Pacific Prime has released their inaugural report focusing on the current international health insurance landscape. Noted as the first of its kind in the industry, the State of Health Insurance 2017-2018 report equips individual consumers, groups, and companies alike with the insights they need to make more informed purchase and renewal decisions.
The following key findings and themes are detailed in Pacific Prime’s latest, free-to-download global report:
- The average cost of international health insurance in 2017 was USD 8,105. This figure is based on premiums for four key demographics in 100 countries.
- In 2017, the global average inflation of international medical insurance premiums was 9.2%.
- The quarter with the highest percentage of international insurance sales is Q2. This finding is based on Pacific Prime’s historical sales data for 2015 and 2016.
- The most notable changes to the global health insurance industry in 2017 include continued acquisitions and mergers, and variable inflation.
- Insurers ‘onshoring’, increased compliance, and digitization are three major global trends that will continue to have a major impact on international medical insurance products throughout 2018.
- Companies around the world are facing a number of common health insurance issues, the top 5 of which include: uncertainty around premiums, plan sustainability, ensuring benefits are competitive, communicating with and educating employees, and structuring relevant benefits.
Pacific Prime’s global report is based on the wealth of international medical insurance data they hold, and the insights shared by their most experienced insurance consultants. To provide a geographical breakdown of the international health insurance market, the company has also released China, Dubai, Hong Kong, and Singapore versions of the report, all of which are key markets that have seen surging demand for international insurance products.
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