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New State of Health Insurance report for Singapore
This year, Pacific Prime Singapore is proud to kick off 2018 with a brand new industry report. Named the State of Health Insurance in Singapore 2017-2018, this informative guide holds a wealth of key points regarding your health insurance options in the Lion City. Both individual and corporate audience have much to be gained from this new resource, including information related to the cost of international health insurance and inflation of premiums.
To get your free copy of the State of Health Insurance report, visit our site here, or read on to learn more.
About Singapore’s State of Health Insurance report
Our report has been created to provide people both familiar and new to Singapore with an overview of international private medical insurance matters locally. Drawing on our long-standing presence in Singapore, the unparalleled knowledge of our advisors and consultants, and the global experience our Pacific Prime brand has in international markets, we believe this reliable resource can be used to ensure that you, your family, or your employees’ insurance questions are answered.
The report also strives to satisfy people with answers to these commonly asked insurance questions:
- How much does it cost for international medical coverage in Singapore?
- How much might I expect to pay for coverage in the future?
- Which globally and locally recognized brands can I secure coverage from?
- When’s a good time to buy Singapore health insurance?
- What trends are being seen in the local insurance industry?
The report, broken down into eight sections, will leave you with a greater understanding of how the insurance market works in Singapore, as well as better equip you to make decisions regarding the purchase of individual or corporate medical insurance in the future.
Structure of the State of Health Insurance report
The sections of the report are easy to read, in “plain English”, and have been organized to ensure you get the best snapshot of the health insurance industry when you’re done. In particular, the report features sections that:
- Reports on the cost of health insurance in Singapore;
- Discusses the average health insurance premium inflation for international plans;
- Describes the major insurers operating in Singapore;
- Looks at insurance purchasing trends;
- Outlines recent changes in the local insurance industry;
- Examines both regional and global trends impacting Singapore’s market; and
- Highlights common insurance issues that companies are struggling with in Singapore
Some of the information used in the report has been drawn from previous Pacific Prime resources; namely:
- The Cost of International Health Insurance – 2017 report; and
- The International Private Medical Insurance Inflation – 2017 report
Both of which you can download, free of charge, by clicking their above links.
Key findings for the State of Health Insurance in Singapore
There are a number of important, key points this State of Health Insurance report makes that you won’t find anywhere else. Here’s a look at a few of the standout ones:
Singapore remains a high-cost Asian nation for health insurance
According to our previous reports, the average cost of international health insurance in Singapore was USD 10,732, making it the third most expensive location in our Cost of International Health Insurance report. Our International Private Medical Insurance Inflation report, similarly, found that the average inflation rate for Singapore international health insurance was 9.50% for 2017. Both of these figures have been on the rise in Singapore, as well as for many countries around the world.
Changing and adaptive international health insurance products
Specifically for Singapore, insurance products being offered have made a number of incremental changes in recent times. Our advisors have noted that people in Singapore have noticed longer maternity waiting periods, but have also found more flexibility around coverage for pre-existing conditions. Singapore has continued to drive to be a leader in health sector technology has also seen many insurers develop helpful online and smart app tools to streamline claims and application processes.
Health insurance uncertainty and sustainability a significant challenge for Singapore businesses
According to our experts, both small to medium enterprises and large corporates share a number of key issues when it comes to the employee benefits they offer staff. Key among these concerns include uncertainty around premium prices and plan sustainability, as well as competitive factors such as ensuring their packages are attractive to desired talent, and including full outpatient and wellness benefits. By understanding the issues and the solutions, many managers and HR staff will find this section handy.
Where can I download my copy of the State of Health Insurance in Singapore report?
Getting a copy for yourself is easy. All you have to do is visit our download page, enter in your details, and a free copy will be yours to download at your leisure. We’ve doubled down on continuing our reputation for simplifying insurance into the new year, so we’re excited to share this invaluable resource with you. Securing the right insurance plan, whether for individuals or a group, is our specialty in Singapore, and the State of Health Insurance in Singapore 2017-2018 report is part of our commitment to upholding our position as a market leader in Singaporean insurance matters.
To find out more about what Pacific Prime Singapore can do for you, visit our website or contact our team today!
With over 5 years of experience in the field, Suphanida spends the majority of her day synthesizing complex pieces of insurance-related information and translating this into easy-to-understand, engaging, and effective content across a variety of media such as articles, infographics, whitepapers, videos, and more.
Suphanida is also responsible for planning and publishing three whitepapers released annually by Pacific Prime: The State of Health Insurance Report, The Cost of Health Insurance Report, and The Global Employee Benefits Trends Report. Additionally, she handles the LinkedIn profiles of Pacific Prime’s Founder and CEO, as well as Global HR Lead.
Suphanida’s strengths lie in her strong research and analytical skills, which she has gained from her BA in Politics from the University of Warwick and Erasmus Mundus Joint MA in Journalism from Aarhus University and City, University of London.
Being of Thai-Indian origin and having lived, studied, and worked in Thailand, the UK, and Denmark, Suphanida also has a unique, multicultural perspective that helps her understand the struggles of expats and globetrotters.
Outside of work, she enjoys traveling to new places and immersing herself in different cultures.
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