A global study of 100 countries conducted by insurance broker Pacific Prime found that 97 countries had increases in international health insurance premiums for both individuals and families. The underlying reason for price increases is the rising cost of healthcare. China was one of the few countries experiencing a decrease in average health insurance premiums.
The report stated that of the 100 countries, the average international health insurance premiums for individuals ranged from US$8,887 in the US to US$2,728 in Thailand.
The US remains the country with the most expensive health insurance premiums. This is largely a result of the country’s high cost of healthcare. The Americas remain the most dominant region in the top 20 most expensive countries list.
African countries saw some of the highest inflation rates in the world. 21 countries in Africa witnessed inflation rates that were 15% or higher, resulting from various macro trends such as the rise of the middle-class and technological advancements.
China’s premiums are going through a correction phase after years of increase. In 2019, a number ofseveral prominent insurers in China did not increase their premiums, with some even lowering them, making it one of the few countries experiencing a year-on-year decrease in average health insurance premiums.
Canada saw average health insurance premiums increase by 7% for individuals and 5% for families, surpassing Hong Kong as the country with the second most costly country for international health plans. Singapore has also jumped from 9th to 4th position, with an inflation rate of 9% for both individuals and families.
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