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About the report

The Cost of Health Insurance Report 2020-2021 ranks 100 countries based on their average IPMI premiums, for both individual and family plans. It also explores the key drivers shaping health insurance costs, before mentioning some noteworthy trends globally.
Global health insurers are providing more options as they have an increased appetite to penetrate the Thai market. This is great news for consumers as more competition means better options to choose from. More competition could also mean competitive premiums going into 2021."
Ricky Batten,
Head of Sales at Pacific Prime Thailand

What is the cost of international
health insurance globally?

The US continues to top the chart, year-on-year, as the most expensive location for individual and family health insurance. Whereas, a number of countries saw their average individual premiums decrease this year, as opposed to 2019.
While in the Asia Pacific, Hong Kong and Singapore take the second and third spot as the most expensive countries for individual and family health insurance this year, pushing Canada down the list.
Top 5 most expensive countries for individual
and family health insurance in the world
Average individual premium in 2020 (USD)
1. The United States - $7,703
2. Hong Kong - $6,146
3. Singapore - $5,677
4. Canada - $5,230
5. Dubai - $5,207
Average family premium in 2020 (USD)
1. The United States - $21,817
2. Hong Kong - $17,425
3. Singapore - $15,964
4. Dubai - $15,377
5. Israel - $13,614
Thailand’s average cost of international health insurance
for individuals and families
Average individual premium in 2020 (USD)
$1,934
Average family premium in 2020 (USD)
$7,257

What are the key drivers shaping
health insurance in Thailand?

Aging population
Aging population
The number of Thai citizens aged over 60 in 2020 is one of the highest in Southeast Asia, which leads to a higher demand for healthcare in the country. As investments in caring for this segment of the population increases, so does the effect on IPMI premiums.
Increase in illness
Increase in illness
Senior citizens in the country are more prone to developing health problems that include heart disease, stroke, cancer, and diabetes. Many of the diseases will require drug prescriptions for treatment or immediate medical intervention, which can impact IPMI premiums.
Investment in new hospitals
Investment in new hospitals
Existing hospital operators plan to invest in new hospitals and medical equipment that will support continuous growth in demand for medical treatment in Thailand. As a health and wellness destination, health authorities will aim to prepare for when medical tourists can fully return to use the country’s services post-COVID-19.
Government mandate
Government mandate
There is a requirement for all expats, medical tourists, and travelers planning to return to Thailand to secure mandatory health insurance. The government also promotes investment in the medical device sector and intends to establish Thailand as a medical hub and a base for exports of medical devices for 2021 and beyond.
Increase in competition
Increase in competition
Global health insurers are offering better options for expats, families, businesses, and travelers, especially during the coronavirus (COVID-19) pandemic. With more options available and catered to consumers, the increase in competition could possibly lower premiums later on.

What are the key drivers shaping
health insurance premiums globally?

Changing demand for care
Changing demand for care
The epidemic has led to an upsurge in healthcare utilization and expenditure, especially in areas such as telehealth.
Cost of care
Cost of care
The increase in healthcare costs has outpaced general inflation owing to a multitude of cost drivers in many countries, including the cost of drugs, an uptick in chronic illnesses due to bad lifestyle habits, an aging population, and more.
Increased regulation
Increased regulation
Insurers are struggling to deal with mounting costs of compliance while meeting various requirements across jurisdictions, ranging from tax reporting and anti-money laundering to consumer protection and data privacy.
Continued challenges related to fraud
Continued challenges related to fraud
Fraudulent claims continue to pose great challenges for the health insurance sector, which leads to higher health insurance premiums and out-of-pocket expenses for consumers, as well as reduced benefits or coverage.
The rise of insurtech
The rise of insurtech
The epidemic has accelerated the insurer’s pace to adopt digital measures in a bid to catch up with insurtech, which creates a significant impact on IPMI premiums.

An in-depth look at
our key findings

The Americas remains a dominant region in the top 20 most expensive countries
The Americas remains a dominant region in the top 20 most expensive countries
Up to 12 countries in the Americas ranked within the top 20 countries with the highest cost of IPMI in the world. The US is again the most expensive country owing to its high costs of healthcare, despite a huge drop in price in 2020.
 Latin America may experience an increase in premiums in the next 5 years
Latin America may experience an increase in premiums in the next 5 years
As opposed to other regions, Latin America provides extensive coverage for mental health. Given that behavioral and mental health conditions are the third costliest conditions, experts say there will be an increase in IPMI premiums in the next 5 years. That being said, each country in the region faces its own healthcare trend.
 Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong returns to being the second most expensive location in the world, when it comes to IPMI premiums for individuals and families. This is due to a number of factors including overuse of insurance, an aging population, and the devastating impact of the COVID-19 pandemic.
 Singapore is the second most expensive location in Asia for health insurance
Singapore is the second most expensive location in Asia for health insurance
In Asia, the location with the second most expensive IPMI premiums is Singapore. The city-state is facing a surge in health insurance costs due to factors like inflated medical charges and overuse of insurance. Furthermore, there is an aging population and residents tend to make poor lifestyle choices.
 China's premiums are going through a correction after years of increase
China's premiums are going through a correction after years of increase
As the world’s second-largest economy, China’s IPMI premiums continue to reduce due to the lower demand as a result of the pandemic, while digitalization is gradually taking the spotlight in the local insurance landscape.
 A number of countries' premiums have decreased in 2020
A number of countries' premiums have decreased in 2020
This year, up to 36 countries showed a decrease in health insurance premiums when compared to 2019. The main reason is the global impact of the COVID-19 pandemic on healthcare systems and numerous countries implementing lockdown measures.
 Insurers are taking a closer look at their regional pricing strategies
Insurers are taking a closer look at their regional pricing strategies
Insurers make adjustments to their pricing strategies to create the right balance between their level of service and operational sustainability, but also prepare for similar crises that could arise in the future.

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