, while Latin American countries’ premiums may see a jump in the next 5 years due to a rise in expensive claims for behavioral and mental health conditions.
  • Hong Kong has reclaimed its position as the second most expensive location in the world for health insurance. Similarly, Singapore is the second most expensive location in Asia. This is due to factors such as overutilization of health insurance and a rapidly aging population, amongst others.
  • China’s health insurance premiums are going through a correction phase after years of increase, as a result of sluggish demand amidst a global economic downturn. The country’s insurance landscape is also witnessing digitalization, as insurtech takes center stage.
  • Health insurance companies are beginning to refine and redefine their premium pricing strategy for each region to strike an optimal balance between service quality and operational sustainability, as well as to prepare for any crises that could arise in the near future.

Download a free copy of Pacific Prime’s Cost of International Health Insurance Report 2020-2021 to learn more about the aforementioned trends, as well as to contextualize them with the key drivers shaping health insurance including the changing demand for care, cost of care, increased regulation, continued challenges related to fraud, and the rise of insurtech.

About Pacific Prime:

Established in 1999, Pacific Prime is an award-winning insurance brokerage, operating out of its headquarters in Hong Kong and regional offices strategically located across Asia, the Middle East, Europe, and the Americas. The brokerage is dedicated to simplifying insurance for individuals, families, and corporates. To learn more, visit: https://www.pacificprime.com/

View source version on businesswire.com:https://www.businesswire.com/news/home/20210222005328/en/

CONTACT: Stephen Ho, Marketing Director - Pacific Prime and Kwiksure

+852 3589 0508

KEYWORD: ASIA PACIFIC HONG KONG

INDUSTRY KEYWORD: CONSULTING HEALTH PROFESSIONAL SERVICES INSURANCE MANAGED CARE

SOURCE: Pacific Prime

Copyright Business Wire 2021.

PUB: 02/22/2021 09:00 PM/DISC: 02/22/2021 09:01 PM

http://www.businesswire.com/news/home/20210222005328/en

© 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Sunny
41°
Humidity: 77%
Winds: SE at 9mph
Feels Like: 36°

Your Extended Forecast

Today

weather
High 65°/Low 43°
Abundant sunshine. Highs in the mid 60s and lows in the low 40s.

Tomorrow

weather
High 71°/Low 51°
Partly cloudy and windy. Highs in the low 70s and lows in the low 50s.

tuesday

weather
High 77°/Low 54°
Cloudy. Highs in the upper 70s and lows in the mid 50s.

wednesday

weather
High 83°/Low 55°
Partly cloudy. Highs in the low 80s and lows in the mid 50s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.