As part of Globalsurance’s 2013 International Private Medical Insurance Review, the company has recently revealed the average premium inflation rates for several insurers in Hong Kong.
In the review, Globalsurance examined insurer data for Hong Kong and nine other countries – Brazil, China, Dubai, Indonesia, Kenya, Philippines, Singapore, Thailand, and the UK. Approximately 7,680 points of data were gathered from eight insurers – Aetna Global Benefits, Allianz WorldWide Care, AXA PPP, Bupa International, Globality Health, IHI Danmark/IHI Bupa, Interglobal, and William Russell.
For the eight insurers Globalsurance examined in the study, the last twelve months saw an average of 11.1% inflation of premiums in Hong Kong, 11.0% for the high-cost Asian countries in the study (Singapore, China, and Hong Kong), and 8.3% for all ten countries. The insurer with the highest premiums increase in Hong Kong over the last twelve months was Globality Health at 34.1%, and the insurer with the lowest increase was InterGlobal at 1.6%.
The yearly average inflation rate in Hong Kong for the last five years was 12.55%, in comparison to the 11.5% average increase for the high cost Asian countries, and 9.8% for all ten countries. The insurer in Hong Kong with the highest average yearly inflation rate was, again, Globality Health at 20.9%, and the insurer with the lowest average was Allianz Worldwide Care with 8.2%.
Out of the ten countries in the study, Hong Kong displayed the highest average inflation levels over the last five years. However, Hong Kong is also the only region that has had a steady downward trend; all other regions in the study displayed more unpredictability and variance each year.
The 2013 Globalsurance International Private Medical Insurance Review contains a more detailed analysis of insurance inflation in Hong Kong and the other countries in the study, as well as a review of each of the eight insurers and the the industry as a whole. The full review is available for free at http://www.globalsurance.com/blog.
