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About the report

Utilizing pricing data from 100 countries, the Cost of Health Insurance Report 2020-2021 ranks countries based on their average IPMI premiums, for both individual and family plans. It also delves into the key drivers shaping health insurance costs, before exploring globally noteworthy trends.
Hong Kong is among the top 3 most expensive countries and city-states in the world for healthcare, which is why its individual and family premiums ranked 2nd after the US. Due to the high cost of healthcare in Hong Kong, insurers offer cost containment measures to make comprehensive plans more accessible to locals and expats."
Luke Hickey,
General Manager at Pacific Prime Hong Kong

What is the cost of international
health insurance globally?

Year after year, the US tops the chart as the most expensive location for individual and family health insurance - 2020 is no different. Yet, a number of countries saw their average individual premiums decrease this year, as opposed to last year.
In addition to this, Hong Kong and Singapore take the second and third spot as the most expensive countries for individual and family health insurance this year, pushing Canada down the list.
Top 5 most expensive countries for individual
and family health insurance in the world
Average individual premium in 2020 (USD)
1. The United States - $7,703
2. Hong Kong - $6,146
3. Singapore - $5,677
4. Canada - $5,230
5. Dubai - $5,207
Average family premium in 2020 (USD)
1. The United States - $21,817
2. Hong Kong - $17,425
3. Singapore - $15,964
4. Dubai - $15,377
5. Israel - $13,614

What are the key drivers shaping
health insurance in Hong Kong?

Overuse of insurance
Overuse of insurance
Whether it's medical practitioners recommending unnecessary tests or patients wanting to “make the most of their insurance plans”, an increase in claims leads to a similar increase in IPMI premiums.
Aging population
Aging population
As Hong Kongers are living longer on average, a rise in chronic ailments and non-communicable diseases is expected, as well as increased healthcare utilization - all of which point to higher IPMI premiums.
COVID-19
COVID-19
The COVID-19 pandemic and the subsequent economic fallout is causing Hong Kongers to face heightened stress and anxiety. This can lead to more serious health conditions and have an upward effect on IPMI premiums.

What are the key drivers shaping
health insurance premiums globally?

Changing demand for care
Changing demand for care
The COVID-19 pandemic has served to increase healthcare utilization and expenditure, particularly when it comes to telemedicine and virtual healthcare solutions.
Cost of care
Cost of care
Healthcare costs have exceeded general inflation due to rising drug prices, a surge in chronic illnesses associated with unhealthy lifestyle habits, aging populations, and more.
Increased regulation
Increased regulation
From tax reporting and anti-money laundering laws, to consumer protection and data privacy regulations, insurers have to adhere to various requirements across jurisdictions, with many struggling to deal with the costs of compliance.
Continued challenges related to fraud
Continued challenges related to fraud
Fraudulent claims remain a massive problem for the health insurance industry, resulting in higher IPMI premiums and upfront expenses for policyholders, as well as lower benefits or coverage.
The rise of insurtech
The rise of insurtech
The COVID-19 pandemic has forced a number of insurers to adopt and accelerate their digital measures, catching up with insurtech and creating a significant impact on IPMI premiums.

An in-depth look at
our key findings

The Americas remains a dominant region in the top 20 most expensive countries
The Americas remains a dominant region in the top 20 most expensive countries
A whopping 12 out of 20 most expensive countries for IPMI premiums are in the Americas, with the U.S taking the number one spot due to its high cost of care, despite a significant decline in prices this year.
 Latin America may experience an increase in premiums in the next 5 years
Latin America may experience an increase in premiums in the next 5 years
Compared to other regions, Latin America stands out with its extensive offering of mental health coverage. Given that behavioral and mental health conditions are now the third most expensive condition, experts predict a rise in IPMI premiums as a result of these claims in the next 5 years. When it comes to healthcare trends, they differ based on the country in question.
 Hong Kong has reclaimed its place as the second most expensive location for health insurance
Hong Kong has reclaimed its place as the second most expensive location for health insurance
Owing to factors such as over utilization of health insurance, a rapidly aging populations, and the COVID-19 pandemic, Hong Kong has reclaimed its rightful position as the second most expensive location this year for both individual and family IPMI plans.
 Singapore is the second most expensive location in Asia for health insurance
Singapore is the second most expensive location in Asia for health insurance
Similar to Hong Kong, Singapore has inflated medical charges and overuse of insurance, along with an aging population and residents who make poor lifestyle choices. These factors make the city-state the second most expensive location in Asia for IPMI premiums.
 China's premiums are going through a correction after years of increase
China's premiums are going through a correction after years of increase
China’s IPMI premiums have seen a decline, as demand is sluggish in the world's second largest economy in the face of the COVID-19 pandemic. On the digitalization front, insurers are adopting technology and innovation, making waves in the country’s insurance landscape.
A number of countries' premiums have decreased in 2020
A number of countries' premiums have decreased in 2020
With 36 countries witnessing lower IPMI premiums than last year, the overarching trend this year is a decrease in the cost of health insurance, predominantly due to the unprecedented impact that the COVID-19 pandemic is having on healthcare systems the world over.
Insurers are taking a closer look at their regional pricing strategies
Insurers are taking a closer look at their regional pricing strategies
Insurers are reevaluating their pricing strategies for IPMI premiums for each region in order to find a balance between service quality and operation sustainability, as well as prepare for similar crises in the future.

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