Pacific Prime Unveils Cost of International Health Insurance Report 2024
Pacific Prime, a global health insurance brokerage and employee benefits specialist, has released its annual Cost of
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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
"Consumers are encountering fewer choices in the IPMI market, as major insurers like Cigna divest licenses and
The report indicates that the average IPMI premiums for individual plans, which varied from USD
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.
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Flexible Benefits: Flexible benefits are becoming more popular as a way to save money in many countries, including the US,
Singapore , andHong 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
To learn more about Pacific Prime, please visit: https://www.pacificprime.com/corporate
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107735497/en/
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Pacific Prime
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Source: Pacific Prime
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