Pacific Prime, an international health insurance brokerage, has released its Cost of Health Insurance Report 2023, highlighting a significant increase in premiums for individual and family plans worldwide. The report, based on data from 100 locations, indicates that 98% and 97% of surveyed locations experienced a premium increase in 2022 for individual and family plans, respectively.
The report begins by ranking locations according to their average international private medical insurance (IPMI) premiums in 2022. The US maintains the top position with an average premium of USD $9,817 for individuals and USD $28,250 for families. Meanwhile, Thailand continues to offer the most affordable individual IPMI premiums, with an average of USD $3,594. However, it moved up from the last spot in 2021 to the 50th in 2022 for family plans.
In addition to the overarching global trend in IPMI premiums, the report dives into region-specific trends, including:
- The Americas are pushed out of the top 20 rankings
- Hong Kong maintains the second spot for the third consecutive year
- Singapore remains in the third spot for the second year in a row
- Dubai earns the fourth spot in this year’s ranking
- China moves out of its “correction phase”
- UK premiums double 2021 growth rate
- Thailand still has the cheapest individual IPMI premiums
By comparing data from 100 locations globally, the report aims to offer readers a comprehensive understanding of the worldwide cost of health insurance. 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’s Cost of Health Insurance Report 2023 offers valuable insights into global and regional trends impacting IPMI premiums around the world. To explore these trends and their effects, download the Cost of International Health Insurance Report 2023 from Pacific Prime.
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