{"id":722,"date":"2017-01-23T10:00:53","date_gmt":"2017-01-23T02:00:53","guid":{"rendered":"http:\/\/www.pacificprime.hk\/blog\/?p=722"},"modified":"2018-02-21T16:38:47","modified_gmt":"2018-02-21T08:38:47","slug":"medical-insurance-inflation-hong-kong","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/medical-insurance-inflation-hong-kong\/","title":{"rendered":"Key insights on medical insurance inflation in Hong Kong"},"content":{"rendered":"<p>As one of the most expensive regions in the world for private healthcare, the high cost of medical treatment in this city certainly has a major influence on Hong Kong\u2019s rising medical insurance premiums. As indicated in our 2016 report on the <a href=\"https:\/\/www.pacificprime.com\/cohi-2016\/\" target=\"_blank\" rel=\"noopener\">Cost of International Health Insurance<\/a>, the average cost of international health insurance in Hong Kong is USD 11,780 &#8211; making it the second most expensive country after the US, where the average cost is USD 17,335.<\/p>\n<p><!--more--><\/p>\n<p>To further delve into the reasons behind skyrocketing insurance premiums in Hong Kong, let\u2019s take a look at the findings from our latest report on insurance inflation, titled: <i>International Private Medical Insurance Inflation &#8211; 2017<\/i>, which looks at the drivers of International Private Medical Insurance Inflation (IPMI) on a global and regional level.<\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-5' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.hk\/compare-quotes\/step-one\/?campSource=PPHK-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=Blog_Banner&utm_content=general\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1283\" src=\"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/12\/WP-Banner-revamp-final-20221207_5.-General-final.jpg?resize=700%2C303&#038;ssl=1\" alt=\"General insurance banner\" width=\"700\" height=\"303\" data-recalc-dims=\"1\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n<p>The report found that, as indicated in the graph below, the <b>IPMI inflation rate in Hong Kong was 12.1%<\/b>, which is significantly higher than the average inflation rate of the top 10 IPMI locations included in the report, that of 9.2%.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/1LbPku94rRzN7XAz-q-yeM0ohOlkNDU12dHEwyLKgNDo\/pubchart?oid=1909875560&amp;format=interactive\" width=\"600\" height=\"371\" frameborder=\"0\" scrolling=\"no\" seamless=\"\"><\/iframe><\/p>\n<p>This article provides an overview of IPMI inflation in Hong Kong. To read the full report, you can view the website version <a href=\"https:\/\/www.pacificprime.com\/ipmi-2017\" target=\"_blank\" rel=\"noopener\">here<\/a> or download your free PDF copy <a href=\"https:\/\/www.pacificprime.com\/ipmi-2017\/download\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<h2>Major drivers of medical insurance inflation in Hong Kong<\/h2>\n<p>When looking at 2016\u2019s inflation rate and the Consumer Price inflation of 2.5% (as of June 2016), it appears that IPMI inflation is not influenced by consumer prices. So, what\u2019s driving IPMI inflation in Hong Kong? In the latest IPMI report, on top of identifying the seven global drivers of IPMI inflation, we found that there were two major drivers of medical insurance inflation that are specific to Hong Kong:<\/p>\n<h3>Increased demand for private healthcare<\/h3>\n<p>The public healthcare system in Hong Kong offers medical treatment at highly affordable prices for Hong Kong Identity Card (HKIC) holders. While many residents in Hong Kong benefit from the heavily subsidized, \u201cnear-free\u201d services available in public hospitals, the public sector is becoming increasingly overburdened.<\/p>\n<p>This situation is highlighted in an <a href=\"http:\/\/www.scmp.com\/news\/hong-kong\/health-environment\/article\/1931049\/inside-hong-kongs-public-hospital-crisis-temporary\" target=\"_blank\" rel=\"noopener\">article<\/a> by SCMP, which cites that the public sector is taking care of 90% of Hong Kong\u2019s patients, but only employing 40% of the city\u2019s doctors. In contrast, the private sector takes care of 10% of Hong Kong\u2019s patients, while employing 60% of doctors.<\/p>\n<p>With an overburdened public system, treatments that are in high demand are attached with long waiting times. For example, the wait time for Total Joint Replacement Surgery in 2016 was up to 64 months at some public hospitals. To cope with this demand, the Hong Kong government has been pushing people to the private system.<\/p>\n<h3>High cost of care at private centers<\/h3>\n<p>The high cost of private healthcare in Hong Kong is widely known, and there is little indication that this trend will be slowing. For example, first-class in-patient treatment will set you back by around HKD 5,640 per day. People with international health insurance coverage, particularly the growing number of local and regional High Net Worth (HNW) individuals, prefer to opt for private medical treatment, and this has translated to higher IPMI premiums.<\/p>\n<h2>Breaking down IPMI inflation in Hong Kong by insurer<\/h2>\n<p>Our latest report on IPMI inflation also looks at the average medical insurance inflation by insurer. The findings were based on plans provided by the following providers:<\/p>\n<ul>\n<li>Aetna International<\/li>\n<li>Aetna International (InterGlobal)<\/li>\n<li>Allianz Worldwide Care<\/li>\n<li><a href=\"https:\/\/www.pacificprime.hk\/insurers\/axa-ppp\/\">AXA PPP Healthcare<\/a><\/li>\n<li>BUPA Global<\/li>\n<li>Cigna Global<\/li>\n<li>William Russell<\/li>\n<li>Integra Global<\/li>\n<\/ul>\n<p>As shown in the interactive graph on \u201cInflation in Hong Kong by Insurer\u201d below, the insurers with the lowest average inflation in 2016 were: Allianz Worldwide Care (6.68%), BUPA Global (7%) and William Russell (7.04%). Although IntegraGlobal had the highest inflation rate (37.77%), it must be noted that this does not mean they charge the highest premiums in Hong Kong. Instead, this reflects that they have adjusted their premiums to market rates so that they are on par with the premiums charged by other insurers in the city.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/spreadsheets\/d\/e\/2PACX-1vS8wT729M3Dzmbbt951lRTmCgQgev3zWuwsqJJktQM44UpRc-j2ezVV65xLdc5cnCjFBxstHRR8TbCT\/pubchart?oid=22690454&amp;format=interactive\" width=\"599\" height=\"370\" frameborder=\"0\" scrolling=\"no\" seamless=\"\"><\/iframe><\/p>\n<p>If you\u2019d like to find out more about IPMI inflation in Hong Kong and globally, be sure to check out our report today! To chat with one of our insurance advisors, you can contact us <a href=\"https:\/\/www.pacificprime.hk\/contact-us\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:[null,0],&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><div class='code-block code-block-6' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.hk\/compare-quotes\/step-one\/?campSource=PPHK-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=Blog_Banner&utm_content=quote\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1279\" src=\"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2019\/06\/HK-BANNER-Couple.jpg?resize=700%2C303&#038;ssl=1\" alt=\"Get a quote banner\" width=\"700\" height=\"303\" data-recalc-dims=\"1\" \/><\/a><\/p><\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As one of the most expensive regions in the world for private healthcare, the high cost of medical treatment in this city certainly has a major influence on Hong Kong\u2019s rising medical insurance premiums. As indicated in our 2016 report on the Cost of International Health Insurance, the average cost of international health insurance in &#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Find out about our key insights on medical insurance inflation in Hong 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