Munich Re Newly Branded Globality Health a Success with Pacific Prime

HONG KONG, Nov. 28, 2012 /PRNewswire/ -- Pacific Prime is pleased to announce new coverage options to clients after Munich Health, the health insurance segment of Munich Re, has just announced the re-branding of its DKV Globality plan to 'Globality Health'.

Pacific Prime clients paired with Globality will be offered three levels of cover in the Globality Health plan: 'Classic', 'Plus' and 'Top', the latter of which boasts 'exceptional' inpatient and outpatient coverage as well as dental and maternity benefits, while remaining price competitive. Pacific Prime targets its expatriate and high net worth individuals looking for comprehensive premium coverage with the Globality plan.

Mr Christian Moore, Pacific Prime sales manager commented: "The Globality plan is clearly the stand out leader in the health insurance market for our clients in some segments, it has a trusted brand name and amazing benefits ... but the administration processes can be very slow, they often contact doctors directly on claims to getting supporting information which can slow the process down."

However, Pacific Prime predicts big premium rate increases for 2013 and beyond for clients paired with Globality plans. Rates in 2011 moved upwards by about 10 percent, while adjustments for 2012 look to show an increase of 19 percent for those on coverage 'Worldwide ex USA'. Even more concerning, is that those in Hong Kong, China, Singapore and Taiwan will see a 35 percent rise in premiums, reflecting premium market adjustments rather than global medical inflation.

Pacific Prime has been warning clients on the possibility of high rate increases since 2009 when it assessed the Globality Health plan and found indications of potential plan losses. This is what now seems to be happening and it has led to such an increase in premium adjustments.

Remaining positive, Pacific Prime's benchmark with competitors still indicates that the plan remains good value in Hong Kong, Singapore, China and Taiwan even with the 35% premium increase. The policy structure remains unique and attractive to many Pacific Prime clients looking for some of the most comprehensive health insurance coverage available in the market today.

SOURCE Pacific Prime