About Pacific Prime’s State of Health Insurance 2019-2020 Report

The third iteration of our State of Health Insurance Report aims to provide individual consumers and businesses with a fresh and better outlook on the world of health insurance.
By closely monitoring industry changes, the 2019-2020 State of Health Insurance Report digs deep into the global, regional, and country-specific drivers and challenges the health insurance industry is facing today, and presents them all in an easy-to-read and digestible format.
Our report begins with a quick introduction from our CEO, Neil Raymond, and is followed by the below sections:

Changes and trends shaping the global health insurance industry

The shifting risk landscape
Major healthcare challenges and trends
Healthcare insurance inflation
Technology increasingly takes center stage
Changes and trends shaping the global health insurance industry
Pacific Prime - Regional health insurance trends across five continents
Europe
The Americas
The Middle East
Asia-Pacific
Africa

Regional health insurance trends across five continents

Asia-Pacific

  • Insurtech takes center stage
  • Lack of mental health coverage in group policies
  • Population-related trends and challenges in the region

The Middle East

  • Mandatory health insurance legislation
  • Overprescribing trend

The Americas

  • California Consumer Privacy Act
  • The 2020 US presidential elections
  • Aging population

Europe

  • Impact of the GDPR law
  • Impact of Brexit on UK firms

Africa

  • Potential for health insurance growth
  • Mobile technology to increase prospects

Updates from Pacific Prime

The final section of our report highlights the latest developments that have transformed Pacific Prime in 2019-2020.

What is the state of health insurance
in Asia-Pacific (APAC)?

Nearly one-third of the world's population resides in the APAC region. It is also home to some of the world's fastest-growing economies, as well as a number of countries with fast-expanding middle-class populations. The main trends and challenges facing the region include:

Insurtech takes center stage

A number of sociodemographic factors point to a positive future for insurtech development in the APAC region. The most prominent insurtech developments to expect in the years to come include:
New apps and digitally-enhanced customer experiences
New apps and digitally-enhanced customer experiences
New technologies that enhance underwriting processes
New technologies that enhance underwriting processes
Learn more about the key insurtech trends in APAC by downloading your free copy of the report.
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Pacific Prime 2019-2020 State of Health Insurance Report

Lack of mental health coverage in group policies

Global mental health-related losses between 2011 and 2030 are estimated to total USD $16.3 trillion,
but mental health coverage remains relatively low in APAC. Anecdotal evidence suggests that employers in other markets,
such as Europe and North America, may have a more sophisticated understanding of the adverse effects of mentally ill employees.
Small group policies lack mental health benefits
Small group policies lack mental health benefits

Only 39% of small group policies (covering less than 50 employees) include mental health benefits.

Lack of insurers offering mental health coverage
Lack of insurers offering mental health coverage

For large group policies that cover up to 500 staff, only around 50% of insurers in APAC cover mental health conditions.

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Pacific Prime, 2019 Cost of Health Insurance Report
People today are more digitally connected than ever before and continually seek simplicity, flexibility, and affordability. Individual health customers are no different; they choose plans that are tailored to suit their individual needs and plans that are accessible and easy to understand.
Patrick Graham, CEO of Asia Pacific at Cigna

Population-related trends and challenges vary across the region

APAC faces a wide range of disparate population-related trends and challenges. On the one hand, insurers in Japan are grappling with threats on existing portfolios as the country's population ages and birth rate declines. In contrast, the growth of digitally savvy millennials and middle-class populations in Indonesia and Vietnam pose a myriad of opportunities for insurers.
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Technology increasingly takes center stage

What is the state of health insurance in Hong Kong?

Our report provides an in-depth analysis of the main trends and
issues shaping the city-state's health insurance landscape, chief among them being:
Hong Kong's expat exodus
Hong Kong's expat exodus

Hong Kong has in recent times lost its luster for foreign executives. A growing number of expatriates are leaving the city to return home, or relocating to other financial hubs like Singapore.

Health insurance inflation
Digitalization transforming the insurance service model

Health insurance inflation rates are particularly high in Hong Kong. Individual and corporate buyers in the region are thus becoming increasingly hesitant to choose or change plans.

Telemedicine and Employee Assistance Programs (EAPs) gain traction
Healthcare innovation and health insurance products

The popularity of telemedicine and EAPs among employers in Hong Kong is rising amid the coronavirus outbreak.

Download our report for the full picture of Hong Kong's state of health insurance.

Download The State of Health Insurance Report

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