The size of the global international private medical insurance (iPMI) market will reach an estimated US$17bn (£12.7bn) by the end of 2020, according to iPMI advisers from the McGrigor Group.

McGrigor’s research reveals that Cigna in particular is number one in global iPMI, ever since its acquisition of Vanbreda in 2012, and advisers see the big regional winners as Sub Saharan Africa and South-East Asia. They noted that countries within the South American region, such as Venezuela and Ecuador, also show promise.

McGrigor released five regional market reports focusing on Latin America; US and Canada; South Asia; MENA; Sub Saharan Africa that include global key facts and figures.

These reports are aimed at specialist brokers and insurers, or industry executives who want a snapshot of particular markets or the overall one.

Researchers note that the industry has, for the first time, started to use “global” terminology rather than simply “international”, and acknowledge that a few insurance companies (Allianz Worldwide Partners, AXA Global, Bupa Global and Cigna Global) have made this transition as the market is entering a new, more mature phase.