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International Health Insurance 2022

Leading international private medical insurance publisher iPMI Magazine, is excited to announce the official launch of the “International Health Insurance 2022" IPMI market report, written by leading IPMI, insurance and healthcare analyst Ian Youngman.

This must-have latest IPMI market information provides a wealth of facts and figures on international private medical insurance and health insurance for expatriates, third-country nationals, domestic nationals, and global nomads.

Format: Written Report.

Size: 225 A4 Pages.

Delivery: PDF Format.

WHO IS THE REPORT FOR?

  • Insurance companies;
  • Insurance brokers and agents;
  • MGAs and MGUs; 
  • Management consultants; 
  • Professionals working in global healthcare markets; 
  • Hospital and clinic groups operating internationally; 
  • Travel agents; 
  • Assistance companies; 
  • Cost containment and claims management companies; 
  • Insurance technology companies;  
  • Travel managers;
  • Air and ground ambulance companies;
  • Banks and other financial institutions;
  • Investors and private equity; 
  • National and local government policy makers; 
  • Lawyers;
  • Policy advisors; 
  • Think tanks.

Introduction

  • The global demand for health insurance is rising fast
  • There are opportunities for health insurers and brokers.
  • The numbers of expatriates is rising and will increase.
  • IPMI and PMI are no longer separate.
  • Locals, students, digital nomads and NGO workers need cover.
  • More countries are making health insurance compulsory.
  • Healthcare and health insurance are becoming intertwined. 
  • Technology will change how insurers, brokers and customers interact.
  • There are more opportunities than ever for insurers and brokers to sell health insurance globally to locals and internationals.
  • International private medical insurance is flourishing. There are more globally mobile individuals than ever before - and employers are building businesses in more diverse countries.
  • 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.
  • Compulsory insurance, voluntary top up covers, differences between what you can sell to locals and expatriates, rules on overseas investors, local partnerships, economic sanctions, and even local politics are all things that insurers and brokers must understand.
  • 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 IPMI market is always shifting with market exits and entrants.
  • There is a global shift Eastwards as the USA/Europe axis gives way reluctantly to a China/Asia/Africa axis.
  • Being no longer possible to just offer IPMI offshore, due to compulsory insurance, tighter regulation and a rising rife of nationalism- global players have to invest in offices, partnerships and deciding which markets to be in. 
  • There is a massive rise in IPMI and PMI offerings from regional groups, local groups and single country insurers.
  • Three big partnership deals are changing the face of IPMI-Aetna/Allianz, Allianz/ Sanlam and Bupa/Generali.

OVERVIEW

MARKET CHANGES

  • Background - IPMI market in 2022
  • The three big partnership deals
  • Aetna and Allianz
  • Allianz and Sanlam
  • Bupa and Generali
  • Health insurers A to Z
  • Brokers agents and MGA/MGUs A to Z
  • Countries A to Z

HOT TOPICS

  • Invasion of Ukraine
  • GROWING NEED FOR IPMI
  • Global Migration
  • Diaspora
  • International students
  • Temporary foreign workers
  • Expatriates

INTERNATIONAL HEALTH INSURANCE NUMBERS

  • Global premium figures

LATEST INSURER AND BROKER RESEARCH

  • Ageing workforce
  • Executive wellbeing
  • Expatriate health concerns
  • Expats on living abroad
  • France employee healthcare
  • Global employee benefits
  • Global health benefits
  • Global health insurance costs and trends
  • Global health insurance trends
  • Global insurance
  • Global medical price trends
  • Global medical trends
  • Global mobility
  • Global multinationals and corporate transfers
  • Global private healthcare
  • Healthcare in 2040
  • Healthcare and wellbeing 2040
  • Health insurance for ex-pats
  • Health insurance pricing trends
  • International health insurance
  • International mobility strategy
  • International schools
  • Mental health
  • Millennials
  • Online purchase
  • USA Employee benefits
  • USA employer medical costs

OTHER RECENT RESEARCH

  • Digital nomads
  • Insurance brands
  • USA health insurers
  • Working abroad
  • NEW GLOBAL TRENDS
  • Businesses and consumers
  • Chronic condition management
  • Diaspora cover for relatives
  • Digital nomads
  • Employer health support to employees and families
  • Managing general agents
  • Merging health insurance and healthcare
  • Millennials
  • Partnering with global insurers
  • Remote health services
  • Sending people overseas
  • Seniors
  • Short assignments
  • Short-term cover

REGIONAL TRENDS

  • AFRICA
  • ASIA PACIFIC
  • Asian health
  • Healthcare in Asia
  • Health insurance market potential Asia-Pacific
  • Asia medical benefits
  • Health at a Glance: Asia Pacific
  • EUROPE
  • Health at a Glance: Europe
  • LATIN AMERICA AND CARIBBEAN
  • Health at a Glance: Latin America & the Caribbean
  • Latin America health insurance potential
  • MIDDLE EAST AND NORTH AFRICA
  • Middle East and North Africa outlook
  • Replacing foreigners with citizens
  • Health insurance market potential Middle East
  • Healthcare in UAE

THE FUTURE

  • The future
  • Health insurers need to offer more
  • IPMI in 2022

How To Buy International Health Insurance (IPMI) 2022

We are selling the report International Health Insurance (IPMI) 2022 on Research and Markets for £1,599.

However, if you are an advertiser or iPMI Magazine subscriber, we are offering the report for a subsidised investment

iPMI Magazine Advertiser: £1,300

iPMI Magazine Subscriber: £1,450

To take advantage of this offer please write to ipmi[at]ipmimagazine.com or speak with your account manager directly.

About The Author

Ian Youngman is a writer and researcher specialising in international private medical insurance, global healthcare and medical tourism. 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. 

 

 

Read more...

International Private Medical Insurance Market Updates With iPMI Analyst Ian Youngman

In the article International Health Insurance 2021 IPMI market report author Ian Youngman, looks at the latest developments in the international private medical insurance market including:

  • The recent Bupa/Generali deal;
  • British expatriates in Spain;
  • Changes to the law for foreign investors in Indian insurance companies;
  • How health insurance premiums will grow in China;
  • Opportunities in Health Insurance in Iran.

British expats in Spain

In 2020 there were 360,000 British expats in Spain. Some work there and some retire to there.

Many have a UK home and a Spanish home. They spend 6 months in the UK and 6 months in Spain. This worked when the UK was in the EU. Now they have to choose between living in Spain full time or for less than 3 months. Many are selling up in Spain.

This will hit the IPMI market for those small UK agencies targeting British expats.

Bupa and Generali

There have been rumours on the grid for months that Generali was getting out of writing IPMI.

The Bupa/Generali deal allows Generali to concentrate on other areas it is better and bigger at - while allowing Bupa to enter or expand in many countries without having to build or increase a local infrastructure.

Global IPMI is now something you can no longer dabble in. You either commit globally or where you want to be. So I expect more insurer/insurer deals.

Yes, an insurer can decide only to offer IPMI in select countries. That works for individuals and SMEs. But what happens when your biggest corporate customers decide to become major players in a country where you have withdrawn from or refuse to enter, and you need a local base or partner as offshore IPMI is not allowed?

RELATED READING: International Health Insurance (IPMI) 2021

India

Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 apply to new and existing insurers with foreign shareholders.

This increased the foreign investment ceiling from 49% to 74% in the insurance industry from May 2021, as the government seeks capital injections and growth in the insurance sector.

Indian insurance companies that have foreign investors must have the majority of their directors and key management persons as resident Indian citizens. At least one of the following – board chairperson, managing director, or CEO – must also meet the citizenship requirements.

Insurers have until May 2022 to comply with these new rules.

Several IPMI insurers have started the process of increasing their stake in Indian subsidiaries.

China

Health insurance premiums in China will grow by 14% annually over the next 10 years, and China's share of global health premiums will rise from less than 2% today to 4.2% in 2029, forecasts Swiss Re Institute (SRI) in a Sigma report.

In China, new business will support double-digit growth in PMI premiums. State figures say that by end 2021 1.4 billion people have health insurance plus 236 million with maternity insurance.

In spite of fast-growing household incomes and also insurance penetration, a still-large health protection gap in China exists. The development of private health insurance, in particular products for the fast-growing middle-income class, is a key to closing the gap. The experience of China in effecting greater uptake of private health insurance has reduced high out of pocket expenses.

Foreign ownership in China is complex but IPMI insurers see this as a massive market

Iran

Hiss boo - the pantomime villain of the world, if you only read Western media.

The second biggest economy in the Middle East is making massive progress on its own and by new deals with Russia and China on infrastructure and trade, and hard currency that the US and Europe thought they had cut off.

The US, after its massive success in Afghanistan and Iraq somehow thinks it can bring about regime change by economic and political pressure - dream on.

While European and US insurers are banned from Iran by their governments - expect Chinese health insurers to move in.

So if you are a US or EU insurer – if you own or part own a Chinese insurer- it can write offshore business in Iran! 

RELATED READING: International Health Insurance (IPMI) 2021

Leading international private medical insurance publisher iPMI Magazine is excited to announce the launch of the “International Health Insurance 2021" IPMI market report written by leading insurance and healthcare analyst Ian Youngman.

There are now 80 million expatriates, 5 million international students, 4 million temporary foreign workers, and 18 million high net worth individuals of which 2.7 million are ultra high net worth. All of these are targets for international private medical insurance.

How To Buy International Health Insurance (IPMI) 2021

We are selling the report on Research and Markets for £3600 for all 3 volumes. However, if you are an advertiser or iPMI Magazine subscriber, we are offering the report at a reduced price. To take advantage of this offer please complete the form here, or write to ipmi[at]ipmimagazine.com

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. 

 

Read more...

The Best And Worst Destinations For Living And Working Abroad

The Expat Insider 2021 Survey is out now, and the results reveal the best and worst destinations for living and working overseas.

Ian Youngman, Author of the International Health Insurance 2021 report comments, "Among all the doom and gloom I have heard suggestions that not only were some companies thinking of moving people away from cities into the country but also thinking of moving people abroad. The other vibe is that rather than moving back home - as the media suggests- most expats have opted to stay but perhaps move to the country or move from cities. This is the first time that I have seen any evidence that more people are thinking of moving abroad.

In the UK there is already a trend to move from cities into the country and either work remotely or commute. In my village, every week estate agents ask if I want to sell up - local house prices have shot up over 10% in a few months. So if you think this through globally, with remote work globally being possible and digital nomads becoming a new breed of expats, people are looking to move from cities- and that may mean moving abroad. Nobody can predict figures but I expect expat numbers to increase every year in the next few years - from individuals and companies.

There are now 80 million expatriates, 5 million international students, 4 million temporary foreign workers, and 18 million high net worth individuals of which 2.7 million are ultra high net worth."

RELATED READING: International Health Insurance (IPMI) 2021

The Best Destinations for Living and Working in 2021

1. Taiwan 

Taiwan ranks 1st out of 59 destinations for the third year in a row in the Expat Insider 2021 survey. It also comes first in the Quality of Life and Working Abroad Indices: Most expats are satisfied with their job security (83% vs. 61% globally) and the state of the local economy (85% vs. 62% globally). Additionally, the majority is happy with their job (75% vs. 68% globally) and their life in general (80% vs. 75% globally). Furthermore, 96% of expats rate the quality of medical care positively (vs. 71% globally), and another 94% are satisfied with its affordability (vs. 61% globally). An expat from Chile shares: “The Taiwanese healthcare system truly considers people as human beings instead of mere numbers.” Moreover, not a single expat (0%) feels personally unsafe in Taiwan (vs. 8% globally). An expat from Canada shares: “I can live independently. I feel safe wherever I go, and everything is convenient.” 

Although Taiwan places slightly lower in the Ease of Settling In Index (13th), it is the best-ranking country worldwide in the Friendliness subcategory (1st). Most expats find it easy to make friends there (62% vs. 48% globally) and describe the Taiwanese population as friendly towards foreign residents (96% vs. 67% globally).  

2. Mexico 

Mexico ranks 2nd out of 59 destinations worldwide. It is even rated the best country for expats in the Ease of Settling In Index (1st): 85% find it easy to settle down in Mexico (vs. 62% globally), and 78% say it is easy to make local friends (vs. 44% globally). A US American expat says that “the culture and friendliness of the local people” is their favorite thing about living in Mexico.  

Mexico also does well in the Personal Finance (2nd) and Cost of Living (4th) Indices. In fact, four in five expats (80%) are satisfied with their financial situation (vs. 64% globally), and 90% say their disposable household income is enough or more than enough to cover their living expenses (vs. 77% globally).  

Mexico performs slightly below average in the Quality of Life Index (31st). It comes in 42nd place in the Quality of the Environment subcategory, with 27% of expats being unhappy with the water and sanitation infrastructure (vs. 12% globally). Additionally, Mexico even ends up among the bottom 10 of the Safety & Security subcategory (51st), with 20% of expats concerned about their personal safety (vs. 8% globally). Despite that, 89% of expats in Mexico are happy with their life in general (vs. 75% globally), placing the country first worldwide for personal happiness.  

3. Costa Rica 

Costa Rica places 3rd out of 59 countries in the Expat Insider 2021 survey. It ranks among the top 5 in the Ease of Settling In Index (3rd), with 91% of expats describing the population as generally friendly (vs. 69% globally). Another 87% describe the local residents as generally friendly towards foreign ones (vs. 67% globally), and 70% find it easy to make local friends (vs. 44% globally). “I love the social life and culture,” shares a US American expat. Maybe this is why most survey respondents find it easy to get used to the local culture (82% vs. 65% globally) and feel at home in it too (80% vs. 63% globally).  

Costa Rica performs well in the Quality of Life Index (14th), coming in second place worldwide for personal happiness — just behind Mexico (1st). All things considered, 88% of expats in Costa Rica are happy with their life (vs. 75% globally). The country comes 10th in the Quality of the Environment subcategory, with the majority of expats rating the natural environment (96% vs. 84% globally) and the air quality (91% vs. 66% globally) positively. However, Costa Rica lands in the bottom 10 of the Travel & Transportation subcategory (52nd): 29% of expats are unhappy with the public transportation system (vs. 15% globally). A Canadian expat shares: “Traffic is terrible because of poor drivers, bad roads, and insufficient infrastructure.”  

On the upside, Costa Rica makes it into the top 10 of the Personal Finance Index (7th), with 84% of expats considering their disposable household income enough or more than enough to cover all expenses (vs. 77% globally).  

4. Malaysia 

Ranking 4th out of 59 countries in the Expat Insider 2021 survey, Malaysia ranks above the global average in every index. The country does particularly well in the Ease of Settling In Index (2nd) — as a US American expat puts it: “It is easy to live here, and the people are wonderful.” In fact, most expats find it easy to settle down in Malaysia (77% vs. 62% globally) and to make new friends there (66% vs. 48% globally). It might help that Malaysia ranks first in the Language subcategory: 92% of expats find it easy to live there without speaking the local language (vs. 54% globally), while 45% also consider it easy to learn (vs. 39% globally).  

The country also does exceedingly well in the Cost of Living Index (2nd), where just Vietnam (1st) performs better. In fact, 82% of expats rate the cost of living in Malaysia positively (vs. 48% globally). With the destination ranking 9th in the Personal Finance Index, 73% of expats are satisfied with their financial situation (vs. 64% globally), and 85% say their disposable household income is enough or more than enough to cover their expenses (vs. 77% globally).  

Malaysia does worst in the Working Abroad Index, but it still lands in a slightly above-average 25th place: 72% of expats are satisfied with their working hours (vs. 66% globally), and 69% are happy with their job in general (vs. 68% globally). 

5. Portugal 

Portugal ranks 5th out of 59 destinations in the Expat Insider 2021 survey, performing best in the Quality of Life Index (3rd) — just behind Taiwan (1st) and Austria (2nd). The country ranks third in the Personal Happiness subcategory of this index, with 84% of expats being happy with their life in general (vs. 75% globally). What is more, 87% of expats are satisfied with the local leisure options (vs. 72% globally), and 90% say the same about the climate and weather (vs. 66% globally). “I like the weather and the laid-back lifestyle,” says a French expat.  

Portugal also makes it into the top 10 of the Ease of Settling In Index (9th), coming sixth in the Friendliness subcategory. In fact, 87% of expats find the local residents generally friendly, compared to just 69% globally. Portugal even ranks second worldwide in the Feeling at Home subcategory, where just Mexico (1st) performs better. The majority of expats feels at home in the local culture (83% vs. 63% globally) and finds it easy to settle down in the country (84% vs. 62% globally).  

Portugal receives its worst — but still fairly average — results in the Working Abroad Index (36th). The destination places 44th in the Career Prospects & Satisfaction subcategory, though, with more than half the expats (51%) unsatisfied with the local career opportunities (vs. 33% globally). However, 70% of expats are at least happy with their work-life balance (vs. 66% globally).  

6. New Zealand 

New Zealand almost makes it into the global top 5 of the Expat Insider 2021 ranking, coming 6th out of 59 countries. It performs particularly well for working abroad (2nd): 81% of expats consider their job secure (vs. 61% globally), and 64% feel optimistic about local career options (vs. 45% globally). At the same time, expats enjoy a great work-life balance (83% satisfied vs. 66% globally).  

The country comes in 11th place in the Quality of Life Index, doing especially well in the Digital Life subcategory (5th): 98% are happy with the cashless payment options (vs. 83% globally), and 89% rate the availability of government services online favorably (vs. 63% globally). What is more, New Zealand has the best ratings worldwide for its natural environment (100% positive vs. 84% globally), coming in 6th place in the Quality of Environment subcategory. Last but not least, it is a very safe and stable country to settle down in: 95% of expats describe New Zealand as peaceful (vs. 80% globally), and not one single respondent rates its political stability negatively, compared to about one in six (16%) globally. “I love my peaceful, calm, and safe existence in New Zealand,” a US expat comments.  

The results for the ease of settling in are only slightly worse (16th). Expats find it easy to settle down in New Zealand (77% positive ratings vs. 62% globally), and 82% describe the local residents as friendly (vs. 69% globally).  

7. Australia 

In the Expat Insider 2021 survey, Australia (7th out of 59) lands among the top 10 destinations worldwide. While it ranks sixth in the Quality of Life Index overall, it comes first worldwide for its local leisure activities (87% positive ratings vs. 72% globally). An impressive 97% of respondents also praise the natural environment (vs. 84% globally). “Living in close proximity to nature — close to the beach and the rainforest — is so amazing!”, says a US expat. Lastly, it ranks very well in the Digital Life subcategory (8th) as, for instance, 89% of expats appreciate the availability of government services online (vs. 63% worldwide). However, opinions are divided on the topic of healthcare in Australia: while 88% of expats are satisfied with its quality (vs. 71% globally), just 68% consider it affordable (vs. 61% globally).  

Australia does well in the Working Abroad Index (10th). Expats are especially satisfied with their local career opportunities (60% positive ratings vs. 45% globally) and their work-life balance (76% positive responses vs. 66% globally). Even Australia’s somewhat worse results in the Ease of Settling In Index (18th) still place it in the top 20. Expats find it especially easy to get used to the local culture (76% positive responses vs. 65% globally) and to settle down in Australia (74% vs. 62% worldwide). However, only a slightly above-average 54% find it easy to make new friends there (vs. 48% globally).  

8. Ecuador  

Coming in 8th place out of 59 countries in the Expat Insider 2021 survey, Ecuador performs best in the Personal Finance Index (5th). Close to three in four expats (73%) are satisfied with their financial situation (vs. 64% globally). Moreover, 91% describe their disposable household income as enough or more than enough to cover their expenses (vs. 77% globally). This places the country third for this factor, just behind India (2nd) and Vietnam (1st). Ecuador also lands among the top 10 in the Cost of Living Index (7th), with 78% of expats rating this aspect of life abroad positively (vs. 48% globally).  

In the Ease of Settling In Index (10th), the country ranks sixth in the Feeling at Home subcategory. The majority of expats (82%) finds it easy to settle down in Ecuador (vs. 62% globally), 80% feel at home in the local culture (vs. 63% globally), and 68% find it easy to make new friends in general (vs. 48% globally).  

Ecuador shows a slightly weaker performance in the Quality of Life Index (24th). Still, nearly all expats (96%) rate the country’s natural environment positively (vs. 84% globally), and 85% are satisfied with their socializing and leisure activities (vs. 67% globally). “The nature and scenery are great,” shares a Venezuelan expat. However, in the Digital Life subcategory (45th), Ecuador comes last worldwide (59th) for cashless payment options, with 37% rating this factor negatively (vs. 9% globally).  

9. Canada 

Making it into the top 10 out of 59 destinations, Canada (9th overall) performs well in most indices of the Expat Insider 2021 survey. The country ranks best in the Quality of Life Index (5th), with the majority of expats finding it easy to get high speed internet at home (92% vs. 79% globally) and to pay without cash (96% vs. 83% globally). Additionally, 86% are happy with the availability of government services online, compared to 63% globally. Most expats are also satisfied with the affordability of healthcare in Canada (85% vs. 61% globally) and the country’s political stability (90% vs. 64% globally). “Healthcare is a basic right, and the quality of life is very good in Canada,” says a US American expat.  

Canada also performs well in the Working Abroad and Ease of Settling In Indices (12th for both). It even lands in the top 10 of the Feeling at Home subcategory (7th), with 73% of survey respondents feeling at home in the local culture (vs. 63% globally). In terms of work, close to two out of three expats (64%) rate the career opportunities positively (vs. 45% globally).  

On the other hand, Canada ends up among the bottom 10 of the Personal Finance Index (50th). Nearly a third of expats (32%) say their disposable income is not enough to cover all their living expenses (vs. 23% globally). An expat from Mexico shares that “the best cities are really expensive. It is hard to become a homeowner with an average income.”  

10. Vietnam  

Coming in 10th place out of 59 countries in the Expat Insider 2021 survey, Vietnam ranks first in both the Personal Finance and Cost of Living Indices. The majority of expats (85%) rates the cost of living positively (vs. 48% globally), and 78% are satisfied with their financial situation (vs. 64% globally).  

Vietnam also does well in the Working Abroad Index (9th), with the vast majority of expats (86%) expressing overall job satisfaction (vs. 68% globally). Placing 25th in the Ease of Settling In Index, Vietnam does especially well in the Finding Friends subcategory (9th). According to 63% of expats, making local friends is easy (vs. 44% globally), and another 67% find it easy to make new friends in general (vs. 48% globally). What is more, the majority (81%) considers the local residents generally friendly (vs. 69% globally).  

Despite its great performance in the overall ranking, Vietnam ends up among the bottom 10 in the Quality of Life Index (53rd). More than three in five expats (63%) rate the air quality in Vietnam negatively (vs. 20% globally), and 42% are unhappy with the water and sanitation infrastructure (vs. 12% globally). A Swiss expat shares: “Plastic pollution is a major problem, especially along the coast.” However, 85% of expats in Vietnam are still generally happy with their life (vs. 75% globally).  

The Worst Destinations for Living and Working in 2021 

59. Kuwait 

For the seventh time in eight years, Kuwait (59th out of 59 countries) comes in last place in the Expat Insider 2021 survey. The country ranks last in the Quality of Life Index (59th), with especially poor results in the Leisure Options, Personal Happiness, and Travel & Transportation subcategories (59th for all). In fact, 58% of expats in Kuwait are unhappy with the local leisure options (vs. 14% globally), and 50% rate the climate and weather negatively (vs. 17% globally). Additionally, 29% state that they are generally unhappy (vs. 10% globally).  

Kuwait comes last in the Ease of Settling In Index (59th), with 46% of expats not feeling at home in the local culture (vs. 20% globally) and 45% finding it difficult to settle down in this country (vs. 22% globally). Moreover, 51% have trouble finding new friends (vs. 32% globally), and 62% find it difficult to make local friends in particular (vs. 36% globally). The country ranks last for friendliness (59th) as well: 36% of expats rate the general friendliness of the population negatively (vs. 16% globally), while another 44% describe the people as unfriendly towards foreign residents (vs. 18% globally).  

Placing 56th in the Working Abroad Index, Kuwait performs poorly in both the Work & Leisure (58th) and the Career Prospects & Satisfaction (57th) subcategories. More than three in ten respondents (31%) are dissatisfied with their job in general (vs. 16% globally), and 34% are unhappy with their work-life balance (vs. 17% globally).  

58. Italy 

Coming in 58th place in the Expat Insider 2021 survey, Italy is the second-worst country for expats — ranking only ahead of Kuwait (59th). In the Personal Finance Index (59th), the Southern European country even lands in last place worldwide: 30% of expats are dissatisfied with their financial situation (vs. 19% globally), 14% even very much so, twice the share of the global average (7%). Furthermore, one in three expats (33%) says their disposable household income is not enough to cover their expenses (vs. 23% globally).  

Italy also performs poorly in the Working Abroad Index (58th), only ahead of Turkey (59th), coming last in the Career Prospects & Satisfaction subcategory (59th). More than half the expats (56%) rate their local career opportunities negatively (vs. 33% globally), and 31% are dissatisfied with their job (vs. 16% globally). An Iranian expat shares: “Finding a job is not easy for foreigners, not even for the well-educated ones.”  

Within the Quality of Life Index (42nd), Italy ranks worst in the Digital Life subcategory (51st): 23% of expats find it difficult to get high-speed internet access at home (vs. 12% globally), 18% consider it difficult to pay without cash (vs. 9% globally), and 40% are unhappy with the availability of government services online (vs. 21% globally). Overall, there are only few upsides about expat life in Italy, such as the climate and weather (71% happy vs. 66% globally) and the travel opportunities (88% happy vs. 84% globally). 

57. South Africa 

Coming in 57th place out of 59 destinations in the Expat Insider 2021 survey, South Africa ends up in the bottom 3 — only ahead of Italy (58th) and Kuwait (59th). It performs worst in the Personal Finance Index (55th): over one-third of expats in South Africa (34%) do not consider their disposable household income enough to cover all their expenses (vs. 24% globally), and just 57% of expats in South Africa are satisfied with their financial situation (vs. 64% globally).  

South Africa also ends up among the bottom 10 of the Working Abroad Index (54th), coming last worldwide in the Economy & Job Security subcategory (59th). Only 47% of expats are satisfied with their job security (vs. 61% globally), and less than a third (31%) are happy with the state of the local economy — exactly half the global average (62%).  

Ranking among the bottom 10 in the Quality of Life Index (52nd), South Africa ranks last worldwide in the Safety & Security subcategory (59th). More than one-third of expats (34%) do not consider South Africa a peaceful country (vs. 9% globally) and just about one in four (24%) feel safe there (vs. 84% globally). An Ethiopian expat even says: “You are not able to walk around safely.” However, South Africa does well in the Leisure Options subcategory (15th), with 87% of expats rating the climate and weather favorably (vs. 66% globally). The majority (95%) is also satisfied with the natural environment (vs. 84% globally). “I like the climate, the diverse coastlines, and South Africa’s natural beauty,” summarizes a German expat. 

56. Russia 

Out of 59 countries in the Expat Insider 2021 survey, Russia (56th) lands in the bottom 10. It performs worst in the Working Abroad Index (52nd): Close to one in four expats (24% each) rate the state of the local economy negatively (vs. 19% globally) and are unhappy with their job security (vs. 20% globally).  

Narrowly escaping the bottom 10 in the Quality of Life Index (49th), Russia performs especially poorly in the Quality of the Environment subcategory (49th). Expats are unhappy with the air quality (31% vs. 20% globally), the water and sanitation infrastructure (21% vs. 12% globally), and the natural environment (14% vs. 8% globally). “I do not like the lack of any meaningful efforts or policies to reduce environmental pollution and to support basic recycling,” shares a US American expat.  

With Russia coming in 48th place in the Ease of Settling In Index, 29% of respondents find it difficult to settle down in this country (vs. 22% globally). What is more, Russia ends up in the bottom 10 of the Language subcategory (58th), only ahead of Japan (59th). Nearly half the expats (48%) find it difficult to live in Russia’s cities without speaking the local language (vs. 29% globally), and two-thirds (67%) find it difficult to learn Russian (vs. 42% globally). Russia receives its best result in the Cost of Living Index (25th): 49% of expats rate the cost of living positively, which is, however, still just one percentage point above the global average (48%). 

55. Egypt  

Egypt (55th out of 59) also ranks the bottom 10 of the Expat Insider 2021 survey. The country performs worst in the Quality of Life Index (57th), where only India (58th) and Kuwait (59th) do worse. In fact, 39% of expats in Egypt rate the water and sanitation infrastructure negatively (vs. 12% globally), and 48% give the air quality a negative rating (vs. 20% globally). “The air quality is bad, and there are only few green spaces,” shares an Afghan expat. Landing at the very bottom, Egypt performs even worse in the Digital Life subcategory (59th). Exactly three in five expats (60%) rate the availability of government services online negatively (vs. 21% globally), 34% find it difficult to get high-speed internet access at home (vs. 12% globally), and 32% consider it hard to pay without cash (% vs. 9% globally).  

Also ending up among the bottom 10 of the Working Abroad Index (53rd), Egypt receives extremely poor results in the Career Prospects & Satisfaction (55th) and Economy & Job Security (53rd) subcategories. A quarter of expats (25%) are dissatisfied with their job in general (vs. 16% globally), and 46% rate the local career opportunities negatively (vs. 33% globally).  

The country performs better in the Cost of Living (19th) and Ease of Settling In (30th) Indices: 61% of expats rate the cost of living positively (vs. 48% globally) and 57% find it easy to make local friends (vs. 44% globally).  

54. Japan 

Japan ranks 54th out of 59 countries featured in the Expat Insider 2021 survey. Performing particularly poorly in the Ease of Settling In Index (58th), Japan only ranks better than Kuwait (59th). Just 36% of expats find it easy to settle down in Japan (vs. 62% globally), and a mere 45% feel at home in the local culture (vs. 63% globally).  

In the Working Abroad Index (50th), 30% of expats are unhappy with their work-life balance (vs. 17% globally). A US American expat living in Hashimoto even says that “the work-life balance here is atrocious”. Japan also receives poor results in the Personal Finance Index (54th), with 26% of expats dissatisfied with their financial situation (vs. 19% globally).  

On the upside, Japan has an above-average performance in the Quality of Life Index (21st). With the country coming 12th for the quality of the environment, 94% of expats rank the water and sanitation infrastructure positively, compared to 77% globally. Additionally, nearly all expats rate Japan positively for personal safety (97% vs. 84% globally) and peacefulness (95% vs. 80% globally). A Brazilian expat shares: “In Japan, there is a low crime rate throughout the country. It is very safe to walk on the streets at any time.” And a South African expat says: “Japan offers a safe environment, and most things are done properly with respect for others in mind.”  

53. Cyprus 

Cyprus lands in the bottom 10 overall, coming 53rd out of 59 destinations in the Expat Insider 2021 survey. It places 57th in the Working Abroad Index — just ahead of Turkey (59th) and Italy (58th). Close to half the expats (49%) are dissatisfied with the local career opportunities (vs. 33% globally), and more than a third (34%) rate the job security negatively (vs. 20% globally). A Nepalese expat shares: “It is difficult to find work, so I cannot afford college or my living expenses.” In fact, Cyprus also places in the bottom 10 of the Personal Finance Index (57th) and comes last for the disposable household income (59th). Close to two in five expats (39%) say their disposable household income is not enough to cover their expenses abroad (vs. 23% globally).  

Cyprus performs best in the Ease of Settling In Index (28th), with 66% feeling at home in the local culture (vs. 63% globally) and 70% describing the local population as generally friendly towards foreign residents (vs. 67% globally). Furthermore, 80% of expats find it easy to get around without knowing the local language(s) (vs. 54% globally).  

With Cyprus placing 34th in the Quality of Life Index, the majority of expats (89%) is happy with the local climate and weather (vs. 66% globally) — ranking the destination 5th worldwide for this factor. However, while 70% of respondents are happy with the air quality in Cyprus (vs. 66% globally), 14% rate the water and sanitation negatively (vs. 12% globally).  

52. Turkey 

Overall, Turkey (52nd out of 59) lands among the bottom 10 destinations in the Expat Insider 2021 survey. Ranking last worldwide in the Working Abroad Index (59th), Turkey ends up in the bottom 10 for every single subcategory: Career Prospects & Satisfaction (56th), Economy & Job Security (58th), and Work & Leisure (59th). In fact, expats in Turkey are dissatisfied with their working hours (32% vs. 16% globally), their job in general (29% vs. 16% globally), and their job security (30% vs. 20% globally). A British expat shares that “for expats, it is extremely difficult to get a work permit”.  

Turkey places 32nd in the Ease of Settling In Index, with more than half the expats (53%) finding it easy to make local friends (vs. 44% globally). Most expats consider the local residents to be friendly towards foreign ones (72% vs. 67% globally), and they are happy with the general friendliness of the population too (72% vs. 69% globally). “There is a general warmth and hospitality among the people around me,” shares a Russian expat.  

Coming in 35th place in the Quality of Life Index, Turkey ranks among the bottom 10 in the Digital Life subcategory (50th), though: 16% of expats find it difficult to get a local mobile phone number (vs. 7% globally), and 21% have trouble getting high-speed internet at home (vs. 12% globally). The country also lands in the bottom 10 for political stability (54th), with more than a third of expats (35%) rating this factor negatively (vs. 16% globally).  

51. India 

Coming in 51st place out of 59 countries, India also ranks among the bottom 10 of the Expat Insider 2021 survey. Despite the poor result overall, the country ranks fourth worldwide in the Personal Finance Index: 82% of expats in India are satisfied with their financial situation (vs. 64% globally), and 89% say their disposable household income is enough or more than enough to cover their expenses (vs. 77% globally). Additionally, India places 13th in the Cost of Living Index (69% positive ratings vs. 48% globally).  

India performs slightly below average in the Ease of Settling In Index (34th). More than three in five expats (62%) feel at home in the local culture (vs. 63% globally), and 79% say the local population is generally friendly towards foreign residents (vs. 67% globally). However, over half the expats (51%) find it difficult to settle down in India, compared to 22% globally.  

India receives the second-worst results worldwide in the Quality of Life Index (58th) — only ahead of Kuwait (59th) — and performs worst in the Quality of Environment subcategory (59th): 67% of expats rate the air quality negatively (vs. 20% globally), and more than half (54%) are unhappy with the water and sanitation infrastructure (vs. 12% globally). The overall quality of life is also lowered by India’s poor performance in the Safety & Security subcategory (56th). Just 29% are satisfied with the country’s political stability (vs. 64% globally) and just 72% feel safe in India’s cities (vs. 84% globally). 

50. Malta 

Malta comes in 50th place out of 59 countries in the Expat Insider 2021 survey, performing worst in the Quality of Life Index (54th). It ends up among the bottom 10 in the Quality of the Environment and Travel & Transportation subcategories (56th for both). More than half the expats in Malta (51%) are unhappy with the transportation infrastructure (vs. 15% globally), and 11% rate their travel opportunities negatively (vs. 7% globally). “There is no nature at all, no green spaces, poor infrastructure for children, and too much traffic and pollution,” shares an Italian expat. In fact, 38% of expats in Malta are unhappy with the natural environment (vs. 8% globally). Moreover, 35% rate the air quality negatively (vs. 20% globally), and 25% are dissatisfied with the water and sanitation infrastructure (vs. 12% globally). On the upside, Malta ranks 7th worldwide for its local climate and weather (92% positive ratings vs. 66% globally).  

Malta receives below-average results in the Cost of Living and Ease of Settling In Indices (35th for both). In fact, 20% of expats rate the friendliness of the local population towards foreign residents negatively (vs. 18% globally). Additionally, 37% of expats find it difficult to make local friends in Malta (vs. 36% globally).  

Expat Life during the COVID-19 Pandemic 

On a global scale, 45% of survey respondents say that COVID-19 had an impact on their current stay abroad or their relocation plans: the share of expats who say so (37%) either decided to not move back home in the near future (18%), planned to move to another country but had to change these plans (8%), will move to another country due to the pandemic (6%), or will move back home sooner than originally planned (5%).  

The share of local respondents whose relocation plans were affected by COVID-19 (61%) is a lot higher: some of them were living abroad but moved home sooner than planned (18%), others were planning to move abroad but had to change their plans (35%), and about one in ten have now decided to move abroad because of the pandemic (9%).  

The Pandemic’s Impact on Everyday Life 

Of course, COVID-19 has not only disrupted the relocation plans of expats worldwide. When asked where they see the biggest impact of the pandemic on their personal life right now, the survey respondents point out its effects on personal travel (25%), social life (23%), and their work or business (16%) in particular. In the long run, respondents are still concerned about the impact of COVID-19 on their social life (17% of all respondents), and there are also considerable worries regarding personal travel (22%).   

How Expats Stay Informed on COVID-19 

Expats across the world mostly rely on official government channels (48%), local news (47%), and social media (40%) for news on the COVID-19 situation and the related regulations in their country of residence. Considering the importance of government channels, just how satisfied are expats with the official communication regarding COVID-19 and related regulations? Worldwide, not quite two-thirds (66%) rate this factor positively, with close to a quarter (24%) saying they are completely satisfied. The main complaint among expats who are not satisfied with the official communication on the pandemic is that the information is unclear, confusing, and/or contradictory (67%).  

For further information on the global impact of COVID-19 on expat life, please take a look at the full press release in the download center of our e-mail.  

About the InterNations Expat Insider 2021 Survey  

For its annual Expat Insider survey, InterNations asked 12,420 expats representing 174 nationalities and living in 59 countries or territories to provide information on various aspects of expat life, as well as their gender, age, and nationality. Participants were asked to rate up to 37 different aspects of life abroad on a scale of one to seven. The rating process emphasized the respondents’ personal satisfaction with these aspects, considering both emotional topics and more factual aspects with equal weight. The respondents’ ratings of the individual factors were then bundled in various combinations for a total of 13 subcategories, and their mean values were used to draw up five topical indices: Quality of Life, Ease of Settling In, Working Abroad, Personal Finance, and Cost of Living. The first four of these indices were further averaged together with expats' general satisfaction with their life in order to rank 59 expat destinations around the world. In 2021, the top 10 are Taiwan, Mexico, Costa Rica, Malaysia, Portugal, New Zealand, Australia, Ecuador, Canada, and Vietnam. Moreover, expats were asked about how COVID-19 has impacted their life abroad; however, these responses did not influence the overall ranking.  

For a country to be featured in the indices and consequently in the overall ranking, a sample size of at least 50 survey participants per destination was necessary. 

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Peer To Peer Insurance

Now fully updated for 2018 the Peer To Peer Insurance report from insurance analyst Ian Youngman, is out now. The Peer To Peer Insurance report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

  • Learn why no part of the insurance value chain is safe;
  • Understand distribution, pricing, product development, underwriting, claims servicing and compliance in P2P Insurance;
  • Discover who are the companies and providers threatening the value chain;
  • Understand the problem of balancing consumer protection with innovation;
  • Find out how P2P insurance works and how to make money;
  • Look at why ignoring peer-to-peer insurance is not advisable;
  • Explore new forms of technology that are driven by a social insurance model;
  • Learn about the role of Block chain technology and Bit coin.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

Ian Youngman is an insurance writer and researcher who has published many market reports.

How To Buy Peer To Peer Insurance

iPMI Magazine readers save when they purchase this specialist report via iPMI Magazine. iPMI Magazine offers the lowest rate available on the net for this report due to its ongoing relationships with leading market analysts and IPMI experts. You will not find these prices any where else but here.

Peer To Peer Insurance Pricing

Peer2peer Insurance is 250 pages.The RRP as sold else where is £1699. iPMI Magazine subscribers pay only £1300. iPMI Magazine advertisers pay only £1000.

Order Now

Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @ - for more information. We will be more than happy to walk you through the report contents and answer any questions you may have.

Further insurance reports by Ian Youngman are available via the iPMI Magazine report store. Click here to shop now.

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No Part Of The Insurance Value Chain Is Safe From Change

That is, according to Peer To Peer Insurance 2016, the new report from insurance analyst Ian Youngman.

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

This report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

Ian Youngman is an insurance writer and researcher who has published many market reports.

Peer2peer Insurance is 250 pages.The RRP is £1699. iPMI Magazine subscribers pay only £1300.

Order Now: Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Read more...

Peer To Peer Mutual Platform Targets Health Insurance

In China, a new model, mutual aid, is on the rise. Different from insurance, members on mutual aid platforms can lower the cost and increase their claim payment through mutual financial assistance and risk sharing.

Users can join this new mutual assistance plan with an advance deposit of only 10 yuan and get a repayment up to 300,000 Yuan. If there are 1 million users, when someone applies for 300,000 Yuan as mutual aid money, each user only needs to share 0.3 Yuan.

Zhongtuobang is the largest mutual aid platform in China with over 1.7 million members, which implemented blockchain technology when going online and launching in 2016.

Qiao Ke, founder of this Shanghai platform, says, " Mutual aid is assistance from the majority to the minority in case of low-probability events such as cancer and accident."

Zhongtuobang has launched multiple mutual aid products including Anti-Cancer & Disease, Travel Accident, Dad & Mom Mutual Aid, Women's Health and a Students Comprehensive Plan.

Ian Youngman, author of new report "Peer to Peer Insurance 2016" says, "This is not an insurer and not a broker but a promise to pay mutual platform that falls between current regulatory sectors. Chinese regulator CIRC, having just cracked down on peer-to-peer lending platforms with new rules and scaring owners by showing them Shanghai prison, has issued dire warnings to customers about the dangers of using such mutual help platforms. CIRC is believed to be working urgently on new legislation to ensure only regulated platforms can stay open."

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Read more...

Peer To Peer Insurer Lemonade Launches In New York

Lemonade, the US's first peer-to -peer insurance company, has been licensed as a full insurance carrier by New York State. NY homeowners and condo owners and renters can now get insured and settle claims instantly, anytime and from any device.

"Technology drives everything at Lemonade" said Shai Wininger, President and co-founder. "From signing up to submitting a claim, the entire experience is mobile, simple and remarkably fast. What used to take weeks or months now happens in minutes or seconds. It's what you get when you replace brokers and paperwork with bots and machine learning."

Lemonade's technology cuts costs as well. Lemonade's home owner's policies start at $35 per month, and renter's at $5 per month. In addition to digitizing the entire insurance process, Lemonade reduces costs through giving. In a reversal of the traditional insurance model, Lemonade treats premiums as if they were still the property of the insured, returning unclaimed money during its annual 'Giveback'. Giveback is a unique feature of Lemonade where each year, leftover money is donated to causes. Cause-selection creates virtual groups of like-minded people, or 'peers.' Lemonade uses premiums from each grouping to pay the claims of those individuals, giving back leftover money to their common cause.

Lemonade is reinsured at Lloyd's of London, and by Berkshire Hathaway (National Indemnity) and other leading reinsurers.

Ian Youngman, industry analyst and author of the brand new report "Peer to Peer Insurance" comments, "Lemonade claims to be the world's first p to p insurer but this is misleading. There are two in the Netherlands that are fully legal, as is the one in Colombia and one in the Czech Republic and one in the UK. The five others in Canada, China and South Africa are not legally authorised."

Youngman goes on to explain, "Technology drives everything at Lemonade from signing up to submitting a claim, the entire experience is mobile, simple and fast. Lemonade is available in both mobile (iOS and Android) and web versions."

Reversal Of The Traditional Insurance Model

In addition to digitising the entire insurance process, Lemonade reduces costs through giving. In a reversal of the traditional insurance model, Lemonade treats premiums as if they were still the property of the insured, returning unclaimed money during its annual Giveback. Giveback is where each-year leftover money is donated to causes. Cause selection creates virtual groups of like-minded people so that each pool chooses a charity. Lemonade uses premiums from each grouping to pay the claims of those individuals, giving back leftover money to their common charitable cause. Lemonade takes a fixed fee out of monthly payments, buys reinsurance and uses the rest for paying claims.

Premiums are calculated individually for each policyholder and are based on a number of different factors including credit history, recent claims and information about the property including its age, size, and construction quality. It also factors in the sensitivity of the home to windstorms, severe weather damage, and fires. It then provides discounts for protection equipment installed, such as fire and burglar alarms.

While prices tend to be cheaper than the more established players, that won’t always be the case. Insurers use different models and data sets to set prices, and on occasion Lemonade prices will be higher than someone else’s.

On Lemonade Insurance the platform handles all claims. Customers open the Lemonade app and hit the Claim button. After they complete the claim report on the Lemonade app, they provide bank account wire information. Once the claim is approved, payment, minus the amount of the deductible, goes directly into that account.

The goal is for the majority of simple property claims to be paid almost instantly. There will be cases in which it will need to fully review the incident to approve the claim, and there will be property damage claims or liability claims that may take longer to settle. Lemonade asks all customers to record a video during the claims process.

This promises to be one of the better ideas but progress will be very slow as it has to get regulatory approval on a state-by-state basis in the USA.

What may make or break it, is the plan that money left in the pool at the end of the year if claims and fees have not eaten it all up, do not go back to the customer but to a nominated charity. Whether customers will welcome the demand that they video the claim and that prices may not be much lower is going to be interesting. Effectively, Lemonade argue that if prices are higher then customers need not worry as spare money goes to charity. How Lemonade reconcile the argument that the money does not belong to the insurer but to the customer, with giving surplus to a charity rather than what other p to p insurers and brokers do, back to the customer, will be interesting as it smacks of arrogance from the platform.

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

 

 

Read more...
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18-05-2021 International Private Medical Insurance Magazine Reports

International Health Insurance 2020: The Definitive iPMI Market Report Is Out Now

International Health Insurance 2020: The Definitive iPMI Market Report Is Out Now

Leading international private medical insurance publisher iPMI Magazine is excited to announce the launch of “International Health Insurance 2020" - International Health Insurance for Expats, High Net Worth Individuals, 3rd Country Nationals, Domestic Nationals and Global Nomads. 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...

17-06-2020 International Private Medical Insurance Magazine Reports

International Health Insurance 2019: The Definitive iPMI Market Report

International Health Insurance 2019: The Definitive iPMI Market Report

Leading international private medical insurance publisher iPMI Magazine is excited to announce the launch of “International Health Insurance 2019 - International Health Insurance for Expats, High Net Worth Individuals, 3rd Country Nationals, Domestic Nationals and Global Nomads: Volume 1, 2 and 3.  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...

05-04-2019 International Private Medical Insurance Magazine Reports

BREXIT And Insurance

BREXIT And Insurance

iPMI Magazine is excited to announce another excellent report and another excellent discount, for those insurers, brokers and agents selling - or planning to sell - into the UK and/or EU markets post BREXIT. With 200 pages of critical insurance business intelligence, this new market research report from leading insurance analyst Ian Youngman features the information you need to know, before it is too late: BREXIT is a legal and logistical nightmare.  UK regulators have demanded that every...

27-04-2018 International Private Medical Insurance Magazine Reports

International And Expatriate Healthcare And Insurance

International And Expatriate Healthcare And Insurance

Following the huge success of the 2014 IPMI report the new edition of International And Expatriate Healthcare And Insurance now includes more countries and insurers; new information on laws and regulations PLUS countries current attitudes towards expatriates. The 2016 report also includes more details of new health insurance laws locally in various countries around the world. "...The most complete fact filled business report is back and better than ever..." Christopher Knight, CEO, iPMI Magazine. To order this report please click...

31-03-2016 International Private Medical Insurance Magazine Reports

About iPMI Magazine Reports

Delivered digitally in PDF format, iPMI Magazine market research reports contain all the insurance and healthcare business intelligence you need to make well informed cross-border business decisions. The results of over 60 years of combined IPMI market research, iPMI Magazine reports are where leaders learn from leaders from in-depth, specific and high targeted technical market contents.