Pacific Prime’s Study Reveals Global Premium Hikes Impacting International Health Insurance Plans

Business Wire

HONG KONG--(BUSINESS WIRE)--
Pacific Prime, an international health insurance brokerage, has released its Cost of Health Insurance Report 2023, highlighting a significant increase in premiums for individual and family plans worldwide. The report, based on data from 100 locations, indicates that 98% and 97% of surveyed locations experienced a premium increase in 2022 for individual and family plans, respectively.

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Here is a visual overview of our key findings on the average costs of IPMI in 100 locations across the world in 2023. (Graphic: Business Wire)

The report begins by ranking locations according to their average international private medical insurance (IPMI) premiums in 2022. The US maintains the top position with an average premium of USD $9,817 for individuals and USD $28,250 for families. Meanwhile, Thailand continues to offer the most affordable individual IPMI premiums, with an average of USD $3,594. However, it moved up from the last spot in 2021 to the 50th in 2022 for family plans.

In addition to the overarching global trend in IPMI premiums, the report dives into region-specific trends, including:

The Americas are pushed out of the top 20 rankings
Hong Kong maintains the second spot for the third consecutive year
Singapore remains in the third spot for the second year in a row
Dubai earns the fourth spot in this year’s ranking
China moves out of its “correction phase”
UK premiums double 2021 growth rate
Thailand still has the cheapest individual IPMI premiums

By comparing data from 100 locations globally, the report aims to offer readers a comprehensive understanding of the worldwide cost of health insurance. The data generated for individuals and families in the report are based on standard IPMI rates – an inpatient and outpatient plan with no deductibles – for a 36-year-old male, who represents the primary target market for expat insurance products. This approach ensures ease of analysis and enables the presentation of the most accurate data possible.

Pacific Prime's Cost of Health Insurance Report 2023 offers valuable insights into global and regional trends impacting IPMI premiums around the world. To explore these trends and their effects, download the Cost of International Health Insurance Report 2023 from Pacific Prime.

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 USD $750 million 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 around the world including Hong Kong, Singapore, China, Thailand, Malaysia, UAE, the UK, the US, Mexico, and the Philippines.