The international health insurance landscape

Global insurance advisory firm Pacific Prime has released its inaugural report focusing on the current international health insurance landscape. The State of Health Insurance 2017-2018 report, which is noted as the first of its kind in the industry, equips individual consumers, groups and companies with the insights they need to make more informed purchase and renewal decisions.

Some of the report’s key findings are that, in 2017: the average cost of international health insurance was US$8,105; the global average inflation of international medical insurance premiums was 9.2 per cent; the quarter with the highest percentage of international insurance sales is Q2; the most notable changes to the global health insurance industry include continued acquisitions and mergers, and variable inflation;  three major global trends that are expected to continue to have a major impact on international medical insurance products throughout 2018 are insurers ‘onshoring’, increased compliance, and digitisation; and the top five common health insurance issues facing companies worldwide are: uncertainty around premiums, plan sustainability, ensuring benefits are competitive, communicating with and educating employees, and structuring relevant benefits.