Introducing our latest Cost of International Health Insurance Report 2020-2021
We are thrilled to announce that our Cost of International Health Insurance Report 2020-2021 is now available for download. Zoom into the world of International Private Medical Insurance (IPMI) through our in-house expert analysis. Here, we’ll dissect the global key drivers and trends shaping health insurance premiums. With pricing data collated from 100 locations, you’ll be sure to gain the latest industry insight by downloading this free report. In this Pacific Prime Dubai article, we will give you a sneak peek of what you can find in our Cost of International Health Insurance Report 2020-2021.
What is the cost of international health insurance globally?
Once again, the US reigned supreme in 2020 as the most expensive location for both individual and family health insurance with an average individual premium of USD $7,703. It is seconded by Hong Kong (USD $6,146), and followed by Singapore (USD $5,230). Canada (USD $5,230) and Dubai (USD $5,207) filled out our ranking of the top five countries with the priciest average individual premium. Having said that, numerous countries across the globe actually saw their average IPMI premium drop amidst the COVID-19 pandemic. As for family premium ranking in 2020, download our guide to find out!
Key drivers shaping health insurance in Dubai
What might be the local factors influencing the cost of international health insurance in Dubai? Read on for a quick snapshot.
Are you short on time or do you prefer a more visual medium? We’ve got you covered. Head on over to our Cost of International Health Insurance infographic. While you’re at it, we also offer a host of free insurance resources from infographics to short videos for you to take advantage of.
1. Refinement and readjustment of group health insurance plans
Hit hard by the COVID-19 pandemic and its related economic fallout, countless companies in Dubai are forced to downsize. To save costs, organizations may have to readjust their group insurance plan or opt for lower tiers of insurance.
2. Suspension of coverage for employees’ dependents
Similarly, scores of companies have chosen to suspend coverage for their employees’ dependents altogether, which leads to a jump in demand for individual health insurance.
3. Interest in short-term coverage for employees who have lost their jobs
Widespread layoffs across the Emirates give rise to the popularity of short-term coverage among those who are in between employment.
Key drivers shaping health insurance premiums globally
Based on our analysis of global IPMI pricing data from 100 locations, we’ve identified 5 major key drivers of IPMI premiums. For an in-depth breakdown of the IPMI trends, download our Cost of International Health Insurance Report today.
1. Changing demand for care
Especially when it comes to telemedicine, it goes without saying that the pandemic has increased healthcare utilization and expenditure around the world.
2. Cost of care
Due to rising prescription drug prices and an aging population, globally, healthcare costs have significantly overtaken general inflation.
3. Increased regulation
A number of insurers struggle to cope with the increasingly strict regulations and costs of compliance.
4. Continued challenges related to fraud
Fraudulent claims remain a cumbersome problem that results in higher IPMI premiums, lower coverage and out-of-pocket expenses for policyholders.
5. The rise of insurtech
Insurers have quickly adopted digital tools to better serve their customers amidst the COVID-19 pandemic. You’ll see how these initial investment costs could impact IPMI premiums going into 2021.
Gain an expert’s insight into the insurance sector with our free Cost of International Health Insurance Report 2020-2021
Unprecedented changes ripped through the years 2020 and 2021. Of course, the world of international health insurance is not unaffected. This article merely represents the tip of the iceberg. For a deeper dive into the latest trends driving IPMI premiums, refer to the Cost of International Health Insurance Report 2020-2021. Whether you are a business professional or an individual, stay informed with analysis from our in-house insurance experts.
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