From 2010 to 2014, premium rate increased by an average of 12% per year, driven by high inflation in healthcare costs. This was revealed in a joint statement by three insurance associations
Countries around the world have recognised the need for a robust healthcare system for sustainable growth and development. Recent data shows that the US spends about 17.2% of its GDP on healthcare, while the average spending by Canada, Germany, Australia, the UK, Japan, Sweden, France, the Netherlands, Switzerland and Denmark was around 10.7% of their GDP in 2016.
Meanwhile, the average healthcare expenditure by emerging markets is about 6% of GDP. Malaysia’s healthcare spend is around 4% of GDP in 2015. The drivers for higher healthcare expenditures are an increasing population, longer life expectancy and growing affluence, which create long-term demand for higher quality healthcare.
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