(PRWEB) September 26, 2013
With the release of Globalsurance's 2013 International Private Medical Insurance Review, the company has revealed the premium inflation rates for several of the top insurers in the Philippines.
Globalsurance gathered over 7,680 points of data for the study from eight insurance providers – Aetna Global Benefits, Allianz WorldWide Care, AXA PPP, Bupa International, Globality Health, IHI Danmark/IHI Bupa, Interglobal, and William Russell.
The study examines premium inflation over the last five years in the Philippines and nine other countries – Brazil, China, Hong Kong, Indonesia, Kenya, Singapore, Thailand, UAE, and the UK.
For all eight insurers in the study, the average rate of inflation over the last twelve months was 7.3% in the Philippines and 8.3% for all ten countries. The insurance provider with the highest premium inflation rate in the Philippines over the last twelve months was BUPA International with a 10.5% increase. InterGlobal had the lowest premium increase at only 1.6%.
Out of all ten countries in the study, the Philippines had the lowest average yearly inflation rate with only 8.5%. In comparison, the average yearly rate for all ten countries was 9.8%.
Of the eight insurers in the study, the provider with the highest average yearly premium increase over the last five years was Globality Health with 12.4%. On the other hand, AXA PPP had the lowest average increase with only 2%.
AXA PPP's low 2% yearly average was mainly a result of a 12.9% premium reduction in 2011 when the company reworked its premium policies. Previously, AXA PPP only had three premium levels (Europe, worldwide, and worldwide excluding the US). However, the insurer changed to country-specific premium rates in 2011 which caused insurance premiums to decrease in the case of the Philippines.
The Globalsurance 2013 International Private Medical Insurance Review includes a complete analysis of insurance inflation in the Philippines and the nine other countries in the study, as well as an analysis of the eight insurers and the industry as a whole.
The complete review is available for free at http://www.globalsurance.com/news/2013/09/25/the-globalsurance-international-private-medical-insurance-review-2013.