The insurer with the lowest average inflation rates over the past 5 years was Allianz Worldwide Care with an average rate of 7.6%.
(PRWEB) September 04, 2013
As part of Globalsurance's 2013 International Private Medical Insurance Review, which was released earlier this week, the company has revealed how several insurers have fared when it comes to inflation rates in medical insurance premiums over the last 5 years.
In the review, Globalsurance examined 8 insurers – Aetna Global Benefits, Allianz WorldWide Care, AXA PPP, Bupa International, Globality Health, IHI Danmark/IHI Bupa, Interglobal, and William Russell.
These 8 insurers provided data for 10 countries – Brazil, China, Dubai, Hong Kong, Indonesia, Kenya, Philippines, Singapore, Thailand, and the UK. 7,680 data points were used in the review to determine how each insurer performed.
The insurer with the lowest average inflation rates over the past 5 years was Allianz Worldwide Care with an average rate of 7.6%. One of the main reasons for Allianz's performance is their regionally specific premium adjustments, with results ranging as low as 0.4% in Kenya and up to 17.6% in Brazil.
Interglobal had the lowest average inflation rate for 2013 for all 10 countries at 1.6%, a significant departure from their last two years, which showed average increases above 10%. The large increases of 2011 and 2012 enabled the company to keep their premiums stable in 2013, though Globalsurance are curious to see if these low inflation levels can be maintained in 2014.
The company with the highest average inflation levels in 2013 was Globality Health with 16.3%. Globality Health also had the highest average inflation levels for the last 5 years at 14.9%. However, Globalsurance experts are not surprised to see these numbers as newer insurers often need to make large scale adjustments in their first few years acclimatizing to specific regions.
Globality Health has also recently restructured their plans with the new 'World' plans, which explain the high inflation levels. However, Globalsurance experts view this change as a positive for the company in the long run. This is also the first year that Globality Health has made pricing adjustments according to specific zones, an indication that their inflation levels are likely to stabilize in the future.
The 2013 Globalsurance International Private Medical Insurance Review contains a more detailed analysis of each insurer, each of the 10 countries, and the industry as a whole. The full review is available for free at http://www.globalsurance.com/blog.