LONDON, Jan. 18, 2016 /PRNewswire/ -- International Health Insurance for Expatriates and Students: A Worldwide Review is a report and market data file about the global market for health insurance and related cover sold to expatriate and student customers, which is estimated by Finaccord to have been worth almost USD 13 billion in terms of total gross written premiums and around USD 2.78 billion in terms of new business in 2015.
Using its proprietary International Health Insurance Market Data Model, Finaccord reports on the size and segmentation of this market in a number of ways:
- by region and major country of origin with data available separately for Africa, the Asia-Pacific region, Australasia, Europe, Latin America, the Middle East and North America as regions of origin, and for Brazil, Canada, China, France, Germany, India, Japan, the UK and the US as major countries of origin;
- by destination region with data available separately for Africa, the Asia-Pacific region, Australasia, Europe, Latin America, the Middle East and North America;
- by type of customer with a breakdown between individual workers, corporate / other transferees (including diplomats and employees of charities and NGOs), students, retired individuals and other customers (defined as non-employed spouses and children).
Moreover, the market is quantified in terms of total and new business not only in 2015 but also for 2011 and forecast to 2019, thereby illustrating growth trends by region and major country of origin, destination region and customer type. In addition, data is provided for the same years and segments for the number of international health insurance policies sold and for the total number of eligible consumers (i.e. including expatriates and students who have not taken out this type of insurance). This means that the implied penetration rate for international health insurance can be calculated by region and major country of origin, destination region and customer type, thereby illustrating the potential for the market to grow further.
Finally, key underwriters and intermediaries of international health insurance are identified within each regional and country-specific analysis.
Note: the nine major countries of origin are estimated to have accounted for 60.4% of the total worldwide market value in 2015 – similar data for other countries can be generated on request (as a separate, bespoke exercise).
Key findings from the executive summary include:
- there were a total of 105.1 million expatriates and students worldwide eligible for international health insurance in 2015 and this number grew at a compound annual rate of 3.3% between 2011 and 2015 from a total of 92.4 million in the prior year;
- the global market was worth around USD 12.98 billion in gross written premiums in 2015 of which around USD 2.78 billion was due to new policies bought in 2015 itself;
- Finaccord predicts that the total number of policies in force is likely to rise at a compound annual rate of 4.2% between 2015 and 2019 while new policies are expected to rise at an equivalent rate of 6.1% over the same period;
- however, as a result of rising average policy prices, future growth in the market value is likely to be substantially higher;
- specifically, a compound annual rate of 11.7% is forecast for the total market value from 2015 to 2019 and one of 13.0% over the same time frame for new business – this would produce a market worth around USD 20.20 billion in 2019, within which around USD 4.53 billion would be due to new business.
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