China featured in 2017 International Private Medical Insurance inflation report

Pacific Prime 2017 IPMI inflation report image

Pacific Prime China is excited to announce that our global partner Pacific Prime has released the 2017 annual edition of the International Private Medical Insurance (IPMI) inflation report, which reveals the overall 2016 global premium inflation rate and presents analysis on premium prices charged by top IPMI plans offered by leading insurance providers in 10 key locations around the world. These countries are categorized into the following regions: Southeast Asia, Middle East, and Rest of World.

Presented in an easy to read format, this report is highly recommended for anyone interested in looking at how much they’re paying for IPMI, and should also be of high interest for insurers looking for information on premium prices in the various regions.

This article presents an overview of the findings from the latest IPMI inflation report. To access the report, click here for the website version, or click here to download your FREE PDF copy.

Key findings on global IPMI inflation

Pacific Prime’s report reveals that the average global IPMI inflation rate in 2016 was 9.2% – the exact same as the inflation rate in 2015. As shown in the graph below, the inflation rates observed in 2015 and 2016 have significantly increased from the 2014 inflation figure of 7.1%. The inflation rate in 2015 was around 5 percentage points higher than the average Consumer Price (CP) inflation rate in the countries included in this report – this remained consistent in 2016.

IPMI inflation in China

China has seen an increase in demand for quality healthcare services from the middle classes and an improved perception of health insurance. The average IPMI inflation figure in China hiked up to 12.06% in 2016 – 2.86% higher than the average global IPMI inflation rate, and a significant increase from China’s 2015 inflation rate of 9.5%. The trends impacting IPMI inflation in China include the maturing insurance market and growing government health regulations.

Key IPMI inflation drivers

As with the previous reports, the following 4 long term inflation drivers continue to make up a strong part of the explanation behind IPMI inflation:

  • New medical technology: The high costs of new medical technology research are usually passed onto patients by increasing healthcare fees, subsequently leading to inflating premium prices.
  • An imbalance of healthcare resources: Due to a range of factors including the ageing population, the imbalance of supply and demand for healthcare resources continues to increase – insurers cover the risks posed from growing demand by inflating premiums.
  • Increased compensation for healthcare professionals: The rising salaries of medical professionals are covered by rising healthcare costs, thus leading to the rise in premium prices.
  • Healthcare overutilization: There’s a growing trend towards the introduction of state-provided mandatory insurance in various regions, such as in the UAE. This has led to an increased strain on healthcare and an increase in the number of claims submitted, and insurers are responding to this by hiking up premiums.

The 2017 IPMI report has also identified 3 newly emerged trends driving premium inflation:

  • Global economic uncertainty: Global, regional, and domestic pressures have had an impact on the low economic growth observed in the countries included in this report, all of which influence IPMI through flow on effects. For example, China has experienced a growing resistance to foreign expat workers as GDP slows.
  • Changing population dynamics: The report has identified an expat “exodus” in some of the most popular expat locations, such as in Singapore and the UAE. Despite slowly dwindling expat numbers in certain regions, there’s an observable growth in demand for IPMI from increasingly wealthy local populations and high networth individuals (HNW).
  • Increasing availability of technology: Although technology has not yet had a significant impact on IPMI, Pacific Prime predicts this IPMI inflation driver will increase in force in the foreseeable future. For example, as the use of big data continues to become increasingly sophisticated, the management of insurance premium inflation may see an improvement in the years to come.

For a more in-depth analysis on the 2017 IPMI inflation report findings, you can view it here and download it for FREE here. If you’d like to have a chat with us, feel free to contact us today and one of our insurance advisors will be in touch shortly.

Pacific Prime China is now on WeChat!

Pacific Prime China WeChat QR Code

Pacific Prime China is excited to announce the launch of our very own portal on popular Chinese messaging platform WeChat – a welcome new addition to our current repertoire of social media accounts already on Facebook, and LinkedIn. Joining an active user base of 846 million, the official Pacific Prime China WeChat account now offers a whole host of exciting new features exclusive to our followers. To avail these perks, simply follow us on WeChat (WeChat ID: PacificPrime) today!

Pacific Prime China meets Chinese market trends

In joining the ubiquitous WeChat platform, Pacific Prime China taps into a whole new audience of avid users – more than 90% of WeChat users go on the messaging app every day, and over 50% of users use WeChat more than 1 hour daily! By keeping up-to-date with the latest market trends in China, Pacific Prime China joins in with 560,000 other official company accounts on the most popular online community channel in China.

With a current active user base that is hiking its way up to the 1 billion user mark, WeChat has far surpassed Twitter’s 317 million users and is steadily catching up with Facebook’s 1.79 billion active users. Interestingly, corporate workers form the largest user group on WeChat, making up 40.4% of total users.

More than just a messaging platform

Pacific Prime China sees enormous potential in finding new ways of personalizing our services to existing and new clients on WeChat, especially when looking at the different ways that users are currently engaging with the platform. For example, not only are people communicating via chat, but they are also engaging on its social media platform “Moments” with friends and companies – a significant 61.4% of users go onto WeChat Moments when they open the app.

Another popular feature is WeChat Payment, which links WeChat with the user’s credit card. There are now 200 million users connected to WeChat Payments, and this highly availed feature has even seen over 8 billion “red envelopes” sent over WeChat during Chinese New Year in 2016!

Key features offered in new Pacific Prime China WeChat portal

Here are a key few of the many exciting new features that you can expect from the new Pacific Prime China WeChat portal:

  • Claims processing: Existing clients of Pacific Prime China can now access their policy details, easily process claims, and also change their policy information.
  • Assisting new clients: Our WeChat portal allows us to assist our new clients with regards to securing their new policies
  • Access to a dedicated service team: We now have a dedicated team servicing our WeChat account, helping you with any questions you may have.
  • Keeping you informed: Followers will be able to access exclusive blog articles so that they can stay up-to-date on the latest, most important market information relevant to the insurance industry, covering topics related to expat health insurance, general insurance, health trends, and many more.

Don’t forget to follow us!

To access the exciting new features now available on Pacific Prime China’s latest portal, be sure to follow us via our WeChat ID: PacificPrime, or by scanning the QR code below:

Pacific Prime China WeChat

 

Interested in learning more about our WeChat portal or the plans that we offer? Contact us today and our team of insurance advisors will be more than happy to have a chat.

Pacific Prime China’s Beijing office opens with a party

Pacific Prime Beijing Office Invitation

Pacific Prime China has kicked off the opening of its Beijing office with a bit of a party, inviting many of our clients to join the celebrations. A first for Pacific Prime, the event was attended by around 50 clients who enjoyed the drinks, finger food, and music provided by the Beijing staff.

North China Regional Manager, Stevie Erard, says the opening was a real success and a great occasion for clients to mingle, network, and interact with the Pacific Prime Beijing team in a relaxed atmosphere.

Pacific Prime Beijing Staff

“The impact has been very positive!” says Stevie, who also noted that the chance to improve relations with clients was also met with some great feedback from those attending. One client contacted the Beijing office to praise them and the fantastic event they held:

Thank you very much for inviting me yesterday. It was really an excellent party! You have good colleagues, nice customers and a very friendly atmosphere.

The Pacific Prime Beijing staff can give themselves a big pat on the back as the same client expressed gratitude at the chance to reconnect with some old friends, and said they were looking forward to expanding business opportunities with the office in future.

Check out this selection of pics from the event – including some very excited lucky draw participants!

A big congratulations to Stevie and the Pacific Prime Beijing office for a successful opening – you rock!

Pacific Prime China

With the opening of the new Beijing office, Pacific Prime China has strengthened its ability to provide quality health insurance solutions to expats and locals in China and around the Asia-Pacific region. Their experienced staff are committed to bringing clients both the best policies for their budget and coverage needs. If you’re looking for health insurance in China, contact Pacific Prime China for a free quote today!

Welcome to Pacific Prime China’s blog

Welcome to Pacific Prime China’s blog,

Here you will find all the latest articles on insurance in China. Whether you are an expat who will be moving to China in the near future, have already been in China for years, or have a business in China, you will find a wide variety of insurance topics that will help ensure you are not only more informed about your options in China, but also know more about the industry in general.

Insurance topics we cover include:

  • International health insurance
  • Life Insurance
  • Travel Insurance
  • Home Insurance
  • And more

Be sure to subscribe to our blog today to ensure that you don’t miss an article.

Pacific Prime Beijing awarded Best Medical Insurance Provider

Pacific Prime Beijing Best Medical Insurance Provider Awards

2015 was a banner year for Pacific Prime, especially when it comes to our China operations. One of the biggest achievements that we are all personally proud of is the launching of our new office in Beijing. Now, after just over one year in operation, we are excited to announce that we have been named “Best Medical Insurance Provider in Beijing”.

Pacific Prime China award for Best Medical Insurance Provider

At the recently held Expat Life Awards, an event jointly hosted by China Expert International Ltd. and the FCGroup, Pacific Prime took home the award for Best Medical Provider, as voted on by expats in and around Beijing.

About the Expat Life Awards

This year’s Expat Life Awards mark the third annual ceremony that has presented companies involved in the expat community in Beijing with recognition and thanks for helping to not only promote the community but also help make living in the city an adventure. As with other years, the 2016 awards featured businesses representing 25 different categories ranging from schools to health clinics to food delivery and more.

These categories and awards are a great way for expats to come together to share their experiences with the local community and even find new products and services that they may not have been aware existed in Beijing.

At this year’s gala event, Pacific Prime Beijing’s Regional Manager Stevie Erard received the award on behalf of all the staff; not only those based in the Beijing office but those in the company’s 6 other offices as well. On the idea of the awards, Stevie commented, “Moving to a new city is always a challenge, but with organizations like China Expert and FCGroup, and the Expat Life Awards it is much easier to settle down and find the things any expat will need in the city.”

To learn more about the awards, the categories, and the companies included, check out FCGroup’s results page here.

Below: Stevie Erard, Pacific Prime’s Regional Manager accepts the award for best medical insurance provider

Pacific Prime Beijing expat life award

About the Best Medical Provider award

One of the 25 categories featured at the awards this year was for medical insurance. Pacific Prime was one of six companies nominated in this category. On winning the award, Stevie commented, “The team and I are very proud to win the award for Beijing’s Best Medical Insurance Provider this year, especially because we’ve been in the Capital only a year and half, despite the fact that we’ve been present in China for over 13 years.”

It wasn’t just Pacific Prime’s night, however, as a number of clients and partners like Dulwich and French Connection members including Scout Real Estate, Catherine de France, CIM, BeijingSideways and TailorMade Chinese were also nominated for awards in different categories. We would like to congratulate our partners and, indeed, all the other nominees and winners. The service you provide truly makes living in Beijing not only easier but also better.

To learn more about Pacific Prime China, why not visit our website today.