Pacific Prime Insurance Brokers has released a new report examining the cost of international health insurance in 100 markets.
The report revealed that the average cost of international health insurance varied widely across different markets. An individual health insurance plan costs the lowest in Tanzania, with an average premium of US$3,120. Meanwhile, it is most expensive in the United States, with an average premium of US$11,492.
As for family health insurance plans, Angola has the lowest at US$9,250, while the US again has the most expensive premium, at US$34,298.
This shows that the US is the most expensive country in the world for international health insurance, followed by Hong Kong with an overall cost of US$12,927. Health insurance plans in Canada, Dubai, and China have an average cost of US$10,361, US$9,917, and US$9,639, respectively.
The report also found that the gap between the average premiums in the US and the 99 other markets has increased, showing that healthcare is becoming more and more expensive in the US. The Americas, in general, have the most expensive health insurance, having the most representatives in the top 20 most expensive countries for health insurance.
According to Pacific Prime, the single largest driver of health insurance premiums is the cost of healthcare. It also cited several other factors as to why premiums are becoming more expensive: increased demand for international quality private care; increased regulation; and continued challenges with fraud regulations.
However, a number of markets have bucked the historical trend for increasing cost of health insurance, with Japan, Colombia, the UK, and 21 other markets posting a decrease in premiums. Pacific Prime mentioned that two major health insurers, Cigna Global and Allianz Partners, have lowered their premiums, but this was not enough to pull down the average cost in some markets.