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The average annual growth of the cost of international medical insurance in Hong Kong

The cost of international medical insurance in Hong Kong rose since 2015. How do we know this? For the first time in Pacific Prime’s history of publishing our annual Cost of International Health Insurance reports, this year’s report includes a CAGR (Compound Annual Growth Rate) analysis of average premiums from 2015 to 2018. The CAGR is a popular indicator used to calculate the average annual growth of a specific value in the analyzed period, e.g., the average increase in profits, or insurance premiums in this case, in a given time period.

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The CAGR of premiums from 2015 – 2018 in Hong Kong

The average cost of international medical insurance in Hong Kong has increased since 2015, and we believe that introducing a CAGR analysis in this year’s edition of our Cost of International Health Insurance report will provide some additional insight into the cost of health insurance over time. Utilizing premium data from 2015 to 2018, we have included two types of CAGR analysis in this report:

  • CAGR of the average cost of IPMI by country from 2015 to 2018
  • CAGR of individual premiums from 2015 to 2018 by insurer

The average cost of international medical insurance plans indicated in our 2018 report refers to the average price of plans for two demographics: individuals and families. Since in today’s article we will solely focus on individual and average plan premiums, please go to the download area of our COHI report to find out more about the cost of family insurance.

The average cost of international medical insurance in Hong Kong

As per our analysis, we found that average insurance premiums in Hong Kong rose by 5.36% since 2015. Hong Kong is among the top countries with the highest Compound Annual Growth Rate in our report. Other high CAGR countries include Switzerland (5.78%), Indonesia (6.70%), and Canada (6.95%).

In 2018, the average cost of international medical insurance in Hong Kong is USD 12,927, while in 2015 it was USD 11,051. Similarly, the price of individual and family plans also increased, from USD 5,265 in 2015 to USD 6,432 in 2018, and from USD 16,838 to USD 18,494, respectively.

Now that you know that health insurance premiums tend to rise every year, we think you might be interested in finding out why.

2015 – 2018 CAGR for individual plans by insurer

For the CAGR analysis of individual plan premiums by the insurer, we have only utilized data from insurers that we have included in both our 2015 and 2018 reports. All CAGR figures in this report are based on premiums from:

  • Allianz Partners
  • AXA’s International Health Business
  • Cigna Global
  • Now Health International

For this analysis, we have averaged the premiums for each of the insurers. However, in the case of Hong Kong, we did not have specific premium data available for Allianz Partners, which is why their CAGR could not be calculated. Below, you can find a comparison of the CAGRs for individual plans:

2015 – 2018 CAGR for Individual plans by the insurer
Country AXA – CAGR Cigna – CAGR Now Health – CAGR
Hong Kong 8.86% -3.69% 12.03%


After looking at the information in the above table, you might start to think that the cost of international medical insurance in Hong Kong for Cigna insurance plans is likely lower than Now Health Insurance plans, for example. This is not really the case. While the CAGR might be positive or negative, it does not indicate the overall pricing of plans.

For example, while Cigna Global’s plans have almost all recorded a negative CAGR from 2015 to 2018 (not only in Hong Kong), this does not mean they offer the cheapest plans on the market (learn more about Cigna’s strategy in our 2018 IPMI Inflation report). It simply means their premiums have decreased from 2015 – 2018.

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How do I choose the right expat medical insurance in Hong Kong?

So, if a negative CAGR doesn’t necessarily mean lower premiums, how can you choose the right IPMI plan, and make sure you are paying the right amount for your benefits?

We highly recommend staying up-to-date on the latest medical insurance trends, including knowing the average cost of health insurance. It’s also in your best interest to find an experienced consultant, who can help you further by choosing the right health insurance plan that fits both your needs and your budget. Contact Pacific Prime Hong Kong today for free and impartial advice, plan comparisons, and quotations!

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Content Creator at Pacific Prime Hong Kong
Elwira Skrybus is a content writer at Pacific Prime. In her everyday work, she is utilizing her previous social media and branding experience to create informative articles, guides, and reports to help our readers simplify the sometimes-puzzling world of international health insurance.

When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!