First annual International Insurance Review report released
Globalsurance, an international insurance information organization, has announced the results of its first International Insurance Review. The report, which is to be released annually, aims to study the rate of premium inflation within the international private medical insurance (iPMI) industry. The first edition of the International Insurance Review makes use of 7,916 data points provided by eight leading companies in the international medical insurance industry over the past 5 years. Using this data, Globalsurance has determined that insurance premiums around the world are on the rise.
Report shows iPMI premium inflation steady at 10.8% annually
According to the International Insurance Review, iPMI premiums are rising at an average rate of 10.8% annually. The report notes that this premium inflation is higher in some countries than it is in others. Hong Kong boasts of the highest inflation, with an average annual increase of 12.7%. The Philippines boasts of the lowest premium inflation rate, with an annual growth of just 9.4%.
Costly health care and demand key factors in premium inflation
The report shows that the international medical insurance policies are becoming more expensive. The cost of these policies is rising at a rate faster than the wages of those that are meant to benefit from these plans. Globalsurance believes that the inflation of premiums is due to the growth in demand for health care and the high standards of iPMI policies. These policies are often expensive because of the level of coverage they provide to consumers. Though these policies often provide high degrees of coverage, consumers are often restricted to the health care systems of their home countries, which, in some cases, are lacking in quality. This pushes policyholders to travel to other countries where heath care is more expensive, a trend that is causing insurers to raise rates on coverage.
International Insurance Review provides information on trends in the iPMI industry
The full International Insurance Review report contains analysis on global trends that are influencing the growth of premiums. The report also provides some insight on the countries and insurance companies that are experiencing associated with premium inflation. The International Insurance Review also aims to provide insight on how premium inflation may impact the iPMI industry. For more of today’s insurance news headlines.