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About the report

In the Cost of International Health Insurance Report 2020-2021, we utilize pricing data from 100 countries, and rank them according to average individual and family health insurance premiums. We also contextualize the pricing trends by looking at the main drivers shaping health insurance costs globally.
Premium increases have not fallen outside of previous years’ sums, which are partially supported by the introduction of telehealth services. While clients have been avoiding the GP for fear of catching COVID-19, insurers are expecting claims to increase as Dubai opens up, however, it hasn’t been reflected on the premiums yet."
David Hayes,
Chief Executive Officer at Pacific Prime Dubai

What is the cost of international
health insurance globally?

Scores of countries this year witnessed a decline in their average cost of individual health insurance premiums. With that said, the US remains the country with the most expensive individual and family health insurance. It’s also worth pointing out that Hong Kong and Singapore surpassed Canada to take the second and third spots, respectively.
The top 5 most expensive countries for individual
and family health insurance in the world
Average individual premium in 2020 (USD)
1. The United States - $7,703
2. Hong Kong - $6,146
3. Singapore - $5,677
4. Canada - $5,230
5. Dubai - $5,207
Average family premium in 2020 (USD)
1. The United States - $21,817
2. Hong Kong - $17,425
3. Singapore - $15,964
4. Dubai - $15,377
5. Israel - $13,614

What are the key drivers shaping
health insurance in Dubai?

Refinement and readjustment of group health insurance plans
Refinement and readjustment of group health insurance plans
A number of companies have been forced to downsize, as a result of the pandemic-related economic fallout. Tightening budgets usually mean a refinement and readjustment of group health insurance plans, with companies opting for lower tiers of insurers.
Suspension of coverage for employees’ dependents
Suspension of coverage for employees’ dependents
On a similar note, many companies have also chosen to suspend coverage for employees’ dependents to save on costs. This has led to a surge in demand for individual health insurance, from those who would normally be covered on a company-sponsored plan.
Interest in short-term coverage for employees who have lost their jobs
Interest in short-term coverage for employees who have lost their jobs
The state of the economy has also resulted in widespread layoffs and mass unemployment. Given that employees lose their health insurance plans along with their jobs, there has been more interest in short-term coverage for those who are in between employment.

What are the key drivers shaping
health insurance premiums globally?

Changing demand for care
Changing demand for care
The COVID-19 pandemic has caused a surge in healthcare utilization and expenditure, particularly in the areas of telemedicine and virtual healthcare solutions.
Cost of care
Cost of care
Healthcare costs have far outpaced general inflation, due to a multitude of cost factors such as rising drug prices, more chronic illnesses due to bad lifestyle habits, an aging population, and more.
Increased regulation
Increased regulation
Insurers have to comply with many regulations across jurisdictions including tax reporting, anti-money laundering, consumer protection, and data privacy. As a result of this, many of them struggle to deal with the costs of compliance.
Continued challenges related to fraud
Continued challenges related to fraud
Fraudulent claims made by dubious healthcare providers and policyholders are a major challenge for insurers, leading to higher IPMI premiums and out-of-pocket expenses, as well as reduced benefits or coverage.
The rise of insurtech
The rise of insurtech
The COVID-19 pandemic has fast-tracked digital technology and innovation in the insurance sector, as insurers rush to adapt and catch up with insurtech. This is set to impact IPMI premiums going forward.

An in-depth look at
our key findings

The Americas remains a dominant region in the top 20 most expensive countries
The Americas remains a dominant region in the top 20 most expensive countries
Based on our ranking table for the top 20 countries with the most expensive IPMI premiums, a whopping 12 countries are in the Americas. Unsurprisingly, the US comes out on top due to its expensive healthcare costs, despite a major decline in prices this year.
Latin America may experience an increase in premiums in the next 5 years
Latin America may experience an increase in premiums in the next 5 years
Latin America offers extensive coverage for mental health, as opposed to many other regions. Based on the fact that behavioral and mental health conditions are the third priciest conditions, experts predict a rise in IPMI premiums in the coming 5 years. With that said, each Latin American country has different healthcare trends.
 Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong has reclaimed its place as the second most expensive location for health insurance
Due to a number of cost-driving factors, such as overutilization of health insurance, a rapidly aging population, and the COVID-19 pandemic; Hong Kong reclaims its spot this year as the second most expensive location in the world for both individual and family IPMI premiums.
Singapore is the second most expensive location in Asia for health insurance
Singapore is the second most expensive location in Asia for health insurance
In Asia, Singapore has the second most expensive IPMI premiums. The city-state is witnessing rising health insurance costs because of inflated medical charges and overuse of insurance. Moreover, there is an aging population and residents are inclined to make bad lifestyle choices.
 China's premiums are going through a correction after years of increase
China's premiums are going through a correction after years of increase
In China, IPMI premiums this year have declined. This is because demand remains slow in the world’s second-largest economy, in the face of the COVID-19 pandemic. When it comes to digitalization, Chinese insurers are adopting technology and innovation, which is transforming the country’s insurance sector.
 A number of countries' premiums have decreased in 2020
A number of countries' premiums have decreased in 2020
A staggering 36 countries in our ranking table saw a decline in IPMI premiums, in sharp contrast to the trends in previous years. This has been predominantly due to the COVID-19 pandemic’s devastating impact on healthcare systems around the globe.
 Insurers are taking a closer look at their regional pricing strategies
Insurers are taking a closer look at their regional pricing strategies
Insurers are reconsidering their pricing strategies for each region in order to find a balance between high service quality and operational sustainability, as well as to prepare for similar crises in the future.

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