Premium increases in the individual international private medical insurance (IPMI) market have been on a 'downward trend' despite extreme volatility in recent years, research has shown.
The survey from Globalsurance found IPMI premium inflation came down to 9.8% in 2013, after reaching a high of 10.8% the previous year.
This report focused on medical insurance premium changes in individual international plans from 2009 to 2013 in over 10 key countries including Hong Kong, Singapore, China, Indonesia, Thailand, Philippines, Dubai, UK, Kenya, Brazil.
Results and data were gathered from Bupa International, Aetna Global Benefits, William Russell, InterGlobal, AXA PPP, Allianz Worldwide Care, IHI Danmark / IHI Bupa and Globality Health.
It found the average yearly regional inflation rates for all areas and insurers included in this report, rates recorded were 10.2% per year for Southeast Asia, 9.3% per year for the Middle East and 9.5% per year for the rest of the world.
Overall, Hong Kong has been recorded as having the largest premium inflation over the past five years, sitting at 12.2% on average.
In 2009 the region witnessed a "considerably" large 14.2% average increase which dropped slightly in 2010 to 13.3% and again down to 11% in 2011. It it levelled out around the 11% mark over the next two years until 2013, where it reached 11.1%.
Meanwhile, Kenya experienced the lowest rates of inflation when compared to most other countries with the lowest average on record at 6.6% in 2013.
Globalsurance attributed the "downward trend" to improved market data allowing insurers to price plans more suitably for specific areas, the aftershock of the global financial crisis, an increase in competition particularly between local insurers and growth in expatriate communities.
The research concluded it expected this trend to continue across all insurance companies in future as the amount of new insurers entering the market will increase competition and impact premium costs.
