KUALA LUMPUR, Feb 23 (Bernama) -- Pacific Prime’s latest report examines international private medical insurance (IPMI) premiums in 100 locations, finding that a number of locations’ IPMI premiums have decreased for both individuals and families.
According to a statement from the global health insurance brokerage, this is due to a number of key factors, chief among them being the unprecedented COVID-19 pandemic.
Pacific Prime’s Cost of International Health Insurance Report 2020-2021 begins by ranking countries based on their average IPMI premiums.
The US takes the number one spot, with average premiums of US$7,703 for individuals and US$21,817 for families. At the bottom end of the spectrum, Thailand had the cheapest average premiums of US$1,934 for individuals and US$7,257 for families. (US$1 = RM4.040)
From the 100 locations studied, up to 36 countries showed a decrease in IPMI premiums, compared with the previous year, as the COVID-19 pandemic has caused people to avoid/delay seeking healthcare treatment, and countries to impose lockdown measures.
In addition to the overarching trend in IPMI premiums, the report also sheds light on region-specific trends including 12 out of 20 locations, with the costliest health insurance premiums located in the Americas.
Hong Kong has reclaimed its position as the second most expensive location in the world for health insurance. Similarly, Singapore is the second most expensive location in Asia.
Meanwhile, China’s health insurance premiums are going through a correction phase after years of increase, as a result of sluggish demand amidst a global economic downturn. The country’s insurance landscape is also witnessing digitalisation, as insurtech takes centrestage.
More details at https://www.pacificprime.com/
-- BERNAMA
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