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New report highlights international health premium comparisons in the UAE
Posted on Aug 11, 2017 by Luther
The cost of international insurance is climbing in many places, yet some countries like Dubai have seen themselves fall in rank in the Cost of International Health Insurance - 2017report. The study provides an understanding of what insurance consumers can expect to pay in different areas of the world; making health premium comparisons much easier for individuals, HR experts, and businesses.
This week, UAE Medical Insurance discusses some of the key elements of the report and highlights some of the figures from countries in the Middle East.
On the inside
This is the third annual version of the report, and our partner Pacific Prime has again delivered a resource that snapshots the state of international insurance globally. Readers will find insights and analysis of key drivers of the cost of international private medical insurance, as well as full tables outlining the average prices for the following demographics: individuals, couples, families and retirees.
The information is made up of three levels of plans from ten top international insurers:
- Aetna International
- ALC Global Health Insurance
- Allianz Worldwide Care
- AXA’s International Health Business
- Bupa Global
- Cigna Worldwide
- Globality Health
- Integra Global
- Now Health International
- William Russell
The report itself is separated into two sections; the first focusing on ranking the top 20 and bottom five countries in terms of average cost of international health insurance, and the second made up of the tables and data underpinning the report’s analysis and content. The first section also contains regional health premium comparisons that includes a focus on the Middle East.
International insurance in the Middle East
Making health insurance comparisons, the report highlights some extremely interesting findings. When it comes to the most and least expensive locations for international healthcare, there has been a change in both:
Previously, Dubai held the top spot in terms of the cost of insurance, but has slipped to second place in 2017. In fact, premiums have fallen a lot in Dubai since the report was released the previous year. 2016’s cheapest location, Iraq, has also been replaced by Azerbaijan, while Afghanistan has also found itself ranked below the former least expensive country.
While political and social instability may be a large factor in many of the Middle Eastern changes in rank, Dubai is a separate and interesting case study. With mandatory health insurance being introduced only a few years ago, it appears that the regulatory changes and the market response has been significant. The impacts and lessons to be learned from Dubai’s regulatory shift could be important to other markets in the future.
What else can be learned from the report?
One of the most useful parts of the report relates to what Pacific Prime sees as the drivers of insurance prices. While the data is useful for making health insurance comparisons, such actions will only be concerned with short term figures. However, many in the industry should also be concerned with what may happen in the future. As such, the report outlines a number of key drivers Pacific Prime believes are driving the change in international health insurance prices globally:
- Increased demand for international quality private care
- Increasing cost of health care
- Increased regulation
- Continuing challenges related to insurance fraud
To learn more about what these drivers mean and how they’re affecting insurance, download the report today.
UAE Medical Insurance: your expert for health premium comparisons
Reading the Cost of International Health Insurance - 2017 report will provide you with a number of industry insights that can help you make a decision on the future of your healthcare. However, nothing beats having an expert on your side to help you make the best use of that information. UAE Medical Insurance can use our market intelligence to ensure a better solution and deal for you.