Dec
19
Cost of Care Rising as Insurers Trying to Provide Value for Money
Filed Under Allianz, BUPA, Expat Insurance, Health Insurance, Healthcare, International Healthcare, Medical Insurance | 1 Comment
As medical services grow more and more costly around the world, international private medical insurance providers are trying to ensure that their policies provide good value for money while maintaining high levels of benefits.
In many countries, including such places as the US and the UK, the cost of medical services has been rising throughout recent years. In the US, the S&P Healthcare Economic Composite index showed an annual growth rate of 5.11 percent for the fiscal year that ended in October, outstripping the 4.74 annual growth rate reported in September by a significant margin. S&P’s Healthcare Commercial Index, which takes into account only healthcare costs covered by commercial insurance, saw its fourth consecutive month of rising annual growth rates to arrive at 6.91 percent for the year ended October.
Across the pond in the UK, there are similar stories with healthcare company Bupa releasing a study that predicts the costs of cancer treatment will rise steadily in the future. The report Cancer Diagnosis and Treatment: A 2021 Perspective was aimed at trying to make predictions about the cost of treating cancer over the next 10 years. The results estimated that the cost of treating cancer will rise by approximately 62 percent, meaning that while cancer treatment for someone in 2010 may cost on average around £30,000 (US$46,487), it will cost £40,000 (US$62,007) on average by 2021.
With premium costs over the last decade being pushed up by almost 10 percent a year due to medical inflation, insurers globally are recognizing that while everyone may like policies with extraordinary benefits, cost is a point of consideration for many. As 2011 comes to an end, some international health insurance companies are beginning to introduce changes to services or flexibilities to payment structure and cost-sharing to ensure that customers get value for money while maintaining high levels of benefits.
International private medical insurance provider, MediCare International, has introduced new excess structures that clients may select if they so choose that give policy discounts of up to 50 percent. The new options allow for four levels of excesses, offering discounts that range from 10 percent, 20 percent, 35 percent and all the way to 50 percent depending on the selected size of co-payment.
Another company that is reevaluating their products is Allianz Worldwide Care, which has revealed that it is trailing a new system of medical evacuation. Typically, if a policyholder finds themselves in a situation which necessitates medical evacuation, they are put on an air ambulance and either transferred back to their home country, or to the nearest center of medical excellence, depending on the particulars of the policy. The new option for transport will transport medically stable policyholders on commercial flights while they are accompanied by one of Allianz’s own doctors.
Allianz Wordlwide Care’s Medical Director, Dr. Ulriche Sucher, explained that “Many of our corporate clients have employees working in remote regions within Eastern Europe, Asia, Africa and Latin America, where sparse medical facilities means a greater reliance on evacuation services following a medical emergency. Plus, advancements in medical treatments and medical specialism in specific countries means that sometimes patients need to be brought to another country to receive the care that they need. Added to this is the increase in natural disasters such as storms, earthquakes and floods which can result in people needing medical treatment at a time when the closest medical facilities may have been damaged,”
While air ambulances will still be used in cases where the policyholder is in an emergency situation which requires emergency evacuation to the nearest quality medical facility, the new medical escort service is expected to bring large cost savings with it, especially for large corporate clients. The service is expected to be introduced after a 12 month trial proves successful.
Companies Mentioned
Allianz
Allianz Group is one of the leading global services providers in insurance and asset management. With a worldwide network of 153,000 employees, the Allianz Group serves 75 million customers in over 70 countries. Allianz offers a wide variety of insurance products to both private and corporate customers, including motor, accident, general liability, fire and property, legal expenses, credit and travel insurance. Allianz provides life and health insurance products on individual and group basis. Allianz is the market leader in the German market and has a strong international presence in insurance.
MediCare International
With 25 years of providing expatriates top quality international health insurance, Medicare International has grown by ensuring quick and easy access to their services 24 hours a day. The company currently covers clients from 86 nationalities in 114 countries around the world.
Oct
19
British United Provident Association (BUPA) have seen their overall revenues increase by 6 percent in the first half of 2011, overcoming the global economic downturn largely on the back of the continued strong performance from its expatriate insurance and overseas healthcare operations. Bupa now intend to build upon this momentum and further develop their international medical distribution network, expanding the scope and rage of their operations in the Asia Pacific region in particular.
Bupa’s interim report showed that overall half year revenues were £3.9 billion (US$6.14 million), with underlying surplus rising sharply up by 35 percent from £162.1 million (US$255.16 million) to £247.2 million (US$389.12 million) for the period. These figures came as Bupa’s home UK market experienced a slight contraction, while their worldwide customer base rose by 1 percent to 10.7 million. International sales from Bupa’s Asian, Australian, Latin American and Middle Eastern operations have helped the company offset the loss of growth in previously dominant markets. The British healthcare conglomerate is now exploring new ventures to move forward with its international development strategy.
Bupa has long identified India as a prime target for further business development. The health insurance market in India is in a nascent stage, with low coverage rates and the majority of expenditure on healthcare coming out of patients’ pockets. However, with a population exceeding 1.1 billion people and a projected 600 million in the middle class by 2025, the country offers significant potential going forward. Bupa wants to capitalize on this huge demand. By their measurements, over seventy percent of healthcare expenditure in India is private and over 90 percent of what is spent is not insured.
Bupa entered the Indian health insurance market in 2010 through a joint venture partnership with Max India Ltd, launching a standalone private health insurer named Max Bupa. The Max Bupa Health Insurance joint venture now has a presence in nine large cities and has established a network link with over 700 hospitals across India. For the financial year 2010-11, Max Bupa’s premium from direct business written stood at Rs 254.6 million (US$5.18 million) and profit before tax was Rs 1162.4 million (US$23.65 million). Bupa has found themselves in a strong position in India through their MaxBupa venture already, with a sound reputation and over 100,000 insured customers in a market that is set to expand as economic conditions strengthen.
Max Bupa are now shooting for Rs 700 million (US$14.25 million) worth of new business premiums in India by the end of the fiscal year. To help achieve these goals, the insurer has been in negotiation with rural banks, co-operative banks and post offices this month to expand its distribution network and effectively engage the rural, largely underinsured, masses across India. Max Bupa has traditionally offered and promoted its insurance products through its agency force, telemarketing, direct sales or online channels. However, in order to reach the more remote areas of the country, gaining access to more entrenched business network, like community banks and post offices, becomes a vital tool. Mr Neeraj Basur, Chief Financial Officer of Max Bupa, explained to the press on Tuesday that establishing bancassurance relationships would allow the company to progress considerably. “Bancassurance is a good model for distribution of insurance products. Regional and co-operative banks have the kind of reach and expertise in this area so we want to tap them,” Mr Neeraj Basur said.
Talks are already well underway to distribute Max Bupa insurance policies through a tie-in with five regional and co-operative banks in Maharshtra, India’s second most populous state. Further expansion has been curtailed however by national regulatory roadblocks. Under existing Insurance Regulatory Development Authority (IRDA) law, commercial banks in India are only allowed to distribute the insurance products from one life and one non-life insurance company to bank customers. This has proven to be a particularly big obstacle for standalone health insurers like Max Bupa, as the non-life sector encompass a wide array of business lines, including automobile, property and creditor insurance, and thus could have a multitude of companies with differing products competing to fill a bank’s allocation. Max Bupa’s Chief Executive, Dr Damien Marmion, assured reporters that the company would work with regulators to address this regulatory issue, and that they would not be the last insurer to suffer from it “We are in talks with IRDA to allow banks to sell products of standalone health insurance companies alongside those of the life and non-life companies. The industry is in talks on this issue and something could emerge soon,” Dr Marmion said.
Indian state governments will want regulation dissuading private health insurance investment to be dealt with as well. Many states are keen to rope in private insurers to help bring scores of poor and unorganized workers into the fold of health insurance. For these reasons the Rashtriya Swasthya Bima Yojana (RSBY) scheme was launched by the Indian Ministry of Labour and Employment on April 1st 2008, tasked with providing sufficient health insurance coverage for families living Below Poverty Line (BPL), and to better protect them from the financial liabilities that arise out of health shocks involving hospitalization. The RSBY scheme is a cooperative venture between the Indian government and private health insurance companies. Insurance companies offering RSBY coverage are vetted and selected by the State to administer health insurance policies on behalf of the Indian government. Premiums are subsidized by the Indian government with the Central and State organizations splitting costs 75 percent and 25 percent respectively.
Max Bupa wants to provide health insurance cover under the government-sponsored healthcare scheme and to ultimately make it a commercially viable activity for the company. The insurer is currently bidding for the RSBY distribution rights in three states, with plans to design more appropriate cost-effective products for the unorganized labor market. If Max Bupa is able to find success through the RSBY scheme it could prove that health insurance products and providers can achieve results in what was previously considered to be an unprofitable market.
Insurance Companies Mentioned
MaxBupa
Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited and UK-based Bupa. Bupa is a leading private healthcare provider with more than 10 million customers worldwide and over 60 years experience in the health sector. The Max India Group has expertise in both health and insurance related services including hospitals, clinical research and life insurance.
Bupa
Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. The insurer today has ten million customers in over 190 countries, and over 52,000 employees around the world.As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Aug
19
New research released today by Max Bupa, a leading India-based private health insurance joint venture between Max India Ltd. and Bupa, has revealed some interesting insights regarding people’s differing attitudes and perceptions towards chronic diseases and other medical concerns around the world. Of particular note has been the poor health and general wellbeing reported for their home Indian population, and Max Bupa are now developing programs to address this.
Bupa Health Pulse 2011 is the second annual international survey commissioned by Bupa. Between 22 April and 23 May 2011, the international healthcare group surveyed over 13,000 people from the following twelve countries: Australia, Brazil, China, Hong Kong, India, Mexico, New Zealand, Saudi Arabia, Spain, Thailand, the United Kingdom and the United States of America. Quotas were set and data was weighted so as to be nationally representative by gender, age and region across all markets involved.
The principle finding made evident in the Bupa Health Pulse 2011 study is the fact that many of the people surveyed, regardless of what country they are from, are not getting enough regular physical activity, even if they were aware or in fact suffering from long-term medical conditions that exercise could aid or help prevent. Over half of the respondents (55 percent) told Bupa that they did less than two hours of exercise a week, with nearly 1 in 5 (18 percent) admitting to usually doing no physical activity at all. This particularly alarming when you consider that more than a third of all respondents (38 percent) claimed to suffer from heart disease, depression, asthma or another common long-term ailment, all of which require some degree of modest physical rehabilitation to treat and ultimately prevent against.
Among the countries surveyed, respondents from Brazil and Saudi Arabia claimed to do the least exercise, with a third of the people from each country saying they did none at all. China and the United States, meanwhile, were the countries where people committed to the most physical activity, with 58 percent of Chinese and 55 percent of American respondents indicating they did at least two hours of exercise a week. These numbers will all hopefully improve as over 60 percent of those surveyed indicated that they wanted to do more to improve their physical condition.
Bupa’s international healthcare survey further disclosed the reasons why people were not getting as much physical activity as they’d liked or hoped. The poll cited work commitments as the chief barrier to exercise, with nearly half (48 percent) of worldwide respondents reporting it as their greatest issue, followed then by a general lack of motivation (18 percent), lack of time to work out (15 percent) and cost concerns (17 percent). These obstacles varied sharply depending on the location of the respondent. Among the developed market countries, such as Australia, the UK and the US, lack of motivation was consistently regarded as the main obstacle to doing more physical activity. In the fast emerging economies like Brazil, China, India and Thailand, time and price were the more prevalent obstructions to exercise. When asked what it would take to get people to exercise more, nearly two thirds of all those polled thought that training with friends or as part of a group could help regulate and improve their health and wellbeing habits. Over 70 percent also thought that improved self reliance in setting specific goals and biometric targets could improve their motivation.
When dissecting the results along gender lines, the study found some interesting contradictions in attitudes towards health. Bupa Health Pulse 2011 showed that while men worldwide are more likely to feel overweight in comparison to women (27 to 23 percent response), women are more eager to shed the pounds, with 52 percent wanting to lose weight versus 45 percent of men. Male respondents were also twice as likely are females to feel personally unhealthy (68 to 32 percent affirm). Women reinforced this data by indicating a greater concern about their partner’s health over their own and were more awareness of mental health issues.
Max Bupa has focused on the data released specifically about the Indian market, where the country’s most productive age group looks to face the most pronounced losses due to health problems. According to Bupa’s international survey, around 40 percent of Indians surveyed were classified as unhealthy, while one out of every 10 was technically obese. More than half of the Indians surveyed (57 percent) did less than two hours of exercise a week last year. Of these respondents, it is believed the 25-34 age group will lose the more productivity due to medical illness in the coming years. Diabetes and heart disease have remained the key health concerns among Indian respondents.
The rapid development of the Indian economy has lead many of the people coming up in the country to neglect their health and wellbeing due to the strenuous hustle of daily life. More than half of Indians polled by Bupa (61 percent) thought that their work commitments were preventing them from exercising more and making healthier lifestyle choices. The report further highlighted that 55 percent of Indians had been for a medical check-up to assess the risk of developing a chronic disease, while 25 percent of Indians had not been for any health checks, below the 31 percent international average of people not seeking medical consultation to assess health risks.
Max Bupa is using these concerning health statistics as a platform to launch its ‘Health Promise’ program. Health Promise was launched this week as the company’s first bold attempt to promote greater health and wellbeing awareness in India. Through its new website, www.YourHealthFirst.in, Max Bupa will provide necessary lifestyle and fitness advice to encourage policyholders to make a promise to improve their health for both themselves and their beneficiaries.
Speaking at the launch of the campaign, Shefali Chhachhi, Marketing Director for Max Bupa explained that the insurer was committed to improving the lifestyle of their clients as well as promoting the idea of living healthy to the Indian populace at large. “Max Bupa wants to help people put their health first and be their health partners for life helping them live healthier and more successful lives. Through this initiative we want people to take the first step towards being healthy by stating their health concern for their loved ones and we will help them in addressing these concerns, by providing them expert advice and access to quality healthcare.”
Insurance Companies Mentioned
MaxBupa
Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited and UK-based Bupa. Bupa is a leading private healthcare provider with more than 10 million customers worldwide and over 60 years experience in the health sector. The Max India Group has expertise in both health and insurance related services including hospitals, clinical research and life insurance.
Bupa
Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. The insurer today has ten million customers in over 190 countries, and over 52,000 employees around the world.As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Jul
13
Gulf Insurance Restructuring Continues
Filed Under BUPA, UAE Insurance | 3 Comments
The United Arab Emirates is working hard to revise many of its regulatory policies to better conform to GCC laws, applicable through its membership in the Gulf Union. This restructuring effort could involve the adjustment and merger of some of the nation’s legislative and regulatory institutions, most notably the dissolution of the UAE Insurance Authority.
The insurance sector has continued to develop admirably in the United Arab Emirates. The Insurance Authority’s most recent report revealed that the total volume of underwritten insurance premiums in the UAE was AED22 billion (US$6 billion) for 2010, a 10 percent increase over the AED 20.1 billion (USD 5.5 billion) recorded in 2009. The total invested funds in the insurance sector meanwhile topped AED 27.6 billion, with national companies enjoying more of the windfall than ever before.
The UAE, long known as a broker market, has retained an institutional distinction between banking and investment services. Banking has been supervised by the UAE Central Bank, while insurance services are regulated through the UAE Insurance Authority. This has unfortunately resulted in numerous grey areas whereby regulators have been unable to properly apply and monitor their market reforms. Reorganizing the relationship between the Central Bank and Insurance Authority will hopefully produce a standard set of regulations across the UAE to properly address risk and guarantee the necessary consumer protections now required in a global economy.
Sources close to the situation have confirmed that the UAE Insurance Authority will likely be dissolved later in the year. The institution was first established in 2007 to oversee and pass legislation governing the regulation of the insurance industry in the UAE, including accreditation for both local and foreign registered insurance entities. In the wake of the global economic downturn, the Insurance Authority began tightening its regulatory efforts to closely match their regulatory frameworks in line with best industry practices elsewhere. The Insurance Authority was among many regulators in the Gulf at the time seeking to better police the insurance industry, particularly the intermediary sector. These businesses were failing to comply with the new capital requirements first set for brokers in December 2006. Last year, the Insurance Authority singled out and removed almost sixty firms, now leaving around 145 brokers still standing in the region. These efforts have lead to the institution extending its supervision to insurers already regulated by other bodies in the region, such as the Dubai Financial Services Authority, which also created perhaps an oversight redundancy.
To date the UAE Insurance Authority has issued nine licenses to insurers who wish to operate in the Emirates insurance industry. In March, the institution put forth draft resolutions aimed at better controlling investments within the country’s insurance market. The proposal would both set maximum limits on funds invested as well as minimum cash reserves held by active insurance firms that would be proportional to their standing capital. The Insurance Authority has also recently embarked on a process of unifying its electronic database across all insurance companies in order to soon provide a one-stop location for those interested in UAE motor vehicle insurance online, with the option ready to extend its services into other countries in the region as well. It is hoped that efforts likes this will gradually lead to either a harmonization of requirements across the region, or reciprocal arrangements between the various countries, and ultimately allow for better cross-border provision of services
Similar to other Middle Eastern states, the UAE authorities have also expressed concerns about the dominance of the expatriate workforce in the local insurance sector. Fatima Mohammed Ishaq Al Awadhi, deputy director of the Insurance Authority, intimated that the UAE may not give approval for another insurance firm to operate in the country unless it employed a sufficient number of Emirate citizens. Out of 7,271 employees currently working for insurance companies in the UAE, only 397 are citizens, an ‘Emiratization’ rate of 5.5 per cent.
The regulatory tasks and responsibilities of the Insurance Authority will be redistributed to other organizations as the institution is phased out during the year, including the issuance of new licenses for insurance, financial and investment companies looking to set up business in the country. More specifically, responsibilities for the license accreditation of UAE investment companies will be removed from the jurisdiction of the Security and Commodities Authority (SCA) and bestowed upon the Central Bank, while licenses involving insurance companies and brokerages (previously the Insurance Authority’s responsibility) will be now reassigned to the SCA. The SCA has also been authorized to monitor and process the licenses of all brokerages in the financial sector as well. These consolidation moves have been made to make domestic regulatory authorities better adhere to international best practices.
The increased involvement by the Central Bank in the insurance sector comes as the UAE considers setting up a system to guarantee small bank deposits of below AED1.5 million (US$410,000). Similar insurance plans were approved for larger deposits earlier in the year as part of a strategy to better ensure long-term financial stability in the region. The amount insured would either be carried by the banks or jointly by both banks and depositors as it is in financial systems in other countries. Many bankers in the region have thus far rejected the proposal citing unnecessary costs and the UAE banking sector’s strong capital position as a guarantee of stability.
Other countries in the Gulf region have also been busy updating their regulatory infrastructure and implementing social reforms to address institutional difficulties. This week, the Kuwaiti government signed an insurance contract worth GBP 1.8 million (US$2.8 million) with BUPA to provide private health insurance for all Kuwaiti students currently pursuing higher education in the United Kingdom.
BUPA currently serves over 2,000 students in the UK, and provides the necessary experience to ensure Kuwaiti expatriates will be well protected while abroad. The insurance policy with BUPA will include treatment for most medical and dental services available in both private and public hospitals and clinics. While visiting the United Kingdom it is important to have health coverage. The British government has renewed efforts to clamp down on the abuse of its NHS services by foreign nationals.
Kuwait Health Minister Dr. Hilal Al-Sayer told reporters that this deal demonstrated Kuwait’s intentions to provide the best services for its students to help them better learn and compete with their counterparts from other countries on more equal footing. The Ministry also planned to raise allocations for foreign medical treatment across the rest of Europe and the US. This policy was important as it would enable Kuwaiti expatriates to better adjust to high standards of living in European countries, the minister added.
Insurance Companies Mentioned
Bupa
Bupa was established more than 60 years ago in the UK and now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
May
3
Bupa Asia Pacific Doing Well Down Under
Filed Under BUPA | Leave a Comment
Bupa Asia Pacific, Australia’s largest privately owned health insurer, has delivered exceptional results for 2010. The company reported a 26 percent rise in after-tax profits as a result of pronounced increase in premium revenue coupled with a recovery in investment income.
Bupa Asia Pacific was established in 2008 as a $2.4 billion (US$2.63 billion) merger between Bupa Australia and MBF Australia Limited. The acquisition of MBF made Bupa the largest private provider of health insurance in the country. Today Bupa Asia Pacific covers over 3.2 million members in Australia, across an array of brands including, MBF, Blink Optical, HBA and Mutual Community.
According to Bupa’s latest accounts filed with the Australian Securities & Investments Commission (ASIC), earnings for the company increased $48 million (US$52.5m) to a total of $228 million (US$249.4m) for the year ending December 31. Revenue earned from health insurance underwriting rose by over $280 million (US$306m) to $4.24 billion (US$4.6b), a 7 percent increase for the year. These results followed an increase in claims made by Bupa policyholders, costing the company $3.65 billion (US$ 3.9b), a 5.6 percent increase on 2009’s expenses.
In 2010, Bupa Asia Pacific sold MBF’s previous life insurance and wealth management business operations to Clearview Wealth Limited, a financial services group, for $204 million. Bupa then acquired Peak Health Management and eye-care business, Health Eyewear, for around $10 million (US$11m) in total. The accounts further reveal that Bupa Asia Pacific paid $211 million (US$230.8m) in dividends to its parent company, down from $332 million (US$363m) in 2009, the first year following the MBF merger.
Bupa experienced a $31 million (US$34m) rebound in investment income during the year, rising up to $119 million (US$130m), which after assorted costs and expenses, gave the insurer a pre-tax profit of $331.5 million (US$362.6m) for 2010, $90 million (US$98.5m) ahead of 2009’s total. The company filed $97.5 million (US$106.6m) in tax together with a $5 million (US$5.5m) loss from discontinued operations, all of which totaled cumulative earnings of $228 million (US$249.4m).
The health insurance industry is closely regulated in Australia. The premium amount which private insurers can charge customers is directly monitored by the Federal Government. Every year, insurance companies provide the government with details of whether and how much they plan to alter their health coverage premiums in order to protect their business and guarantee that they remain a solvent operation in Australia. Once those rates are calculated and granted permission, they are systematically applied from April 1 of the following year.
Bupa’s accounts, along with those of its rival Australian insurers, have benefited from the recent substantial (almost 6 percent in 2009) industry-wide increase in the accepted cost of health insurance in the country. According to the accounts, about $17 million (US$18.6) of the rise in Bupa’s profits can be attributed to the increase in premium revenue. Last month the company was permitted by the government to further raise their premiums again. Their projected average premium increase of 5.14 percent, however, remains the lowest of the principal health funds in Australia.
Private health insurance companies in Australia have traditionally operated within narrower profit margins than the global insurance industry average and remain more concerned with maintaining good underwriting and long term viability in the country. Companies must hold minimum levels of capital above prudential requirements to make certain they can meet their obligations to policy holders and continue to operate. Increasing premiums grants the insurers necessary capital to more adequately cover any adverse events, potential volatility in benefits, as well as to enable further investments and expansion in their business. These factors will eventually improve the quality of service for insurance policyholders in Australia.
Private health insurance coverage is not mandatory for Australians. The Australian healthcare system features both state and private-run institutions. Medicare was established in 1983 to provide Australians with free universal coverage for medical treatment in addition to a scalable reimbursement scheme for outpatient services. The Pharmaceutical Benefits Scheme is also prepared to subsidize medical prescriptions. Australia apportions around 8.5% of its GDP towards healthcare, on par with other OECD countries. The Medicare system remains principally funded through general revenue. Those above a certain income who remain exclusively on Medicare are liable for a Medicare Levy Surcharge, which is assessed at 1% of taxable income.
The Australian Government has introduced incentives and insurance rebates to encourage more people to obtain private health coverage to ease both the financial and structural burden that the large numbers of aging patients are placing on the public healthcare system. The measures introduced in the past decade have had their desired effect with more Australians investing in their own health then ever before. The insurance industry has grown significantly as a result.
Bupa has been a successful player in the Australian insurance market for many years. The British based company has in fact seen its successful business in the Asia-Pacific region take on a more prominent role in the company’s overall growth strategy. Bupa is expecting challenging conditions to continue in its traditional established markets in the UK and the USA. Operations are expected to grow in the emerging economies, particularly in the populous Asian, Middle Eastern and Latin America regions, where there has been an increasing demand for quality health insurance coupled with a growing middle class that can afford such services.
Insurance Company Mentioned
Bupa
British United Provident Association (BUPA) was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Mar
9
Bupa’s Results Show Strong Growth In Emerging Markets
Filed Under BUPA, Expat Insurance, Health Insurance, Medical Insurance, United Kingdom | 3 Comments
British United Provident Association (BUPA) announced results for the year ending 31st December 2010, with strong international sales contributing to a 9 percent jump in revenue to total £7.58 billion (US$12.12 billion) for the year.
However, the health insurers’ surplus before taxation expense was down by 72 percent to £118.0 million (US$188.8 million) from £416.5 million (US$666.4 million) reported in 2009, mainly due to goodwill impairments of £249.2 million (US$398.7 million).
Bupa’s overall revenue was up 9 percent compared to 2009 reaching £7.58 billion (US$12.1 billion); this reflects a 4 percent growth from organic activities and a 5 percent benefit from favourable foreign exchange movements. The key drivers for improvements in sales were Bupa’s international businesses in Asia, Latin America, Australia and Saudi Arabia; the improvements from these sources offsetting static sales in the UK, North America and Spain during 2010.
Bupa’s underlying surplus before taxation amounted to £464.9 million (US$743.8 million) representing a 9 percent improvement year-on-year primarily down to the positive performance in Australian and Asian healthcare markets.
The Bupa Health and Wellbeing UK (BHW) brand also produced sound results contributing to the health insurer’s profit margin following the restructuring of this business sector.
Bupa struggled in some established markets – particularly in the UK, US and Spain – during 2010, with new sales remaining static in line with the very tough economic conditions applicable in western hemisphere countries.
Buoyant sales in Asian, Latin American and in Middle Eastern countries, along with a new business activity in Australia, helped the company offset the loss of growth in previous dominant markets.
A key driver for Bupa’s robust international sales figures resulted from the market for expatriate health insurance. This activity strengthened in 2010 with increased mobility by expats searching for new opportunities as economic conditions deteriorated in Europe and the US causing high levels of unemployment; Bupa was able to capitalize on this trend, being one the leading insurance providers for expatriate health insurance.
In Asia, Bupa saw profitability levels increase as higher customer numbers helped revenue from international activity reach £3.39 billion (US$5.42 billion) in 2010 – up from £2.83 billion (US$ 4.52 billion) in 2009. This represented a 20 percent increase in revenue generating a business surplus of £208.9 million (US$334.2 million) in 2010.
Bupa’s fledgling operations – Bupa Arabia and Bupa Australia – have generated new customers: now there are over 1 million BUPA policyholders from the Middle Eastern operation and over 3.2 million customers in Australia. Bupa Arabia’s sales have benefited from the health insurance legislation in place in Saudi Arabia, which requires all expatriate residents in the country to hold private health insurance.
There was a notable growth in sales in Hong Kong and Thailand which saw customer numbers increased by 12 percent and 9 percent respectively. Health insurance delivered a good performance in both countries with new sales growth and high retention of existing customers.
MaxBupa, the standalone Indian health insurer, was initiated by Bupa in 2010. It now has a presence in nine cities and has established a network link with over 700 hospitals across India. Bupa is in a strong position in India through their MaxBupa venture, which has already secured a sound reputation with over 27,000 customers in a market set to expand as economic conditions strengthen.
Speaking on Bupa’s 2010 results, Chief Executive, Ray King, said: ‘We achieved strong growth in our insurance businesses in Australia and Asia and increased operational efficiency in our businesses in Europe and North America, where market conditions were more challenging.”
Bupa is expecting business to grow in 2011 particularly in the expanding Asia-Pacific and Latin America regions, where there is an increasing demand for quality health insurance. The momentum within these two emerging regions and Saudi Arabia are expected to drive profits for the international health insurer and create an increasingly diversified customer base.
While growth is expected in emerging markets, Bupa is anticipating challenging conditions to continue in its traditional markets in the UK and the USA with sales likely to be inhibited as economic conditions are impacted by austerity measures being applied nationally. While unemployment numbers remain high in the UK and the USA, both individual and corporate health insurance sales are expected to be frustrated.
As global demands change, Bupa will seek to penetrate new markets and strengthen its foothold in emerging markets where a presence has been recently been established. The health insurer also plans to develop its product range and quality of service in order to promote sales growth.
The UK based health insurer took a major strategic decision in 2007 and sold its private hospital network within the UK in an ambitious step to focus on the core private health insurance and care market. The £1.44 billion (US$2.2 billion) capital generated from the sale of private hospitals was used to strengthen Bupa’s global presence which is now reaping financial benefits.
In the medium term, Bupa is planning to grow by responding to demands from highly populous emerging markets where action has been taken to establish a presence.
Bupa’s global reputation has made it one of the leading multinational health insurers and it is a strong favourite with expatriates seeking health insurance cover. This sector of business has helped Bupa to increase sales during 2010 and it is expected to be a major contributor to trading activities in 2011.
Across the group, Bupa retains a strong market position with a sound financial standing. It is, therefore, well placed to meet the prevailing challenges in 2011 including pressures arising from the spread of chronic diseases, the rise in ageing populations and changing consumer and national government expectations about the services required from companies in the health insurance and care business.
Insurance Company Mentioned:
Bupa
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Feb
18
India to Introduce Portability for Health Insurance Policies
Filed Under Allianz, BUPA, Health Insurance, Healthcare, Medical Insurance, Uncategorized | 9 Comments
From July 1st 2011, health insurance policy holders in India will be able to change insurance providers, without the fear of losing their benefits from their previous policy.
With the new initiative issued by the IRDA (Insurance Regulatory and Development Authority), industry leaders in India predict an increase in competition among health insurance providers, as policy-holders will be afforded greater freedom in moving their policies among insurers. Health insurance service standards are also expected to rise in return, as insurance companies will increasingly compete on the quality of customer service.
The IRDA issued a media release on 10th February 2011, indicating that insurers should allow for portability of health insurance policies. The central thrust of the IRDA plans for health insurance portability is the ability to transfer credit for pre-existing conditions in regards to waiting periods on cover, provided that there has been no lapse in the policy. The IRDA also seeks to allow portability if the policy lapses due to delay by an insurer.
Prior to the regulatory change, policy holders were often at a disadvantage. If a policy-holder wanted to change to a different health insurer, particularly if they have acquired a chronic illness, they may face obstacles such as long waiting periods or exclusion of cover for pre-existing conditions when taking out the new policy.
Policy-holders should be happy with the recent changes in IRDA laws, which will allow them to carry their policy to another insurer, keeping the benefits of their previous policy. “It is essential to protect policyholders against discontinuity and consequential loss of pre-existing disease cover… The portability will ensure the policyholder is not tied to one insurer for the pre-existing disease cover” said the IRDA in the February 10th media release.
CEO of Apollo Munich Health Insurance, Antony Jacob, explains changes regarding the new law “a customer opting to choose our product (at similar sum insured level) can transfer indemnity based health policy from any insurer with the accumulated benefits”.
The IRDA aims to protect the interests of policy-holders and this is one of their most recent regulations on health insurance companies in India. The IRDA, appointed by the Government of India, are ultimately setting its targets to not only protect the rights of consumers, but to protect the state in the burden of medical treatment placed on the public health system.
Looking ahead, as suggested by leading insurers, what we can expect to see is an increase in competition among insurers. Policy holders in India will find shopping for another insurance provider an easier process.
Increased competition on the market may initiate a drop in health insurance premiums; as insurers provider try to draw in customers. However, Dr BS Powdal, Head of Health Insurance, Bajaj Allianz, explains that this is unlikely to occur. With customers moving to different companies there is usually a particular reason for it, such as poor service, given the benefits under their policy will remain the same. ‘Quality of services’ will therefore be the likely motivator in the near future for customers within India moving to different health insurers.
Dr BS Powdal of Allianz explains, “he is going to pay some extra amount for the added quality of service so it is unlikely that there will be a price wars because of portability but the customer benefits because he gets the benefit of the waiting period which he has already stayed with the previous insurance company”, further adding that premiums are in fact likely to rise “if there is a person who has say suffered a heart attack with the previous insurer’s policy period when he moves to the next insurer that insurer probably will charge a higher premium… prices may go up to some extent for those who have a claim history with the previous insurance company”.
In the meantime, competition is on the increase in India with more and more individuals taking out health insurance policies in the country. The number of policy holders increased to 6.88 million from 4.57 million in the 2008-9 year, according to data issued by Third Party Administrators (TPA) and Insurers in India. With increasing numbers of policy holders, premium collection by health insurers has almost doubled along with the submission of claims.
Key players on the health insurance market in India include Star Health & Allied Insurance, Apollo MUNICH and Max BUPA; with other leaders including National Insurance Company, United India and Oriental Insurance and ICICI Lombard.
Insurance Companies mentioned:
Star Health & Allied Insurance
Star Health and Allied Insurance is a specialist health insurance provider and was the first stand alone health insurer in India. Star Health and Allied Insurance provides health, accident, student, travel, and life insurance products.
Apollo Munich Health Insurance
Apollo Munich Health Insurance Co. Ltd. (previously known as Apollo DKV Insurance Co. Ltd) is a joint venture between the Apollo Hospitals Group and Munich Health. Apollo Munich Health Insurance provides health, personal accident and travel insurance.
Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited and UK-based Bupa. Bupa is a leading private healthcare provider with more than 10 million customers worldwide and over 60 years experience in the health sector. The Max India Group has expertise in both healthcare and insurance related services including hospitals, clinical research and life insurance.
Bajaj Allianz is a joint venture between Bajaj Finserv and Allianz SE, one of the world’s largest insurance companies. Bajaj Finserv is engaged in life insurance, general insurance and consumer finance business. Allianz SE has over 119 years of industry experience and is present in over 70 countries around the world.
Founded in 2001, ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank, and Fairfax Financial Holdings Limited, a Canada based financial services company. ICICI Lombard is a general insurance company offering a wide range of insurance policies including, business, liability, motor, travel, rural and health insurance products.
Founded in 1906, National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, National Insurance has a large market presence in Northern and Eastern India.
Incorporated in 1938, United India Insurance Company Limited is a leading General Insurance Company of India. With headquarters based in Chennai, India, the company has more than three decades of experience in Non-life Insurance business. It was formed by the merger of 22 companies, consequent to the nationalization of General Insurance.
Feb
2
MaxBupa Introduces New Microinsurance Plan
Filed Under BUPA, Health Insurance | 1 Comment
India’s MaxBupa has entered the microinsurance healthcare market, with a group plan called Swasthya Pratham. The joint venture between the British United Provident Association (BUPA) and locally based insurer Max India has introduced the new health insurance product specifically to cater for the low-income, vulnerable element of Indian society.
MaxBupa’s newly launched affordable health insurance plan is designed for individuals and families living in rural and semi urban regions of India. The new health plan is fundamentally aimed at providing cover for the hospitalization of policyholders, with the ability to enhance the range of cover with additional benefits including allowances and waivers to meet individual needs.
Swasthya Pratham was introduced by MaxBupa to address the health needs of the rural and semi urban population of India, with the mirco health insurance product created to cover direct and non-direct medical costs which patients may face.
MaxBupa’s Swasthya Pratham plan will cover direct medical costs such as fees for consultations, laboratory tests, medicines and hospitalization and non-direct medical costs such as transportation and food in the case of hospitalization. Additional indirect costs can be covered, including loss of salaries.
Additional features of Swasthya Pratham include access to MaxBupa’s network of hospitals and healthcare facilities eliminating long waiting periods for patients and cashless treatments; supplementary provisions are available for maternity and accidental death coverage.
Swasthya Pratham is available for individuals from the age of 3 months to 65 years, with a wide scope of insured options. The cost of coverage ranges from Rs. 5,000 (US$110) to Rs. 30,000 (US$660) with family policies available between 10,000 (US$220) to Rs 30,000 (US$660).
Initially the mircoinsurance products will be offered to Indians living in West Bengal, Bihar, Rajasthan and Madhya Pradesh, with future expansion across India planned
BUPA entered the Indian health insurance sector in April 2010 when it teamed up with locally based partner Max India – initially releasing its flagship product the ‘Heartbeat Health Insurance Policy’. The renowned British insurer’s Indian venture has gained a strong market position in the Indian health insurance industry since its inception and competes with other insurers such as Apollo Munich Health Insurance, Bharti AXA General Insurance and Star Health and Allied Insurance.
The Indian insurance industry has developed over recent years with the expectation that the market will expand in line with the prodigious growth in the general economy now being experienced. The scope for domestic and international insurers operating in India is immense as the country is the second most populous in the world, with rising standards and wealth creation.
However, there are still millions of Indians remaining relatively poor and living on low incomes. Mircoinsurance has been designed to satisfy the needs of people living in these conditions providing health insurance cover for the most vulnerable members of society by offering health security and protection from the financial burden of potentially high medical costs.
Globally the mircoinsurance market is estimated to be worth US$40 billion for the insurance industry due to the massive worldwide population of approximately 2.6 billion people, which remain in the low income category. It offers insurers huge scope for the generation of new premiums and simultaneously fulfills a social need in protecting those vulnerable elements of society with an insurance product which safeguards them financially from unforeseen medical circumstances.
Insurance Companies Mentioned:
MaxBupa
Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited and UK-based Bupa. Bupa is a leading private healthcare provider with more than 10 million customers worldwide and over 60 years experience in the health sector. The Max India Group has expertise in both health and insurance related services including hospitals, clinical research and life insurance.
Star Health and Allied Insurance
Star Health and Allied Insurance is a specialist health insurance provider and was the first stand alone health insurers in India. Star Health and Allied Insurance provides health, accident, student, travel, and life insurance.
Apollo Munich Health Insurance
Apollo Munich Health Insurance Co. Ltd. (previously known as Apollo DKV Insurance Co. Ltd) is a joint venture between the Apollo Hospitals Group and Munich Health. Apollo Munich Health Insurance provides health, personal accident and travel insurance.
Bharti Axa General Insurance
Bharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.
Jan
14
Bupa Enters Health Insurance Partnership in China
Filed Under BUPA, China, Expat Insurance | 4 Comments
The British United Provident Association (Bupa), a highly regarded specialist international providers of healthcare services has entered into a partnership agreement with the Alltrust Insurance Company of China Limited. The newly formed venture will commence business on the 27th January of 2011. This will see Bupa International providing administration facilities for Alltrust’s range of private health insurance products for Chinese citizens employed overseas, and for expatriates working in China.
Bupa International is a recognized expert expatriate health insurer and will work with Alltrust – a local Chinese insurer – to provide Chinese citizens working abroad, and expatriates resident in China, with private health insurance products. Alltrust’s headquarters are based in Shanghai and the company has registered capital of around RMB 1 billion (US$150 million). Alltrust received approval from the China Insurance Regulatory Commission (CIRC) to trade as a general insurer in China over six years ago in 2004.
The venture between the British health insurer Bupa and Alltrust will be able to offer policyholders complete insurance cover while resident in China or provide plans for health coverage to Chinese citizens while based overseas.
Speaking on the agreement, Henry Du, Alltrust’s Chairman, said, “Our partnership concludes a rigorous search for the right partner – Bupa operates in 190 countries around the world, and has a wealth of experience, which will be a great assets to us as we look to continue to grow in China.With more than 60 years’ experience and established relations with thousands of doctors and medical facilities all over the world, Bupa International will offer our clients access to quality health cover and world class service.”
Alltrust’s new partners will provide a multilingual team with the ability to provide clients with assistance when they require treatment and support in searching for the closest and most suitable hospital to meet their specific treatment requirements. Part of Bupa’s international network includes 200,000 medical providers along with links to over 7,500 hospitals and clinics worldwide.
Bupa’s services include the ability to provide policyholders with options for booking appointments on their behalf, and for medical bills to be settled direct with the medical provider. Additional advantages for Alltrust’s policyholders from the partnership with Bupa include contact with multi-lingual doctors and advisers, and the ability and experience in organizing emergency evacuations and repatriations, with access to 24 hours medical advice services.
Unlike many international insurers, Bupa International has not made a commitment to enter into a Chinese joint-venture to gain direct access to the health insurance market. While many global insurers have made establishing a presence in China a fundamental mission, Bupa has not been particularly active in the world’s second largest economy other than having a representative office in the country. This is unlike Bupa’s initiative in India with the formation of MaxBupa in 2010, enabling it to feature as a major influence in the Indian insurance market.
Bupa is not alone in this approach, US health insurers – as in the case of the UnitedHealth Group – have also stepped back from developing the Chinese market. While the United Health Group Inc. is present in Beijing, selling health products to expatriates in China, and providing Chinese expatriates working overseas with insurance cover, it has not yet seen fit to enter into a joint venture with a local insurer.
The Chinese government and some corporate institutions. provide Chinese citizens with basic healthcare coverage, but there are limitations on the extent of cover provided with out-of-pocket payments required to be made. Consequently, there is a view that more international health insurers should take advantage of the weak indigenous healthcare coverage and the growing more prosperous middle class in China; the Aviva-COFCO joint venture, the Generali-China National Petroleum Corporation and Prudential-CITIC links are, however, examples of initiatives in this direction.
Foreign insurers wanting to establish a presence in China must enter into a joint venture with a Chinese insurer and obtain permission from the CIRC. After a foreign insurer has established a recognized joint venture, in order to expand network coverage, it must receive a separate license to operate in specific regions. Health insurers in China will also be required to build a network of hospitals and provide health clinics, medical professionals and IT services to maintain patients records. Although the process for foreign insurers to establish a presence in China seems difficult, the rewards are potentially significant with a market of over 1.4 billion people. Alltrust will be well placed with the new Bupa agreement to offer expatriate insurance products.
In recent years, Bupa has enjoyed more success overseas as trading conditions in more established markets such as the UK and USA have become more difficult; emerging markets providing Bupa with stronger returns in 2010 compared to the health insurer’s home base in the UK.
Insurance Companies Mentioned:
Bupa
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Alltrust
Alltrust Insurance Company Of China, Ltd., was founded in 2004 operates as a general insurance company. Alltrust offers property, liability, credit, health and accident insurance products.
CIGNA
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
UnitedHealthcare Group
UnitedHealth Group is a leading health care company, serving more than 75 million people worldwide. UnitedHealth Group is a leader in the health benefits and services industry, the insurers six businesses – UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement, UnitedHealthcare Community & State, OptumHealth, Ingenix, and Prescription Solutions – offer exceptional service, broad capabilities and enduring value in creating a modern health care system.
Aviva
Europe’s fourth largest insurance company, with more than 300 years of experience in the global insurance industry, Aviva is committed to the safety and satisfaction of its customers. They sell a broad range of insurance products including motor and property insurance, protection and health insurance, business insurance, life insurance and pensions.
Dec
23
Bupa International Rolls Out Full Medical Underwriting Options
Filed Under BUPA, DKV, Expat Insurance, Health Insurance, IHI Bupa, IHI Danmark, Insurance Company, International Healthcare, Medical Insurance | 5 Comments
In December, Bupa International joined the ranks of international private medical insurers that offer insurance policies with full medical underwriting (FMU) options that cover individuals for pre-existing conditions.
Until recently, it has been very difficult for expatriates to obtain coverage of pre-existing conditions on individual insurance policies, as few insurers would cover them. Many group policies may be underwritten with medical history disregarded once the group is sizable enough, however customers seeking individual coverage are often left with little choice but to take up policies that either exclude coverage of any pre-existing conditions or policies which will provide coverage after a moratorium.
Bupa International will now offer customers the ability to apply for full medical underwriting when enrolling in the Worldwide Health Options product, an option that would provide coverage of a list of over 60 pre-existing medical conditions the customer may already have.
Although the list of pre-existing conditions already includes cancer, high cholesterol, hypertension and asthma among others, Bupa International’s Medical Director Dr. Sneh Khemka has said that Bupa will hope to include cardiovascular conditions and diabetes in the list in the near future. One eventual aim is to work towards setting up a system where brokers could add the premium loading themselves in clear-cut cases, in order to streamline the process.
However, Bupa International is hardly the first to pioneer international health insurance products with full medical underwriting, with companies such as DKV Globality, InterGlobal and ihi Bupa already having earned names for themselves as providers which are more flexible in covering pre-existing conditions. While InterGlobal has been offering cover for pre-existing coverage in January 2010, DKV Globality has been extending individual customers that option since 2008 leveraging its access to Munich Re’s knowledge, group expertise and scale.
The Group Underwriting Director and InterGlobal, Barry Remington, said that “It has been welcomed by the market and is an excellent means for expats to have certainty that they will be covered for pre-existing conditions which may have become excluded if they had a reoccurrence of their condition under a moratorium scheme.”
Despite the fact that ihi Bupa, previously IHI Danmark, already offered FMU options prior to being purchased by Bupa in 2005, Bupa International decided not to emulate the product in its lineup due to the fact that their IT systems and medical technology were insufficient at the time. Another reason for keeping FMU products distinct was the fact that each appealed to different markets, with Bupa International finding traction in European markets and ihi Bupa performing similarly in Asian Markets.
As one of the largest international medical insurance providers, the announcement that Bupa International will introduce full medical underwriting options could cause a change in the landscape of the international PMI industry, potentially forcing competing major insurance companies to begin offering similar products.
Insurance Companies Mentioned:
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, and China and across Latin America.
DKV Globality
DKV Globality is a leading international health insurer with a special focus on expatriates, i.e. people working or studying abroad. Global companies and their expatriate staff as well as individuals and their families place their trust in DKV Globality’s expertise. The company stands for more than 80 years’ experience in health insurance and the proven competence of an international network of assistance and service partners. It is a member of Munich Health with more than 5,000 experts at 26 locations worldwide, providing its clients and partners around the world with innovative healthcare solutions. DKV Globality is a subsidiary of Munich Re, offering the financial strength and security of one of the world’s leading (re)insurers.
Originally dubbed IHI Danmark, the company has 30 years of history as an innovative international health insurer. The company was purchased by Bupa in 2005, and became a branch in 2009 beginning to operate under the banner of ihi Bupa.
InterGlobal is an international health insurance company offering international private medical insurance to expatriates, frequently traveling business people and companies around the world. InterGlobal was founded in the UK in 1998 as a joint venture company between the UK-based Inter Group and New Zealand-based Mike Henry Group. Since their founding, InterGlobal has expanded to the point where it now handles policies for clients in more than 189 countries around the globe, operating from 10 regional offices in the UK, Singapore, Kuwait, China, Dubai, Thailand, Japan, South Africa, Qatar and Vietnam.
Join us on Google +
