November 7, 2024 Newswires

Pacific Prime Unveils Cost of International Health Insurance Report 2024

Business Wire

HONG KONG--(BUSINESS WIRE)--
Pacific Prime, a global health insurance brokerage and employee benefits specialist, has released its annual Cost of International Health Insurance (COHI) Report 2024, analyzing IPMI premiums for individual and family plans across 100 global locations.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241107735497/en/

A visual overview of Pacific Prime's findings on the average costs of international health insurance and premium trends in 2024. (Graphic: Business Wire)

This year’s report reveals shifting dynamics in the international health insurance landscape, covering a variety of significant trends, such as the 56% increase in U.S. premiums, Dubai's escalating costs, and Hong Kong's constant second-place ranking in premiums. Additionally, the report offers insight into how Singapore remains a leader in technology and flexible benefits, as well as the implications of visa reforms in Thailand, which aim to attract expatriates and lower insurance coverage requirements.

Neil Raymond, the CEO and Founder at Pacific Prime, shared:

"Consumers are encountering fewer choices in the IPMI market, as major insurers like Cigna divest licenses and Aetna exits the international space. To remain competitive, brokers must focus on enhancing the value they bring to their services.”

The report indicates that the average IPMI premiums for individual plans, which varied from USD $3,900 in Poland to USD $15,296 in the US, and family plans, which varied from USD $10,710 in Poland to USD $34,152 in the US, were evaluated from 100 locations and driven by multiple factors.

These factors discussed in the article include:

Global Inflation: Increasing global inflation has resulted in elevated medical trend rates in the insurance industry.
High Healthcare Utilization: There has been a significant increase in healthcare utilization in 2024, despite the inflation of medical costs.
Wellness Initiatives: Traditional healthcare shifts from treatment to prevention due to global health awareness.
Technological Integration: Most insurers have integrated technology in 2024 to cut costs and streamline insurance processes for consumers, businesses, and insurers.
Flexible Benefits: Flexible benefits are becoming more popular as a way to save money in many countries, including the US, Singapore, and Hong Kong.
Insurer Consolidation and Exits: Insurance companies opted to merge or leave the local market due to the high claims-loss ratio.
Government Regulation in Specific Regions: In certain regions, governments implemented policies and systems to regulate the cost of health insurance.

For more information on how global inflation, insurer exits, and healthcare overutilization are reshaping international health insurance markets, download the COHI Report 2024.

About Pacific Prime

Established in 2000, Pacific Prime is an award-winning global insurance brokerage and employee benefits specialist that offers individual and corporate insurance solutions. With a USD $1 billion premium under management, Pacific Prime is now the third largest employee benefits broker in the Asia Pacific after acquiring CXA Group’s brokerage arms in 2021. The brokerage has over 1,000 employees and 15 offices worldwide, including Hong Kong, Singapore, China, Thailand, Malaysia, the UAE, Indonesia, the UK, the US, Mexico, the Philippines, and Australia.