Announcing our 2019 Cost of International Health Insurance in Dubai Report
It is Pacific Prime’s pleasure to announce the latest and highly coveted Cost of International Health Insurance in Dubai Report of 2019. Our expert consultants and researchers have put together a free downloadable report that extensively covers the cost of international health insurance in 2019. The report provides a comprehensive look at the average cost of international health insurance in 2019. Focusing on individuals, families, and businesses in 100 locations, the study delves into the latest trends on the cost of health insurance in Dubai and across the globe.
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In this Pacific Prime Dubai article, we’ll highlight Dubai’s position globally in terms of health insurance premiums for individuals and families, and take a look at the key findings that influence the cost of health insurance in Dubai.
What is the cost of international health insurance in Dubai and the Middle East?
The results of Pacific Prime research have shown that Dubai’s insurance premiums for both individuals and families haven risen significantly compared to 2018. Health insurance premiums for individuals rose by 7% from 2018’s USD $4,377 to USD $4,666 in 2019. Similarly, family premiums also rose by 7% on average, from USD $13,201 in 2018 to USD $14,147 in 2019.
Dubai’s individual and family premium rankings in the Middle East
Unsurprisingly, Dubai features in 2019’s top 5 most expensive countries for individual and family health insurance in the Middle East.
- Dubai emerged 2nd in the ranking below Israel and above Bahrain, Oman, and Iraq for the average cost of individual premiums.
- For the average cost of family premiums, Dubai ranked 1st in the ranking, making it the most expensive country to secure family insurance in the Middle East.
For a general comparison to other countries around the globe, download the 2019 Costs of Health Insurance Report and refer to the appendices section at the end of the report.
- Appendix A – Ranking of individual IPMI premiums for all countries
- Appendix B – Ranking of family IPMI premiums for all countries
In-depth findings from Pacific Prime
In this in-depth report, we have also listed a few substantial findings specific to health insurance costs around the world. The most noticeable key findings from this year’s premium ranking include:
1. Increased premiums and rankings for a number of countries
Collectively, 97 out of the 100 countries studied reported an increase in premiums.
2. The Americas as a dominant region for individual and family insurance
A number of countries in the region are featured in the ‘top 20 International Private Medical Insurance (IPMI) ranking table’ for both individuals and families. Countries such as Mexico have risen in the ranking due to its rapidly increasing healthcare costs.
3. China’s premiums are going through a correction phase
The ongoing improvements and changes to the insurance landscape in China have yielded many interesting results. One of which have been the reduction of certain premiums.
4. African nations exhibit some of the highest premium inflation rates
21 African countries saw premium inflation rates of 15% or higher for individual plans, while 10 African countries saw inflation rates of 15% or higher for family plans.
Our report goes into more depth for those keen to discover and understand more about the above findings. Download the 2019 Costs of Health Insurance Report in Dubai for a full overview!
What’s driving the cost of health insurance in Dubai?
While Dubai is a state that is rich in culture and glamorous modern add ons, it is also recognized as one of the best locations for expats and their family members to relocate to. For expatriates looking to center their lives and those of their loved ones in Dubai, it is recommended to pay attention to some of the factors below.
Based on Pacific Prime’s findings, the four key factors that have driven the cost of IPMI in Dubai in 2019 include:
1. Mandatory cover for all medical conditions
Dubai requires residents and expats, including their family members, to be covered by mandatory health insurance for all medical conditions, including maternity and pre-existing conditions, thus, pushing up premiums for coverage in Dubai.
2. The increased cost of treatments
The increasing cost of medical treatments in some of Dubai’s reputable and high standard healthcare facilities have resulted in higher premiums in the region.
3. 5% VAT tax on health insurance plans
The recently added 5% VAT to health insurance plans means that family plans have become even more expensive. In turn, policyholders are either reducing their benefit levels or changing to a different insurer to save costs.
4. Video consultation and medication delivery on the rise
Over the years, many technological advancements, especially those offering digital healthcare services and platforms, have been helping to reduce rising medical costs in the region. A huge game-changer for determining the cost of health premiums in 2019.
What’s driving international health insurance premiums across the globe?
There are a plethora of location-specific micro factors that determine IPMI premiums on a global scale. Pacific Prime has noted five factors that are believed to have the most influence on global IPMI pricing.
- Growing demand for international quality private healthcare
- The increased cost of healthcare
- Enhance regulations governing health insurance
- Major issues resulting from fraud and corruption
- The rise of insurtech
Get your free copy of the 2019 Cost of International Health Insurance in Dubai today
Our brief article only provides a glimpse of the key findings of where Dubai stands on a global scale when it comes to the cost of international health insurance. For a full comprehensive outlook, download the full report today, free of charge! The facts and figures are presented across colorful illustrations to make understanding the current trends easier and understandable to all readers.
For more information about international health insurance in Dubai, contact our team of experts today. Our excellent consultants are on hand to offer impartial advice, and a free quote.
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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