Find out the cost of international health insurance in 2018

Pacific Prime Singapore is committed to the idea of simplifying insurance through the regular release of annual guides and reports, among which the Cost of International Health Insurance report is one the most crucial ones.

In this year’s iteration, while still illuminating on the cost of international private medical insurance (IPMI) for individuals and families in 100 countries, our team of experts has made some adjustments regarding contents and data utilized to reflect more accurately the current state of health insurance and the industry as at 2018. These changes include utilizing onshore plans in Dubai, Singapore and China; reducing insurers from ten to seven; reducing demographics from four to two; and adding a compound annual growth rate (CAGR) analysis.

As with previous editions, we use ranking tables to present the top 20 most and bottom 5 least expensive countries for international health insurance on three demographics, namely individual plans, family plans, and overall figures, to keep the statistics as digestible and representative as possible. Apart from statistics, our analysis part is another excellent source of information, in which our experienced specialists identify the key results from the numbers, analyze the drivers behind IMPI and the key findings.

Download a free copy of our Cost of International Health Insurance Report for individuals and families 2018 now to unlock a complete ranking of the average cost of medical insurance in 100 countries for different demographics, as well as our full-length analysis (four key drivers behind the five key findings).

Alternatively, our online version offers a pared-down perspective for some of our rankings and analysis sections (primary global drivers behind the cost of IPMI).

Fret not if you don’t have the time to read either of the above versions. In this article, we are going to share the key rankings of this helpful report, perfect for those on the lookout for the cost of health insurance in different countries.

Ranking the top 20 and bottom 5 most expensive countries

In this part, we are going to rank the average costs of international health insurance in 100 countries with the figures derived by seven major global insurers for two demographics, namely individuals and families.

The above ranking table shows the overall average costs of international health insurance after considering both the premiums of individual and family plans.

The United States continues its dominance of the top place in the IPMI ranking with an average cost of USD 23,120, followed by Hong Kong, Canada, Dubai, and China.

On the other end of the spectrum, Angola is the least expensive country in the world to secure an international health insurance plan, with an average cost of USD 6,201.

These valuable figures not only shed lights on the current state of the global insurance landscape but also indicates the trends of the insurance costs. When we compare the ranking this year with those in the past years, we noticed that there are some notable changes in certain countries.

Take Dubai as an example. The Emirate has risen in rank from the 9th in 2017 to the 4th this year, thanks to the premium increases and the introduction of a 5% value-added tax (VAT), among other factors. Other than Dubai, there are other findings and patterns that our experts have observed. You can read our complete set of key findings and analysis in the full version of our report.

CAGR of the average price of plans

This new section presents the compound annual growth rate of average premiums in the past three years in the top 20 most and the top 5 least expensive countries for IPMI plans in 2018.

With the ever-rising medical costs over the world, naturally one would expect the premium growth rates to be positive no matter what. However, while most countries do have favorable growth rates, some countries have seen a decrease in premiums. Croatia and the Dominican Republic, for instance, have the largest negative CAGRs at -1.49% and -1.25% respectively.

One particular thing to point out here is that a negative CAGR does not mean all the premiums within that region have decreased, because of considerable variations among different insurance products in the same country.

Below is a simplified version of the ranks in CAGR for average premiums.

A wealth of health insurance information at your fingertips

The 2018 iteration is the fourth version of our Cost of International Health Insurance Report for individuals and families. Each year, we have dissected the drivers behind the IPMI increase, as well as the contributing factors behind the key findings.

No matter whether you are looking to purchase an individual or family insurance plan, our 61-page report serves as an essential read with objective data and valuable insights, which is a welcome addition to our rich resource of reports and guides.

With over 18 years of experience and nine offices around the globe, Pacific Prime Singapore knows the ins and outs of different insurance solutions and can offer you practical, impartial advice. Contact us to get answers to any insurance-related questions, a free quote, and a plan comparison!

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anthony

Content Creator at Pacific Prime Singapore

Anthony Chan is a content writer at Pacific Prime. He’s responsible for writing, translating, and editing articles, guides, infographics, leaflets, as well as other resources for Pacific Prime and Kwiksure.

When he’s not working, he’s usually on the hunt for great restaurants, playing badminton, and writing screenplays.

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