(PRWEB) September 03, 2013
Globalsurance has recently released the results of the company's 2013 International Private Medical Insurance Review, a study of medical insurance premium inflation trends in the IMPI industry.
With the overwhelmingly positive reception Globalsurance received in 2012 for their first IMPI Review, the company has decided to conduct the study on an annual basis into the future.
Globalsurance has gathered data from leading international private health insurance companies over the last 5 years – 7,680 points of data in total – and has found that the average regional inflation rates for all areas and insurers included in the report were 10.2% per year for Southeast Asia, 9.3% per year for the Middle East and 9.5% per year for the rest of the world.
For the study, Globalsurance gathered IMPI data from 8 insurers – Bupa International, Aetna Global Benefits, William Russell, InterGlobal, AXA PPP, Allianz Worldwide Care, IHI Danmark/IHI Bupa and Globality Health.
The 8 insurers provided data for 10 countries that the study focuses on – Hong Kong, Singapore, China, Indonesia, Thailand, Philippines, Dubai, UK, Kenya and Brazil.
The Globalsurance study shows that the country with the highest levels of IPMI premium inflation over the last five years is Hong Kong with a 12.2% yearly average, and the lowest is Kenya with 6.6%. Over the last 12 months however, the highest level of inflation occurred in Singapore at 11.3%, and the lowest level occurred in Dubai at 7.3%, well below their 9.3% five-year average.
Despite some extreme volatility being shown in previous years for IPMI, the last two years have shown more stable downward trends.
Globalsurance experts believe these downward trends are due to 1) the rapid growth of IPMI over the past five years, which has given insurers access to better statistical results and the ability to accurately adjust prices accordingly in each region, 2) The overall slowing down of the global economy – particularly the China and Asia economies, and 3) Intensifying price competition brought on by an increase of local insurers offering more comprehensive options for worldwide cover.
The full study contains a more detailed analysis of each country, each insurance company, and the industry as a whole. The study is available for free on Globalsurance's website at http://www.globalsurance.com/news/2013/09/25/the-globalsurance-international-private-medical-insurance-review-2013/.