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International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient. Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Website URL: http://ipmimagazine.com

HSBC Life Appoints Ying Teoh As Global Head Of Customer Proposition

HSBC Life, HSBC Group’s insurance business, has appointed Ying Teoh as Global Head of Customer Proposition, HSBC Life and Insurance Partnerships, based in Hong Kong, effective 12 April.

Ying joins HSBC from Prudential, where she held the position of Chief Officer - Strategic Solutions for Insurance Asia. With over 25 years of experience in the insurance industry, Ying has worked in several markets across Asia, Australia and New Zealand and in various senior management roles across actuarial, investment, product development, pricing, risk management, performance management and strategic business management.

In her new role, Ying will lead HSBC Life’s Product Strategy, Proposition and Governance teams, reinsurance capabilities, and Bermuda captive business. She will lead the rapid evolution of HSBC Life’s nascent Health and Employee Benefits platforms, shape the business’ sustainability agenda, and embed a systematic customer-centric design culture in both our products and platforms. 

Bryce Johns, Group General Manager and Global CEO, HSBC Life and Insurance Partnerships, said: “We’re incredibly excited to have Ying join our leadership team in this key role, at a pivotal stage for our business, as we embark on a high-growth journey.”

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,984bn at 31 December 2020, HSBC is one of the world’s largest banking and financial services organisations.

 

Introducing MediHelp International

When it comes to international private medical and health insurance, you can count on MediHelp International. 

For over 15 years, MediHelp International has been the leading provider of private international health insurance in Central and Eastern Europe. With representatives in Romania, Hungary, Poland and Bulgaria, MediHelp successfully combines international health insurance with international healthcare, for the benefit of its clients.

Advantages of MediHelp Individual plans

  • International coverage, top medical services worldwide
  • The freedom to choose the specialist doctor and the clinic where you want to be treated
  • An insurance for both individuals and companies
  • Flexible payment system; payment can be made monthly, quarterly, half-yearly or annually
  • Dedicated customer relations department, which provides the desired information in the shortest time

Advantages of MediHelp Business plans

  • Routine medical care
  • Complex operations
  • Advanced imaging services
  • Hospitalization and day treatment
  • Dental treatment in case of accident
  • Cancer treatment
  • Organ transplant
  • Land and air ambulance
  • Evacuation and repatriation

Other rules and benefits

The plans for the Companies are deductible up to 400 Euro / year, both for the employer and for the employee. With many years of experience in the field of health insurance, MediHelp International can provide the right health plan based on the requirements and budget of your company. Discounts can be applied depending on the number of employees.r

Coverage of pre-existing medical conditions (MHD) may apply to the Company Plan. If 20 or more employees are included in the plan and this method of medical subscription is chosen, the pre-existing medical conditions are insured.

For more information, please contact us at: Phone +40 21 222 0593 or This email address is being protected from spambots. You need JavaScript enabled to view it. (LV, 09.00 am - 05.30 pm).

Website: https://www.medihelp.ro

 

Pacific Prime Named Cigna Middle East's "Individual Broker of the Year" And "Innovative Broker of the Year" In 2020

Pacific Prime is pleased to announce that they have received two accolades from Cigna Middle East in 2020: "Individual Broker of the Year" and "Innovative Broker of the Year". The awards were presented to the team at Pacific Prime's Dubai office on 4 April, 2021.

When asked why Pacific Prime received the awards, Jerome Droesch, CEO at Cigna MEA and SEA, stated: “Our partnership with Pacific Prime, the leading global insurance consultancy, has been a mutually rewarding one. We are pleased to recognize the company as Cigna’s Innovative Broker of the Year and Individual Broker of the Year."

RELATED READING: iPMI Magazine Speaks With Jerome Droesch, CEO, Cigna, MENA

"Over the course of our long-term synergy, Pacific Prime’s knowledge, professionalism, and dedication have supported our sustained endeavors to innovate and tailor our offerings to deliver the highest quality of care to our customers. We look forward to continuing our collaboration and bringing to market advanced solutions that enhance our customers' quality of life in the years to come."

David Hayes, Regional CEO at Pacific Prime Dubai, was one of the recipients who received the accolades on behalf of Pacific Prime. He said: "It's truly an honor to receive such prestigious industry recognition. These awards are a testament of our innovative approach and dedication to simplifying insurance for individual and corporate clients. We look forward to continuing our partnership and achieving mutually beneficial results."

Nageen Sattar, Director of Regional Client Services at Pacific Prime Dubai, commented: "We've worked with Cigna for many years, and I'm delighted to see our strong partnership recognized with the Individual Broker of the Year and Innovative Broker of the Year awards - the former demonstrating our unwavering commitment to the individual business category, and the latter recognizing our SME expertise and feedback, which the insurer took into account when designing their new Smart Care Regional SME plan."

International Health Insurance 2020: The Definitive iPMI Market Report Is Now Available At A Reduced Price

With the brand new #IPMI market research report for 2021 coming out in May 2021, the 2020 edition of the report is now on sale at a subsidized price.

With an RRP of £3600 for all 3 volumes, you can now pick up the complete copy of all 3 volumes for just £1200. For those IPMI market professionals looking at single volumes, they are now available, reduced to just £500 per volume.

Volume 1 Market Overview (230 pages)
Volume 2 Companies (over 500 pages)
Volume 3 Countries (over 600 pages)

BUY NOW: To order this must have IPMI market report simply write to ipmi[at]ipmimagazine.com and we shall do the rest. Once we receive your order an invoice will be issued directly by the report author, and once that is paid and processed, a complete copy of the report will be made available to you in PDF format.

iPMI Market Report Overview

There are more opportunities than ever for insurers and brokers to sell health insurance globally to locals and internationals:

  • The global demand for health insurance is rising fast;
  • There are opportunities for health insurers and brokers;
  • The numbers of expatriates are rising and will increase;
  • IPMI and PMI are no longer separate;
  • Locals, students and NGO workers need cover;
  • Many more countries are making health insurance compulsory;
  • Healthcare and health insurance are becoming intertwined;
  • Top up cover and micro health have massive potential;
  • Technology will change how insurers, brokers and customers interact.

International private medical insurance is flourishing. There are more globally mobile individuals than ever before - and employers are building businesses in more diverse countries.

ABOUT THE AUTHOR

Ian Youngman is a writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports and undertakes research for companies and has London market management experience with brokers and insurers. 

BUY NOW

To order this must-have IPMI market report simply write to ipmi[at]ipmimagazine.com and we shall do the rest.

Once we receive your order an invoice will be issued directly by the report author, and once that is paid and processed, a complete copy of the report will be made available to you in PDF format.

ABOUT iNTERNATIONAL HEALTH INSURANCE 2020

International private medical insurance (IPMI) was traditionally considered an exclusive health insurance plan for expatriates. Now, the definition of an expatriate is obsolete because more people, including local nationals and expats, regularly travel internationally, due to their lifestyle, income and careers.

These people need international medical insurance irrespective of their national status or residency. Local nationals, expats, and global nomads are driving demand for IPMI products well beyond any residency classification.

The globally mobile population has grown dramatically along with the increased global business. There are 66 million expatriates, and by 2020 this will be 87.5 million. 260 million people now live away from their country of birth and within a decade the total number of expatriate workers and international students will be 100 million.

IPMI as health insurance without borders is the future of health insurance for all people irrespective of their country of nationality, residence or current domicile. The domestic health insurance market is changing and expanding in many markets around the world. Technology, innovation in health treatment and digitisation of processes are also powerful shapers of the future of health insurance.

Compulsory insurance, voluntary top-up covers, differences between what you can sell to locals and expatriates, rules on overseas investors, compulsory local partnerships, economic sanctions, and even local politics are all things that insurers and brokers must understand- as are newer factors of controls on insurance and healthcare prices, and recent compulsory health insurance rules for travellers or students.

There have been several new entrants to the global healthcare insurance and ancillary services market, long dominated by a small handful of existing insurance companies. Regional insurers and brokers are active in the sector.

The focus on wellness and the proactive approach of keeping customers healthy is a key change. The focus is health insurance, not just illness insurance and, proactively engaging with customers to help them lead long and healthy lives.

Technology is changing the market, with access to information and care through mobile applications and innovations such as virtual health, telemedicine and virtual GP services. Data will also drive more accurate underwriting and wellness solutions at an individual customer level. The days of the fully personalised cover are not far off.

IPMI must comply with local laws and regulations and local needs that differ considerably from country to country.

IPMI overview contents

Volume 1

Introduction

  • Overview

  • Growth of need for IPM

  • Health insurance definitions

  • Expatriate definitions

  • Voluntary health insurance

  • Why IPMI and PMI are no longer separate

  • Social and technological disruption

  • Duty of care

  • Why insurers are moving into PMI/IPMI

  • The changing insurance ecosystem

  • Customer centricity

  • Blockchain

  • Emerging markets

  • Belt and Road initiative

  • Middle East and North Africa

  • Asia

  • IPMI must cover more than insurance

  • The future

International health insurance numbers

  • Global premium figures

  • Onshoring and offshoring

  • Premium retention in countries

  • Premiums and local taxes

  • Local partnerships

  • Muddying the waters

  • It is not health insurance

Health insurance

  • Compulsory health insurance

  • Health insurance market potential

  • Global medical price trends

  • Health insurance pricing trends

  • Global health insurance price and trends

  • Health insurance and universal healthcare

  • Global benefits

  • Digital transformation

Healthcare

  • Health at a Glance Europe 2018

  • Global healthcare

International health insurance market

  • Buying the market overseas

  • Distribution

  • Healthcare or health insurance

  • History

  • Market potential

  • Hospitals offering health insurance

  • Numbers of insurers

  • Insurance companies

  • Latin American healthcare potential

  • Lloyd’s of London

  • Lloyds’ brokers

  • Managing general agents

  • Third party administrators

  • Insurance brokers

  • Financial advisors

  • Insurance agents

  • Banks

  • Health insurance trade bodies

  • Health insurance comparison sites

  • Micro insurance

  • Mobile devices

  • Self- insurance

  • Smart phones

  • Social media

  • Videos

International health insurance products

  • Cover

  • International insurance versus domestic insurance

  • IPMI in 2019

Expatriate numbers

  • Expatriate figures

  • Global number of expatriates

  • Global population

  • Expatriates, migrants and refugees

  • Global mobility

  • Expatriate population as % of worldwide population

  • Expatriate or international migrant

  • Refugees and expatriates

  • International students

  • Migrant workers

  • Cross border workers

  • Diasporas

  • Migration and health

Customers

  • Target markets for insurers

  • What is an expatriate?

  • Expatriate characteristics

  • Expatriate salaries and benefits

  • Buyers

  • Dependants

  • Emerging markets middle class

  • Generation Y

  • More than one product

  • High net worth

  • How people choose international health insurance

  • Indian companies

  • Maritime

  • Mining

  • Music industry

  • NGOs

  • Need

  • Oil and gas

  • Overseas employees need support

  • Questions potential customers ask

  • Retirees

  • Self-employed

  • Short assignments

  • Short-term cover

  • Singles

  • Students

  • Target ages

  • Teachers

  • Wealthy expatriates

  • Who can be covered?

  • Why companies buy it

  • Why individuals buy it

  • Why needs are changing

  • Why not just buy cover locally

  • Women

The product

  • Addiction treatment

  • Admitted policies

  • Apps

  • Big data

  • Budget covers

  • Cancer

  • Chatbots

  • Choice of cover or set packages

  • Claims

  • Compliance with local law

  • Co-payments

  • Critical illness

  • Currency

  • Danger zones

  • Diabetes treatment

  • Diaspora insurance

  • Duty of care

  • Emergency assistance

  • Emergency evacuation

  • European Air Medical Institute

  • Fertility treatment

  • Fraud

  • Funeral plans

  • Global cover

  • Helplines

  • Income protection

  • Insurers rethink of health insurance

  • International medical accreditation

  • Medical evacuation and repatriation

  • Medical tourism and insurance

  • Medical travel insurance

  • Mental health

  • Micro health insurance

  • Obesity treatment

  • Organ transplants

  • Passive war

  • Political risks

  • Pricing

  • Price regulation

  • Pricing on group schemes

  • Private repatriation

  • Risk management

  • Second medical opinion

  • Security and travel advice

  • Takaful

  • Takaful health

  • Telehealth

  • Term life

  • Top up covers

  • Travel insurance

  • Underwriting

  • Virtual doctors

  • War risks

  • Wearables

Volume 2 Companies

National, regional and local insurers and brokers

  • Base country

  • HQ

  • Ownership

  • Overview

  • Structure

  • Insurance

  • Healthcare

  • Customer numbers

  • Strategy

  • 2018 results

  • 2019 forecasts

  • Buying businesses

  • Selling businesses

  • Failed deals

  • Partnerships

  • Sponsorships

  • Micro health

  • Products

  • Apps

  • Marketing

  • Technology

  • Start-ups, accelerators and labs

  • Countries A to Z

Company profiles

  • A Plus

  • Abacare

  • Achmea

  • ADNIC

  • AIA

  • AIG

  • Aetna

  • Ageas

  • Alan

  • Allegiant

  • Alliance Group

  • Allianz

  • Amariz

  • Amazon

  • Anbang

  • Antae

  • Anthem

  • AON

  • Apple

  • APRIL

  • Ardonagh

  • ASSSA

  • Aviva

  • AXA

  • Bellwood Prestbury

  • Berkshire Hathaway

  • Blue Cross

  • Blue Cross Blue Shield

  • Bupa

  • CCW

  • Chubb

  • Cigna

  • Clements Worldwide

  • CM International

  • Collinson

  • CXA

  • DFV

  • Daman

  • DavidShield

  • Discovery

  • Doha Insurance

  • Exclusive Healthcare

  • Expacare

  • Expatriate Group

  • Fairfax

  • Fosun

  • Freedom Health

  • Gallagher

  • General & Medical

  • Generali

  • Global Benefits

  • Global Underwriters

  • Great West Lifeco

  • Gulf Insurance Group

  • Haven Healthcare

  • Healix

  • HealthCare International

  • Henner

  • Humana

  • Integra Global

  • Jubilee

  • LAMP

  • Liberty Mutual

  • Lloyds

  • Lockton

  • Malakoff Médéric Humanis

  • MAPFRE

  • Marsh McLennan

  • Medgulf

  • Medibank

  • Medicover

  • Met Life

  • MMI

  • Morgan Price

  • Munich

  • Mutua Madrilena

  • National Life and General

  • New India

  • nib

  • NN Group

  • Now Health International

  • Nugent Sante

  • Old Mutual

  • Oman Insurance

  • Pacific Cross

  • Pacific Prime

  • Pan-American Life

  • Premier Group

  • Primary Group

  • Punter Southall

  • Qatar Insurance

  • QBE

  • RBI Premium

  • Regency Assurance

  • Saham

  • Saico

  • JW Seagon

  • Seven Corners

  • Siaci Saint Honore

  • Sompo

  • Starr

  • State Life

  • Status Global

  • Swiss Global

  • Swiss Life

  • Tokio Marine

  • UnitedHealth

  • Union Insurance

  • Vienna Insurance

  • WAFA

  • William Russell

  • Willis

  • Zhong An

  • Zurich

Volume 3 countries

Country profiles look at:

* Healthcare, healthcare reforms and price controls

* State health insurance and planned reform

* Compulsory health and travel health insurance and planned reforms

* Private health insurance and supplementary covers

* Health insurance regulation and planned reform

* Health insurance price regulation and planned reform

* Specific data and requirements for expats

COUNTRY PROFILES

  • Healthcare

  • Healthcare for expatriates

  • Healthcare regulators

  • Healthcare regulation

  • Healthcare price regulation

  • State health insurance

  • State health insurance top up

  • Compulsory health insurance for locals

  • Compulsory health insurance for expatriates

  • Compulsory health insurance for overseas students

  • Compulsory travel health insurance for visitors

  • Health insurance for locals overseas

  • Private health insurance

  • Insurance company and broker regulators

  • Health insurance regulation

  • Health insurance price regulation

  • 2019 population

  • 2030 population estimate

  • UN 2017 number of international immigrants- inbound

  • UN 2017 number of international emigrants- outbound

  • UN numbers of refugees

  • Local figures on expatriate numbers

  • Local figures on expatriate sources

  • Local figures on Diaspora

  • Leading local health insurers

  • Head office of leading health insurers and brokers

  • International health insurers/ brokers/agents activities

COUNTRIES

  • Abu Dhabi

  • Afghanistan

  • Albania

  • Algeria

  • Andorra

  • Angola

  • Antigua

  • Argentina

  • Armenia

  • Australia

  • Austria

  • Azerbaijan

  • Bahamas

  • Bahrain

  • Bangladesh

  • Barbados

  • Belarus

  • Belgium

  • Belize

  • Bermuda

  • Bolivia

  • Bosnia

  • Botswana

  • Brazil

  • British Virgin Islands

  • Brunei Darussalam

  • Bulgaria

  • Burkina Faso

  • Burundi

  • Cambodia

  • Canada

  • Cayman Islands

  • Chile

  • China

  • Colombia

  • Costa Rica

  • Croatia

  • Cuba

  • Curacao

  • Cyprus

  • Czech Republic

  • Denmark

  • Dominica

  • Dominican Republic

  • Dubai

  • Ecuador

  • Egypt

  • Estonia

  • Ethiopia

  • Fiji

  • Finland

  • France

  • Georgia

  • Germany

  • Ghana

  • Gibraltar

  • Greece

  • Grenada

  • Guatemala

  • Guernsey

  • Guyana

  • Honduras

  • Hong Kong

  • Hungary

  • Iceland

  • India

  • Indonesia

  • Iran

  • Iraq

  • Ireland

  • Israel

  • Italy

  • Jamaica

  • Japan

  • Jersey

  • Jordan

  • Kazakhstan

  • Kenya

  • Kuwait

  • Kyrgyzstan

  • Latvia

  • Lebanon

  • Lesotho

  • Libya

  • Lithuania

  • Luxembourg

  • Macau

  • Macedonia

  • Malawi

  • Malaysia

  • Maldives

  • Malta

  • Mauritius

  • Mexico

  • Moldova

  • Monaco

  • Mongolia

  • Montenegro

  • Morocco

  • Mozambique

  • Myanmar

  • Nepal

  • Netherlands

  • New Zealand

  • Nicaragua

  • Nigeria

  • Norway

  • Oman

  • Pakistan

  • Panama

  • Papua New Guinea

  • Paraguay

  • Peru

  • Philippines

  • Poland

  • Portugal

  • Puerto Rico

  • Qatar

  • Romania

  • Russia

  • Rwanda

  • Saint Kitts And Nevis

  • Saint Lucia

  • Saudi Arabia

  • Serbia

  • Sierra Leone

  • Singapore

  • Slovak Republic

  • Slovenia

  • Somalia

  • South Africa

  • South Korea

  • Spain

  • Sri Lanka

  • Sudan

  • Swaziland

  • Sweden

  • Switzerland

  • Syria

  • Taiwan

  • Tanzania

  • Thailand

  • Trinidad And Tobago

  • Tunisia

  • Turkey

  • Turks And Caicos

  • Uganda

  • Ukraine

  • United Arab Emirates

  • United Kingdom

  • Usa

  • Uruguay

  • Venezuela

  • Vietnam

  • Yemen

  • Zambia

  • Zimbabwe

 

Falck Global Assistance Announces Strategic Partnership with Insured Nomads

Falck Global Assistance (FGA), a Nordic leader in travel risk management and duty of care solutions for corporate and insurance customers, and Insured Nomads, the first insurtech company offering an advanced tech-enabled benefit suite alongside insurance plans for the globally mobile traveller, are pleased to announce a new partnership agreement and the integration of FGA’s Emergency Response Centres to the Insured Nomads portfolio.

From April 1st , this new, dedicated partnership will provide customers of Insured Nomads with 24/7/365 access to FGA’s emergency response centres, a critical communication node in the global assistance value chain. Per the agreement, customers of Insured Nomads will have access to FGA’s emergency response services through Insured Nomads’ JUVO iOS/ Android mobile application, which customers will be able to activate by pressing the app’s built-in emergency button.

24/7/365 Emergency Response Access, Anywhere in the World - from Falck Global Assistance

For Insured Nomads, the agreement with FGA will provide triaging services for customers of Insured Nomads, ensuring the priority of patient treatment, assessing the severity of their condition, and facilitating access to medical and travel assistance. Access to FGA’s 24/7/365 emergency response centres ensure that travellers have access to continuous communication and emergency services

A pioneer in duty of care, Falck Global Assistance is able mobilize in-house specialists and a global network to respond and triage emergency calls. In response to crisis events, FGA can mobilize doctors, medically equipped ground and air transport, or private charter aircraft to reach, facilitate an evacuation, and repatriate personnel from crisis scenarios. Insured Nomads will benefit from FGA’s expertise in travel risk management for the hypermobile global traveller.

The addition of the emergency button and crisis response within the JUVO app by Insured Nomads is value additive to the facilitation of global assistance, emergency evacuations and general emergency response. JUVO links seamlessly to FGA’s 24/7/365 emergency response centres, where an individual’s activation of the iOS/Android app’s emergency button immediately alerts FGA to the need for emergency assistance. Once activated, FGA receives a priority notification that the emergency button has been pressed, whereupon FGA immediately mobilizes medical, security and network resources to respond.

Markus Zettner, Insured Nomads’ Chief Commercial Officer commented, “We are excited to provide unprecedented medical and safety services in collaboration with Falck Global Assistance.” JUVO bridges insurance with a curated bundle of advanced tech-enabled services for those with policies provided by Insured Nomads.

Falck Global Assistance Operates a Simple Business Model: Developing Duty of Care Solutions and Ensuring Value for the Global Traveller

FGA’s network of vetted partners around the world provides the company with a local perspective on medical infrastructure capacity, health risks, armed conflict and social unrest in the world’s most fragile environments. FGA services risk mitigation through an interdisciplinary process, leveraging caring, motivated people to deliver engaging duty of care solutions to empower organizations and travellers anywhere in the world.

In Safe Hands with Falck Global Assistance

As part of Falck Group, Falck Global Assistance is people helping people – it is in our DNA. For more than 100 years, Falck’s activities have been directed at preventing accidents and diseases, providing assistance in situations of emergency and accidents and helping people move on with their lives after illness and accidents. From our regional emergency response centres, Falck Global Assistance provides bespoke 24/7 medical and security assistance to people around the world in all external settings.

 

Global Study Unveils The Mental Health Minefield Of The Remote Rotational Workforce

Whether on or offshore, the work and lifestyle of a remote rotational worker is unique.

While lucrative for some, it has long been associated with a high impact on mental health and wellbeing. A ground-breaking global report from the International SOS Foundation and Affinity Health at Work, ‘Mental Health and the Remote Rotational Workforce’, provides in depth insight into the psychological impacts of this unique mode of working. The new study1 highlights evidence of the high level of suicidal thoughts, clinical depression, impacts on physical health (such as diet) and the impact of the COVID-19 pandemic on this workforce.

Dr Rodrigo Rodriguez-Fernandez, Medical Director Wellness and NCD’s, International SOS, commented, “There is an urgent need for increased focus, understanding and strategies to mitigate mental ill health and promote better metal health of the remote rotational workforce. This is highlighted in our survey, which uncovers significantly high levels of critical mental ill health issues, including suicidal thoughts and depression. The COVID-19 environment has also added increased stress on this already pressured working arrangement.”

Key study findings:

  • 40% of all respondents experienced suicidal thoughts on rotation some or all the time (compared to average of 4-9%). 1 in 5 are feeling suicidal all or most of the time.
  • 29% met the benchmark for clinical depression whilst on-rotation.
  • 52% reported a decline in mood, and their mental health suffered whilst on rotation.
  • 62% had worse mental health than would be the norm in a population. While off rotation, this remains at a high of 31% experiencing lower mental health than the general population.

Burn Out

The study also exposed that almost a quarter (23%) of the remote rotational workers surveyed experienced emotional exhaustion on a weekly basis. 46% experienced higher stress levels while on rotation and over half (57%) were not engaged in their work. 23% reported that they received no psychological support from their employers.

Dr Rachel Lewis commented, “We would expect burn out to be between 2-13% in the general population, so the almost quarter that we see from the survey is particularly high. Burn out can have a serious impact both personally and professionally, on the ability of an individual to carry out their role. Remote rotational work may come with the perks of higher pay, but with its propensity to be isolating at the best of times. On and offshore, working pressures and varying shift patterns also add their weight. And this is not to mention the impact of the current pandemic, which has seen may remote workers unexpectedly away from family and friend networks for longer than anticipated.”

Impacts of the COVID-19 pandemic

  • 65% experienced increased job demands.
  • 56% increased working hours stress, anxiety
  • 49% concerned for personal safety (before pandemic?)
  • 1/3 became increasingly lonely
  • 23% had more negative physical symptoms (such as headaches and stomach issues)

The Tip of the Iceberg

Dr Rodriguez-Fernandez continues, “Mental and physical health are intrinsically linked. Organisations and individuals with a Duty of Care to their remote rotational workers should have visibility and a plan of support for their workforce encompassing both.”

  • Over a third exercised less (35%)
  • 38% experienced worse-quality sleep (38%)
  • Over a quarter (28%) were less able to eat a nutritious diet whilst working

On the flipside, the majority of respondents felt that their health and safety was prioritised. They report a strong sense of community and support among co-workers and from managers. Many also felt that they could share their mental health concerns with colleagues.

The full report, including practical recommendations on mitigation measures for companies is now available here. A live webinar on the findings is also taking place on 29 April 2021.

1. ‘Mental Health and the Remote Rotational Worker’ synthesizes global data, including interviews with industry stakeholders, an extensive review of existing literature and an in-depth survey of 200 remote rotational workers. The respondents were from mining, offshore and seafaring/maritime based in; 59% Asia,15% Middle East, North Africa,15% Africa, 3% Europe, 3% APAC (Australia, New Zealand and Papua New Guinea), 5% Americas. 46% categorised themselves as employees, 33% managers and 21% did not categorise. 81% male. Average age of 41 years. 70% of respondents were married. 95% had no history of, or current diagnosis, of any psychological issues.

Singapore Sees A Drop In Rental Costs For Expatriates Due To The Effects Of Covid-19

Singapore is now the  26th most expensive location for international executive-standard accommodation as rents fell by an average of 2.0% in 2020.

This was one of the findings of the latest research published by ECA International, the world's leading provider of knowledge, information and software for the management and assignment of employees around the world.

The average monthly rental price for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Singapore is now USD 4 210 – (SGD 5 747), a drop of 2.01% compared to 2020.

“Rent levels in Singapore are always notably stable and this year is no different, with the country seeing only a slight dip in market rents,” said Lee Quane, Regional Director – Asia at ECA International. “This represents a reversal of the increase in rental costs seen in 2019, and is likely the consequence of Covid-19’s impact  on the wider economy in Singapore. Moreover, with greater immigration restrictions for overseas workers set in place, this has suppressed the demand for accommodation in the country this year.”

Asia-Pacific Highlights

  • Hong Kong is the most expensive location for expatriate accommodation for the fourth year in a row, despite decrease in rental costs 
  • Taiwanese capital Taipei climbed 20 places to be the 29th most expensive location for expatriate accommodation globally
  • Bangkok and Hanoi saw significant drops in rankings, coming in 49th place and 81st place respectively
  • Australian cities fell in the rankings as well, with Sydney plunging 10 places to 46th position

Hong Kong has been named the most expensive location in the world for expatriate accommodation for the fourth year in a row, even though rental costs dropped by an average of 5.95%.

Quane said, “Hong Kong has seen a rare decrease in rental costs this year, as Covid-19 lessened the demand for accommodation in the top-tier areas where expatriates would normally reside. The pandemic has had a serious effect on international business in general, but more specifically, has severely limited the number of overseas workers moving to Hong Kong. This, together with the ongoing impact of socio-political tensions on Hong Kong’s economy, and the city’s unemployment levels at its highest rate in over 15 years, has resulted in a lower demand for high-end accommodation. As such, these factors have resulted in a drop in the city’s average expatriate rent. However, Hong Kong is still by far the most expensive location in Asia for rental costs, and is still more expensive than New York, despite the gap closing slightly this year.”

Cities in Taiwan all rose in the rankings this year, as rental markets saw an increase – especially for Taiwanese capital Taipei, which climbed 20 places to be the 29th most expensive location for expatriate accommodation worldwide. 

Quane explained, “Taiwan was one of the few locations in Asia Pacific to see significant rises in accommodation costs this year, with the average monthly rental cost in Taipei now standing at USD 4 101 – a rise of over 5.0% from 2020. This growth was a knock-on effect of the nation’s success in mitigating the transmission of the Covid-19 virus, as well as the repatriation of staff who were previously assigned to China. This, coupled with demand for talent in key industries in Taiwan resulted in the increased demand for accommodation – implying that rents were able to stay consistent, and even increase in many high-end areas.”

Meanwhile, locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. For instance, Bangkok has fallen 19 places to 49th place, while Hanoi saw a similar drop of 12 places to 81st place.

Quane said, “Rental prices have dropped in many locations across Asia over the past year, but this has been especially notable in locations which are heavily reliant on overseas visitors and residents, such as Thailand and Vietnam. Average rents in Bangkok have dropped by over 12.0% in just one year, while Hanoi and Ho Chi Minh City have seen a negative swing of 9.0% and 6.0% respectively. The rental market in these locations is heavily tied to the fortunes of the tourism industry, and landlords who previously rented out accommodation on a short-term basis, have since converted these to long-term leases – thus increasing supply and reducing market rents further. Therefore, it is unlikely that we will see a change to this trend until international travel is fully open again.”

Similarly, Australian cities saw big drops in the rankings. Sydney, the highest placed Australian city in the rankings, and the only Australian location to feature in the global top 50, fell 10 places to 46th position. The average expatriate rent in Sydney is now USD 3 553 – down over 2.5% from last year.

“After years of small and steady increases, the Sydney rental market is now oversupplied with apartments. As such, the subsequent drop-off in demand due to the Covid-19 pandemic is amplifying this market imbalance – thus, resulting in significant drops in the rankings,” explained Quane.

Global Highlights

  • London is the highest ranked European city, coming in 4th place globally
  • Istanbul plummeted significantly in the global rankings, dropping by 60 places to 116th place

European rental markets remained relatively stable for now, with London being the highest ranked European city – coming in in fourth position globally.

“Though rental prices remained largely stable in Europe, the true impact of the Covid-19 pandemic on rent levels is still yet to been seen. While many residents left cities to move further out or back home, the pandemic effectively froze many property markets instead of causing immediate downward pressure on rents. However, as many European locations are still in the midst of lockdowns, and are experiencing other pandemic-related issues,  we have yet to see big drops in European rental markets,” said Quane.

Istanbul saw one of the biggest falls this year, having dropped by 60 places in the global rankings. The Turkish city is now the 116th most expensive city in the world to rent in, with rents costing USD 2 441 per month – a  30% decrease from 2020.

Quane said, “Turkey continues to battle economic instability and faces an impending financial crisis. There remains a lot of uncertainty in the market, and the government’s attempts at implementing economic policies to resolve the issue have ultimately resulted in the local currency dropping against the US dollar. This dire financial situation has had an expectedly negative effect on the rental market, with the value of accommodation plummeting.”

 

Hong Kong Remains Most Expensive Location In The World For Expat Accommodation

Hong Kong has been named the most expensive location in the world for expat accommodation for a fourth year in a row, but still saw rental costs drop considerably due to the effects of Covid-19.

This was one of the findings of the latest research published by ECA International, the world's leading provider of knowledge, information and software for the management and assignment of employees around the world.

The average monthly rental price for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong was USD 10 769, a drop of 5.95% compared to 2020.

“Hong Kong has seen a rare decrease in rental costs this year, as Covid-19 has lessened the demand for accommodation in the top-tier areas where expatriates would normally reside” said Lee Quane, Regional Director – Asia at ECA International. “The pandemic has had a serious effect on international business in general, but more specifically has severely limited the number of overseas workers moving to Hong Kong. This, together with the ongoing impact of socio-political tensions on Hong Kong’s economy and an unemployment level at its highest rate in over 15 years, has resulted in a lower demand for high-end accommodation and therefore a drop in the average expatriate rent. However, Hong Kong is still by far the most expensive location in Asia for rental costs and still more expensive than New York, despite the gap closing slightly this year.”

Asia Highlights

Cities in Taiwan all rose in the rankings this year, as rental markets saw an increase – especially Taipei which climbed 20 places to 29th most expensive location worldwide. 

Quane said “Taiwan was one of the few locations in the APAC region to see significant rises in accommodation costs this year, with the average monthly rental cost in Taipei now standing at USD 4 101 – a rise of over 5% from last year. This growth was a knock-on effect of the nation’s success in mitigating the transmission of the Covid-19 virus, as well as repatriations of staff previously assigned to China and demand for talent in key industries in Taiwan which all resulted in increased demand, meaning that rents were able to stay consistent and even increase in many high-end areas.”

Meanwhile, Singapore fell one spot in the rankings to 26th position globally, as rents fell by an average of over 2%. The average monthly rent in Singapore is now USD 4 210 (SGD 5 747).

“Rent levels in Singapore are always notably stable and this year is no different, with only a slight dip in the rankings. However, this is a reversal of the increase in rental costs seen in 2019 and is likely the result of greater immigration restrictions for workers and other travellers to the city, thereby suppressing demand for all types of accommodation” explained Quane.

Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.

Quane said “Rental prices have dropped in many locations across Asia over the past year, but this has been especially notable in locations which are heavily reliant on overseas visitors and residents, such as Thailand and Vietnam. Average rents in Bangkok have dropped by over 12% in just one year, while Hanoi and Ho Chi Minh City have seen a negative swing of 9% and 6% respectively. The rental market in these locations is heavily tied to the fortunes of the tourism industry and landlords who previously rented accommodation on a short-term basis have converted these to long-term leases, increasing supply and reducing market rents further. Therefore, it is unlikely that we will see a change to this trend until international travel is fully open again.”

Global Highlights

European rental markets remained relatively stable for now, with London the highest ranked European city in 4th position globally.

“Though rental prices remained largely stable in Europe, the true impact of the Covid-19 pandemic on rent levels has not yet been seen. While many residents left cities to move further out or back home, the pandemic effectively froze many property markets instead of causing immediate downward pressure on rents. However, many European locations are still in the midst of lockdowns as well as experiencing other pandemic-related issues, so we may yet see big drops in European rental markets” said Quane.

In a similar trend to many Asian locations, Australian cities saw big drops in the rankings. Sydney, the highest placed Australian city in the rankings and only Australian location to feature in the global top 50, fell 10 places to 46th. The average expatriate rent in Sydney is now USD 3 553, down over 2.5% from last year.

“After years of small and steady increases, the Sydney rental market is now oversupplied with apartments. The subsequent drop-off in demand due to the Covid-19 pandemic is amplifying this market imbalance” explained Quane.

Istanbul saw one of the biggest falls this year and dropped 60 places in the global ranking. The Turkish city is now the 116th most expensive city in the world to rent in. Costing USD 2 441 per month, it has seen a 30% decrease from 2020.

Quane said: “Turkey continues to battle economic instability and faces an impending financial crisis. There remains a lot of uncertainty in the market and economic policies being tried by the government have ultimately resulted in the local currency dropping against the dollar. This dire financial situation has had an expectedly negative effect on the rental market, with the value of accommodation plummeting.”

Top ten monthly rental costs – Asia (USD)
Location
Average rent 2021
Average rent 2020
Hong Kong
10 769
11 318
Tokyo, Japan
9 317
9 207
Shanghai, China
5 222
5 363
Yokohama, Japan
5 168
5 090
Seoul, Korea Republic
5 107
4 931
Beijing, China
4 599
4 566
Osaka, Japan
4 278
4 254
Singapore
4 210
4 233
Taipei, Taiwan
4 101
3 656
Mumbai, India
3 980
4 403

Air Cargo Demand Up 9% in February Compared to Pre-COVID Levels

February 2021 data for global air cargo markets showing that air cargo demand continued to outperform pre-COVID levels with demand up 9% over February 2019.

February demand also showed strong month-on-month growth over January 2021 levels. Volumes have now returned to 2018 levels seen prior to the US-China trade war.

Because comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted all comparisons to follow are to February 2019 which followed a normal demand pattern.

  • Global demand, measured in cargo tonne-kilometers (CTKs*), was up 9% compared to February 2019 and +1.5% compared to January 2021. All regions except for Latin America saw an improvement in air cargo demand compared to pre-COVID levels and North America and Africa were the strongest performers.
  • The recovery in global capacity, measured in available cargo tonne-kilometers (ACTKs), stalled owing to new capacity cuts on the passenger side as governments tightened travel restrictions due to the recent spike in COVID-19 cases. Capacity shrank 14.9% compared to February 2019.
  • The operating conditions remain supportive for air cargo:
    • Conditions in the manufacturing sector are robust despite the recent spike in COVID-19 outbreaks. The global manufacturing Purchasing Managers’ Index (PMI) was at 53.9 in February. Results above 50 indicate manufacturing growth versus the prior month.
    • The new export orders component of the manufacturing PMI – a leading indicator of air cargo demand– picked up compared to January.
    • Supply chain disruptions and the resulting delivery delays have led to long supplier delivery times – the second longest in the history of the manufacturing PMI. This typically means manufacturers use air transport, which is quicker, to recover time lost during the production process.
    • The level of inventories remains relatively low compared to sales volumes. Historically, this has meant that businesses had to quickly refill their stocks, for which they also used air cargo.

“Air cargo demand is not just recovering from the COVID-19 crisis, it is growing. With demand at 9% above pre-crisis levels (Feb 2019), one of the main challenges for air cargo is finding sufficient capacity. This makes cargo yields a bright spot in an otherwise bleak industry situation. It also highlights the need for clarity on government plans for a safe industry restart. Understanding how passenger demand could recover will indicate how much belly capacity will be available for air cargo. Being able to efficiently plan that into air cargo operations will be a key element for overall recovery,” said Willie Walsh, IATA’s Director General.  

FEBRUARY 2021
% VS FEB 2019
WORLDSHARE1 CTK ACTK CLF(%-PT)​2 CLF(LEVEL)​3
Total Market
100%
9.0%
-14.9%
12.6%
57.5%
Africa
2.0%
42.3%
6.6%
11.9%
47.6%
Asia Pacific
32.4%
7.1%
-29.2%
23.5%
69.2%
Europe
22.3%
4.7%
-13.1%
10.9%
64.1%
Latin America
2.4%
-18.4%
-37.8%
10.2%
42.9%
Middle East
12.9%
8.7%
-14.8%
13.0%
59.8%
North America
27.9%
17.1%
1.9%
5.9%
45.3%

(1) % of industry CTKs in 2020   (2) Change in load factor vs same month in 2019    (3) Load factor level

February Regional Performance

Asia-Pacific airlines saw demand for international air cargo rise 10.5% in February 2021 compared to the same month in 2019. As the main global manufacturing hub, the region has benefited from the pickup in economic activity. Demand in the majority of the region’s key international trade lanes has returned to pre-COVID-19 levels. International capacity remained constrained in the region, down 23.6% versus February 2019. The region’s airlines reported the highest international load factor at 77.4%. 

North American carriers posted a 17.4% increase in international demand in February compared to February 2019. Economic activity in the US continues to recover, supported by the rising demand for e-commerce amid lockdown restrictions. Demand grew 39% on the Asia – North America route vs February 2019. The business environment for air cargo remains supportive; the $1,400 stimulus checks to US households will likely drive further growth in e-commerce and the level of inventories remains relatively low compared to sales volumes. Historically, this has meant that businesses had to quickly re-stock for which they also used air cargo. International capacity grew by 4.4% in February compared to 2019.  

European carriers posted a 4.7% increase in demand in February compared to same month in 2019. Cargo demand was largely unaffected by the new lockdowns in Europe and the operating conditions remain supportive for air cargo. International capacity decreased by 12.5% in February,

Middle Eastern carriers posted an 8.8% rise in international cargo volumes in February versus February 2019. Of the region’s key international routes, Middle East-Asia and Middle East-North America have provided the most significant support, rising 27% and 17% respectively in February compared to February 2019. February capacity was down 14.9% compared to the same month in 2019.

Latin American carriers reported a decline of 20.5% in international cargo volumes in February compared to the 2019 period; this was a deterioration from January when demand was down the 17.5% on 2019 levels. Drivers of air cargo demand in Latin America remain relatively less supportive than in the other regions. International capacity decreased 43.0% compared to February 2019. Weakness within the Central and South America markets, which dropped around 40% compared to February 2019, continued to outweigh the full recovery seen on North – Central America routes, which saw levels increase 10% compared to February 2019 levels. 

African airlines’ cargo demand in February increased a massive 44.2% compared to the same month in 2019the strongest of all regions. Robust expansion on the Asia-Africa trade lanes contributed to the strong growth. February international capacity grew by 9.8% compared to February 2019.  

Negative Passenger Demand Trend Continues February 2021

Passenger traffic fell in February 2021, both compared to pre-COVID levels (February 2019) and compared to the immediate month prior (January 2021).

Because comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted all comparisons are to February 2019, which followed a normal demand pattern.

  • Total demand for air travel in February 2021 (measured in revenue passenger kilometers or RPKs) was down 74.7% compared to February 2019. That was worse than the 72.2% decline recorded in January 2021 versus two years ago.
  • International passenger demand in February was 88.7% below February 2019, a further drop from the 85.7% year-to-year decline recorded in January and the worst growth outcome since July 2020. Performance in all regions worsened compared to January 2021.
  • Total domestic demand was down 51.0% versus pre-crisis (February 2019) levels. In January it was down 47.8% on the 2019 period. This largely was owing to weakness in China travel, driven by government requests that citizens stay at home during the Lunar New Year travel period.

“February showed no indication of a recovery in demand for international air travel. In fact, most indicators went in the wrong direction as travel restrictions tightened in the face of continuing concerns over new coronavirus variants. An important exception was the Australian domestic market. A relaxation of restrictions on domestic flying resulted in significantly more travel. This tells us that people have not lost their desire travel. They will fly, provided they can do so without facing quarantine measures,” said Willie Walsh, IATA’s Director General.

FEBRUARY 2021 (% VS FEB 2019) WORLD SHARE1 RPK ASK PLF (%-PT)​2 PLF (LEVEL)​3
Total Market
100.0%
-74.7%
-63.1%
-25.3%
55.4%
Africa
1.9%
-66.1%
-53.6%
-19.0%
51.6%
Asia Pacific
38.6%
-74.9%
-64.8%
-23.8%
59.1%
Europe
23.6%
-82.8%
-75.0%
-25.4%
56.3%
Latin America
5.7%
-62.4%
-55.1%
-13.3%
68.3%
Middle East
7.4%
-81.7%
-66.8%
-32.5%
39.8%
North America
22.7%
-66.1%
-48.1%
-27.9%
52.7%

1) % of industry RPKs in 2020    2) Change in load factor vs. the same month in 2019    3) Load Factor Level

International Passenger Markets

Asia-Pacific airlines’ February traffic was down 95.2% compared to February 2019, little changed from the 94.8% decline registered for January 2021 compared to January 2019. The region continued to suffer from the steepest traffic declines for an eighth consecutive month. Capacity was down 87.5% and the load factor sank 50.0 percentage points to 31.1%, the lowest among regions.

European carriers recorded an 89.0% decline in traffic in February versus February 2019, substantially worse than the  83.4% decline in January compared to the same month in 2019. Capacity sank 80.5% and load factor fell by 36.0 percentage points to 46.4%.

Middle Eastern airlines saw demand fall 83.1% in February compared to February 2019, worsened from an 82.1% demand drop in January, versus the same month in 2019. Capacity fell 68.6%, and load factor declined 33.4 percentage points to 39.0%.

North American carriers’ February traffic sank 83.1% compared to the 2019 period, a deterioration from a 79.2% decline in January year to year. Capacity sagged 63.9%, and load factor dropped 41.9 percentage points to 36.7%.

Latin American airlines experienced an 83.5% demand drop in February, compared to the same month in 2019, markedly worse than the 78.5% decline in January 2019. February capacity was 75.4% down compared to February 2019 and load factor dropped 26.7 percentage points to 54.6%, highest among the regions for a fifth consecutive month.

African airlines’ traffic dropped 68.0% in February versus February two years ago, which was a setback compared to a 66.1% decline recorded in January compared to January 2019. February capacity contracted 54.6% versus February 2019, and load factor fell 20.5 percentage points to 49.1%.

Domestic Passenger Markets

FEBRUARY 2021 (%VS FEB 2019) WORLD SHARE1 RPK ASK PLF (%-PT)​2 PLF (LEVEL)​3
Domestic
54.3%
-51.04%
-37.1%
-18.3%
64.3%
Dom. Australia
0.7%
-60.5%
-59.4%
-2.1%
75.8%
Dom. Brazil
1.6%
-34.9%
-30.3%
-5.4%
77.0%
Dom. China P.R.
19.9%
-51.2%
-34.7%
-22.2%
65.5%
Dom India
2.1%
-30.8%
-17.5%
-14.4%
74.9%
Dom. Japan
1.4%
-72.8%
-59.4%
-23.7%
48.1%
Dom. Russian Fed.
3.4%
2.9%
-5.4%
6.7%
83.4%
Dom. US
16.6%
-56.1%
-38.3%
-23.5%
58.0%

1) % of industry RPKs in 2020    2) Change in load factor vs. the same month in 2019    3) Load Factor Level

Australia’s domestic traffic was down 60.5% in February compared to February 2019, dramatically improved compared to the 77.3% decline in January over 2019. Some state border restrictions were eased in early February.

US domestic traffic declined 56.1% in February versus the same month in 2019, improved from the 58.4% decline in January compared to two years ago. The improvement was driven by falling rates of contagion and accelerating vaccinations.

The Bottom Line

“The US Centers for Disease Control and Prevention (CDC) recently stated that vaccinated individuals can travel safely. That is good news. We have also recently seen Oxera-Edge Health research highlighting the efficacy of fast, accurate and affordable rapid tests for COVID-19. These developments should reassure governments that there are ways to efficiently manage the risks of COVID-19 without relying on demand-killing quarantine measures and/or expensive and time-consuming PCR testing,” said Walsh.

“Two key components for an efficient restart of travel need to be urgently progressed. The first is the development of global standards for digital COVID-19 test and/or vaccination certificates. The second is government agreement to accept certificates digitally. Our experiences to date already demonstrate that paper-based systems are not a sustainable option. They are vulnerable to fraud. And, even with the limited amount of flying today, the check-in process needs pre-COVID-19 staffing levels just to handle the paperwork.

Paper processes will not be sustainable when travel ramps up. The IATA Travel Pass app was developed precisely in anticipation of this need to manage health credentials digitally. Its first full implementation trial is focused on Singapore, where the government has already announced that it will accept health certificates through the app. This will be an essential consideration for all governments when they are ready to relink their economies with the world through air travel,” said Walsh.

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