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Allianz Shows Second Lowest Premium Inflation Rate for 2014
Posted on by Alex Nellist
Allianz Showed Second Lowest Premium Inflation Rate on Individual Policies for 2014
Allianz Worldwide Care (AWC) saw premium inflation rates this year at an average of 4.8% across ten examined countries. Significantly lower than their 7.7% average a year previously in 2013, amongst all other insurance providers examined in the study Allianz had the second lowest average inflation rate over the last five years at a 5.9% increase. This was largely a consequence of the very low 2014 rate, which held the second lowest yearly average inflation, and only to Interglobal who announced their inflation rates would in fact be receding, down to a -7.2% decrease for the year.
Worldwide Premium Inflation Rates
Premium Inflation in Dubai
International private medical insurance inflation in Dubai dropped from 7.3% in the previous year down to 7.0% in 2014. This marks the second consecutive year of inflation decline, and signals an encouraging movement for a country that has been witness to high medical cost increases.
A relatively slow recovery from the Global Financial Crisis has perhaps had an impact on the rate of increases in dubai, while Asia saw a quick recovery, and Europe and the US began to see recovery in 2011. The UAE’s economic recovery has only caught up with other regions in the past couple of years, as indicated by downward trends.
Even with a lower rate than the past three years in Dubai, Allianz managed to remain under the regions average in 2014 with an increased rate of only 4.8%. The Allianz five year was average significantly altered down to 5.9%, a contrast with Dubai’s average of 8.3%.
Competition in Dubai is also an important consideration in the IPMI market, and it is stronger now than ever perviously. The consequnce of newer competition combined with Dubai’s economic recovery has lead to it's lowest inflation rate since 2010.
It will be key to monitor IMPI within the Middle East, as local authorities impose new policies to vie for control in a growing market such as Dubai's new mandate that all companies provide health insurance employees by the end of June 2016.