One of the most frequently asked questions we get asked at iPMI Magazine is what is the size of market for PMI and iPMI by country, and globally?
Before we answer that, answer the following 2 questions:
If a Frenchman living in London buys an IPMI policy from a French broker who uses an Irish insurer that is part of a German group for cover in a Gulf state where insurance has to be fronted/shared by a local insurer; Which or how many of these 5 countries do you book the premium into? Which currency do you measure it in?
If an American living in Cuba buys an IPMI policy from a Bermuda broker for a job in Trinidad and uses a UK insurer that works from a local office in the USA but pays claims from a global claims centre in Romania, how many of the 6 countries do you book premium and claims to?
It isn't so simple is it?
Coupled with the following facts breaking down the market size for PMI and IPMI is a complex if not impossible task:
Back-in-the-day Insurers would publish detailed by product or by country info but now they try to avoid it, as it is competitive gold dust.
Many country figures only cover onshore health insurance and not offshore so can mislead you when looking at the market value in countries that do not demand local cover.
Some big European and American global insurers only publish on a vague regional basis, or on types that lumps health in with life and accident covers.
In many smaller countries the offshore IPMI market is far bigger than any onshore PMI or IPMI market - and in some countries there is no domestic health insurance at all.
Few countries demand annual insurer returns by product and those that do ask for vague health, accident and protection figures. The definition of protection is so vague, it is open to interpretation.
Currency conversion is a huge problem too - 2015 figures from various big insurers show that income and profit figures can vary by plus or minus 30% depending on what currency and what conversion rates are used.
In the complex world of IPMI there is no space for "Internet Facts".
Facts from a country, insurer or trade body, are generally reliable but even "official" figures have to be watched as within Health there can be hospital cash or top-up covers and other non full PMI or IPMI figures.
Where governments demand returns on health insurance or there are official competition enquiries then there are some excellent numbers to crunch.
Understanding The PMI And IPMI Report Market
Unfortunately in 2016 there are so many sub-standard boiler plate healthcare, insurance and expatriate reports. They claim to have health insurance country figures, but when you shell out thousands of pounds of R & D budget, and look for yourself, they mix accident and health and protection together; and strangely they all seem to predict growth for the next five years of 20% a year.
We have seen reports that profile the top ten insurers' and base the country figures just on the rough claimed figures- where the top ten miss out more than half the market.
There are reports which show insurers country market share but the total always seems to add up to well over 100%!
So, how can we understand the size of the PMI and IPMI market?
International And Expatriate Healthcare And Insurance 2016 is the only reliable source of information that can be trusted to answer your question and even then there are still some gaps. But this is critical: this report deals in facts, not crystal balls.
The 2016 edition is the result of over a decade of specialist research and report writing and is the answer for insurers, brokers and corporations who struggle to break the market down.
Where there is decent data available, it is included and all data has been carefully researched, checked and verified with no outlandish or generic claims made. Past performance is not always a representation of future results.
2016 IPMI Report Facts And Features That Will Help You Size The Market:
Download the 2016 report information kit, click here.