(PRWEB) September 11, 2013
Earlier this month Globalsurance revealed the insurance premium inflation rates for several insurers in Singapore as a part of their second annual International Private Medical Insurance Review.
In the review, approximately 7,680 points of data were gathered from eight insurers – Aetna Global Benefits, Allianz WorldWide Care, AXA PPP, Bupa International, Globality Health, IHI Danmark/IHI Bupa, Interglobal, and William Russell.
Globalsurance looked at the insurers' data for Singapore and nine other countries - Brazil, China, Dubai, Hong Kong, Indonesia, Kenya, Philippines, Thailand, and the UK.
For all the insurers Globalsurance examined, the average premiums inflation rate over the last twelve months was 11.3% in Singapore, 8.3% for all ten countries, and 11.0% for high-cost Asian countries (Hong Kong, China, and Singapore). The insurer with the lowest premiums increase in Singapore for 2013 was InterGlobal at 1.6%, and the insurer with the highest increase was Globality Health at 34.1%.
Over the last five years, the average yearly inflation rate was 11.6% in Singapore, the same as the average increase for high-cost Asian countries, and 9.8% for all ten countries in the study. The insurers with the lowest and highest average yearly inflation rates in Singapore were once again InterGlobal and Globality Health, with 9.1% and 20.9% respectively.
Of the ten regions included in the study, Singapore displayed the highest rate of inflation for the last twelve months and the most significant deviations over the last five years. Premium inflation in Singapore dropped from 16.7% in 2009 down to a significantly lower 7.3% in 2010. Rates then increased back again in 2011 to 12.2% and have remained relatively steady at 11.6% for the last two years.
The 2013 Globalsurance International Private Medical Insurance Review contains a more detailed analysis of insurance premium inflation in Singapore and the other countries in the study, as well as a review of each of the eight insurers and the industry as a whole. The full review is available for free at http://www.globalsurance.com/blog/the-globalsurance-international-private-medical-insurance-review-2013-677820.html.