Across the globe, there has been an increase in international private medical insurance (IPMI) premiums for both individual and family health insurance premiums in more than 90% of the countries surveyed for a Pacific Prime report.
The international health insurance brokerage released its Cost of Health Insurance Report 2023 this week, which highlighted a significant increase in premiums for individual and family IPMI plans worldwide.
Based on data from 100 locations, the report indicated that 98% and 97% of surveyed locations experienced a premium increase in 2022 for individual and family plans, respectively.
“An astonishing number of regions witnessed a rise in their IPMI premiums in 2022,” the report said.
“Specifically, individual IPMI premiums rose in 98 out of 100 locations, while family IPMI premiums increased in 97 out of 100 locations.
“On average, individual premiums went up by 12%, and family plans experienced a 14% rise. It is noteworthy that in 2022, Thailand, the US, and Switzerland saw the highest increase in IPMI premiums among all locations,” the report said.
The report ranked locations according to their average IPMI premiums in 2022. It said the increase was a result of the continued Covid-19 effect, global economic inflation, and other key factors, the report said.
In top position was the US with an average premium of US$9,817 for individuals and US$28,250 for families.
The country with the most affordable individual IPMI premiums was Thailand, with an average of US$3,594. Poland was the country with the lowest premiums for families, at a rate of US$10,586.
Individual IPMI premiums in the US increased by 32% over 2021, the report said. But that paled in comparison to Thailand which experienced a steep surge in insurance premiums, with a 77% rise in the cost of individual health insurance.
The US and Hong Kong have held the top two spots for three consecutive years, while Singapore has remained in third place for two years. Hong Kong saw its premiums increase by 15%, just ahead of Singapore’s increase of 12%.
Meanwhile, Dubai moved up from sixth place last year to fourth this year.
While many of the top 20 locations remained the same as the previous year, a few locations witnessed a higher ranking, such as Switzerland (moved up from 30th to seventh place), the UK (moved up from 14th to ninth place), and Dubai (moved up from sixth to fourth place).
Some locations, on the other hand, dropped in the rankings, including Indonesia (moved down from 17th to 32nd place) and Mexico (moved down from forth to eighth place)
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 said.