Announcing Pacific Prime’s latest 2019-2020 State of Health Insurance report
We, at Pacific Prime Latin America, are excited to announce the release of our latest 2019-2020 edition of the State of Health Insurance report. As all would agree by now, 2020 has definitely been an overwhelming year, due to the unprecedented impact of the COVID-19 pandemic, which itself is coupled by uncertainties in the global economy. As a result, this report reflects the main trends and challenges faced by the health insurance industry and combines valuable insights and analysis from our very own health insurance experts and leading global insurance partners.
About our State of Health Insurance report
The aim of the 2019-2020 edition of our report is to provide individuals, business leaders, HR directors, and professionals with the right knowledge and understanding of the major trends and developments shaping global health insurance.
For this very article, Pacific Prime Latin America offers a brief look at some of the key insights found in the State of Health Insurance report, which is divided into the following 3 parts:
- Changes and trends shaping the global health insurance industry
- Regional health insurance trends across five continents
- Updates from Pacific Prime
Changes and trends shaping the global health insurance industry
The first part of the report looks at the following 4 trends and changes:
- The shifting risk landscape
- Major healthcare challenges and trends
- Healthcare insurance inflation
- Technology increasingly takes center stage
The shifting risk landscape
This key finding is largely influenced by 2 key primary factors:
- Economic uncertainty: The combination of the COVID-19 pandemic, historically low-interest rates, and the ongoing US and China trade war are reasons for the global economy to slow down and remain in recession for the coming months and years.
- Disruptive technology: The incorporation of technology, such as artificial intelligence and telemedicine, is helping to combat inefficiencies and promote security and better health.
Major healthcare challenges and trends
Our report reveals a number of challenges and trends that are likely to impact the state of health insurance in 2020 and beyond. These include:
- Rising medical trend rates and costs: Year on year, the cost of healthcare continues to rise and with it is the need for insurers to discover new solutions that offer better value to their consumers.
- Rise in chronic conditions and non-communicable diseases (NCDs): Health is on the minds of many as chronic conditions and NCDs rise. Insurers are particularly keen on finding ways to reduce claims being made by pointing clients in the right direction and promoting better health.
- Rise in awareness of mental health conditions: Employers including business leaders and HR professionals are keen to offer appropriate wellness programs to support the mental health of their employees. An employee’s poor mental health can have a negative impact on their productivity and work outcome. This, in turn, can reduce the profits of the business.
Healthcare insurance inflation
An ongoing trend and one that Pacific Prime is monitoring closely is the rise of health insurance premiums around the world. As an intermediary, this continuing trend raises concerns surrounding affordability and access for individuals, families, and businesses.
“Average international private medical insurance premiums for individuals and families have risen in all major markets, with the exception of China, which saw a decrease.” – Pacific Prime, 2019 Cost of Health Insurance Report
In our 2019 Cost of Health Insurance report, we revealed the top 5 most expensive countries for individual health insurance in the world to be the US, followed by Canada, Hong Kong, Singapore, and Israel. This was similar for families as the US came in at the top again, followed by Canada, Hong Kong, Singapore, and Dubai.
Technology increasingly takes center stage
For the last key finding of our report, we take a closer look at the key trends and challenges that arise from the incorporation of technology into the health insurance sphere. We look specifically at:
- The challenges and opportunities of data privacy and management: As data becomes a valuable resource for insurers, many worldwide governing and regulatory bodies have introduced laws and regulations to monitor their use and increase consumer confidence. Health insurers are therefore heavily influenced by compliance and frameworks.
- Digitalization transforming the insurance service model: 2020 is a defining year in the use of technology to assist with fraud detections and the development of client-centric health policies and services. The benefits are indeed exponential.
- Healthcare innovation and health insurance products: Businesses can rest assured as health insurers introduce wellness initiatives, personalized health products, and offer mental health coverage. These contribute to a more healthy, content, and productive workforce.
Download the report, to learn how technology is having both a significant and transformative impact on health insurance.
Regional health insurance trends across five continents
As a global intermediary for health insurance, our experts from 10 offices across the globe reveal the regional health trends happening across 5 continents. These include:
- Asia-Pacific: Insurtech takes center stage and lack of mental health coverage in group policies.
- The Middle East: Mandatory health insurance and new legislation.
- The Americas: US elections, California Consumer Privacy Act (CCPA), aging population, and a growing middle class.
- Europe: Impact of the GDPR law and the outcome of Brexit.
- Africa: The rise in demand for healthcare, personalized technology, and access to healthcare.
Pacific Prime’s latest developments
Our report ends with the latest developments happening within Pacific Prime, where we reveal our state-of-the-art Prime Care Portal, new office locations, and much more.
Wait no more and get your free copy of the report today
Check out the 2019-2020 State of Health Insurance report for a thorough look at the above sections, and to learn more about the global state of health insurance where you are.
You can also contact our expert advisors for free advice or to receive an obligation-free quote or plan comparison today.
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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