The size of the global international private medical insurance (iPMI) market will reach an estimated US$17bn (£12.7bn) by the end of 2020, research shows.
Within this, the big regional winners are Sub Saharan Africa and South-East Asia, but several countries within region have been stars such as Venezuela and Ecuador, according to iPMI advisers McGrigor Group.
The research reveals Cigna is now number one in global iPMI, following its acquisition of Vanbreda in 2012.
It notes that the industry has for the first time started to use “global” terminology rather than simply “international”, acknowledging that a few (Allianz Worldwide Partners, AXA Global, Bupa Global and Cigna Global) have made this transition, and indicating that the market is entering a new, more mature phase.
McGrigor has released five regional market reports focusing on Latin America; US and Canada; South Asia; MENA; Sub Saharan Africa, as well as a global key facts and figures report.
The reports are aimed at specialist brokers and insurers or non-C-suite industry executives who want a snapshot of particular markets or the overall one.
James McGrigor, CEO of McGrigor, said the reports will be of great interest to smaller or more regional players involved in, or supplying to, the global iPMI industry.
“It’s a market with secretive players where good data is very hard to come by,” he added.