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With the ability to travel across the world getting easier every year, one thing many people do not take into account is the price of getting home should an accident occur. Cases like Carrie-Anne Dudbridge and Ryan Elley are sad illustrations of the necessities of travel insurance in the modern age.

There have been a number of incidents this year involving holidaymakers, many of them from Britain, who have suffered a tragic accident while vacationing in another country. Many of these occurrences have happened within Europe, likely due to the fact that traveling between European Union member states is an easy and economical way to reach some of the most sought after travel destinations in the world.

The European Health Insurance Card (EHIC), which replaced the E111 in 2006, also reassures travelers within the EU, by offering them some level of health insurance coverage when visiting other member states. However, in some cases the EHIC may be lulling people into a false sense of safety, as many are still confused over what exactly is covered by the EHIC.

The EHIC guarantees holder the same access to healthcare as a local resident in the event of illness or accident while traveling. While this can lead to some minor aggravation and bureaucratic hoop-jumping, depending on whether the country the EHIC holder is visiting has copayments, or relies on a system where you pay for treatment up front and claim the costs back, recent accidents have demonstrated that it is no replacement for actual travel or international health insurance.

Should someone suffer an unforeseen catastrophic injury that requires hospitalization while on vacation, it may be necessary to transfer the patient by air ambulance to the nearest medical facility capable of providing the necessary care. Furthermore, depending on the quality of the local healthcare system or the feasibility of waiting for the patient to recover enough to travel home regularly, it may be necessary to transport the patient back to their home nation via medical repatriation. In either case, the costs associated with both air ambulances and medical repatriation are extraordinary; without the appropriate medical insurance in place individuals are left facing thousands of dollars in fees.

Ryan Elley and Carrie-Anne Dudbridge are just two of the most recent in a long line of unfortunate accidents in European getaway locations. Ryan Elley, 20 years old, made a last-minute decision to join his friends in Playa d’en Bossa, a well known party destination on the Spanish island of Ibiza, without taking out health insurance. While at the Jet Apartments at the resort, Elley fell from a second floor balcony, breaking his spine in three places, puncturing a lung and suffering serious head injuries. Elley was the second British national to fall from a balcony at the Jet Apartments, after Peter Carter was injured earlier in 2010 when he attempted to jump from a 3^rd floor balcony into the pool, but misjudged the distance. This activity has apparently happened frequently enough that it is now dubbed ‘balconing’ and Spanish authorities in the Balearic Islands are asking tourists to restrain themselves to prevent injuries.

Ryan Elley was placed in a medical coma at the Son Dureta hospital in Palma, Majorca. His parents are trying to repatriate him to England, but due to the fact he did not take out medical insurance they now face a GBP 15,000 (USD 23,360) bill for the air ambulance. So far his family and friends have raised GBP 8,000 towards the costs of the air ambulance.

Carrie-Anne Dudbridge was a newlywed on her honeymoon to the Greek island of Corfu with husband Michael Dudbridge, when she suffered a tragic accident and fell 20 feet from the balcony, fracturing her spine in three places. The Dudbridges did have the EHIC, which they believed would cover their expenses in the case of an accident, however, they found out that the EHIC does not provide cover for medical transportation.

Because the couple did not have travel insurance, they faced having to pay GBP 16,000 (USD 25,000) for an air ambulance to repatriate Carrie-Anne back to England. Mr. Dudbridge launched an appeal for help on the internet, which thankfully has raised about GBP 20,000 (USD 31,190), enough to have the Dudbridges flown back to England on Sunday, August 22^nd 2010, by Mediaviation, a private air ambulance service.

These incidents occurred in first world nations, Greece and Spain respectively, where the quality of healthcare and medical treatment is generally considered to be fairly high. If Carrie-Anne had suffered her injury in a country where the provision of medical treatment is much more limited the costs involved with transporting her home safely could be much higher. Were Ryan Elley to have been injured somewhere further a field than Spain, it could have been very difficult and cost-prohibitive for his family to fly out and assist him, in effect leaving him alone in a foreign country with no insurance.

Thailand for instance, where approximately 860,000 Briton tourists visited between March 2009 and 2010, happens to be the place where, proportionally, the most number of British tourists are likely to die or end up in hospital according to British Behavior Abroad, a report by the British Foreign & Commonwealth Office (FCO). The report also illustrates the unfortunate fact that due to financial pressures, many holidaymakers are forgoing travel insurance to save money.

It is important to make sure that you have some level of protection when traveling, whether that is through basic travel insurance or an international medical insurance plan that covers emergency evacuations. While having some form of protection is a start, it is necessary to have an understanding of what your insurance covers, as in some cases travel insurance will not cover you if there is an accident where drugs or alcohol are involved. Accidents do happen, and as Chris Bryant, the British Foreign Office Minister said, “Getting comprehensive travel insurance means that whilst an accident may disrupt your holiday, it won’t bankrupt you in extortionate medical or repatriation bills.”

The RM15 million (US$4.7 million) acquisition of Tahan Insurance by Singapore listed Great Eastern Holdings has been given approval by Bank Negara. The takeover will be completed by Great Eastern Holdings wholly owned Malaysia insurance company, Overseas Assurance Corporation Malaysia (OACM), who already operate in the Malaysian general and life insurance market.

Bank Negara, Malaysia’s central bank, took control of Tahan Insurance after the previous Malaysian owners, namely Idaman Uggul Bhd, were unable to meet the Malaysian Central bank’s capital threshold requirements.

Bank Negara has been looking for prospective buyers since it took control of Tahan Insurance, with numerous interested parties, including Fairfax Asia, Tokio Marine Asia and Allianz Malaysia, all failing to negotiate terms.

In May 2009, Pricewaterhouse Coopers (PwC) were instructed by Bank Negara Malaysia to find buyers for the general insurer Tahan Insurance, with Great Eastern Holding finally negotiating a deal in August 2010. The potential purchase of Tahan Insurance is still subject to final approval by regulators, but the deal is expected to be completed by the fourth quarter of this year.

Great Eastern Holdings will complete the acquisition of Tahan Insurance through its life and general insurance subsidiary Overseas Assurance Corporation Malaysia (OACM), a wholly owned Malaysian enterprise. The acquisition is expected to cost Great Eastern Holdings approximately RM15 million (US$4.7 million ) and further cement OACM’s presence in the Malaysian insurance industry. This will mean that OACM will obtain an increased number of policyholders in the Malaysian insurance industry and gain access to Tahan range of insurance products, which include; motor, health, medical care and travel insurance.

Great Eastern Holdings Group CEO -Mr Ng Keng Hooi said, “This is one of our plans for OACM to play a more significant role in the general insurance industry. Based on the Group’s strong track record and financial resources, we are confident and well positioned to expand this business and achieve greater growth in the years ahead.”

The takeover by Great Eastern Holdings is part of a strategy to expand their business activity in Malaysia, with Mr Ng Keng Hooi further saying: “From the commercial point of view, there are opportunities to expand our customer base and synergise our products and distribution strengths. The synergy created from the acquisition will further strengthen OACM’s vision to become the general insurer of choice in Malaysia.”

In December 2009, OACM’s network in Malaysia stood at 12 branches and 6 servicing offices, with more than 2600 insurance agents. This business generated a gross premium income of RM223 million (US$ 70.4 million), with total assets exceeding RM380million (US$ 120 million).

OACM and Tahan Insurance are expected to sign a Business Portfolio Transfer Agreement shortly; allowing them to file an application to the High Court of Malaya for final approval and transfer of business from Taham to OACM. In the interim period Tahan policyholders will continue to be served by Tahan insurance until final takeover is completed.

Insurance Companies Mentioned:

Overseas Assurance Corporation (OAC)

Overseas Assurance Corporation (OAC) is the oldest composite insurer in Singapore handling both life and general insurance. Since December 2000 when it became a fully-owned subsidiary of Great Eastern Holdings, its focus has been on strengthening its bancassurance business, with its products distributed through OCBC Bank’s banking network throughout Singapore. It also provides general insurance in Singapore and Malaysia.

Great Eastern
Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With $50.9 billion in assets and 3.8 million policyholders, it has two successful distribution channels – the tied agency force and bancassurance. The Company also operates in China, Indonesia, Vietnam and Brunei.

Tahan Insurance

Tahan Insurance Malaysia Berhad provides a range of services in the general insurance business and life assurance. It underwrites general business, such as motor, fire, accident, marine, aviation, and engineering, as well as life.

 

Bupa, the UK’s largest private medical insurance provider, has announced its financial results for the first half of 2010. The report indicated that while the company’s UK membership numbers remained flat, there was considerable growth in international markets contributing to an overall increase in income of £3.71 billion(US$ 5.7 billion)  for Bupa.

Trading conditions in the UK, US and Spain have been particularly difficult since 2008, reflecting the fallout from the general downturn in business activity in these countries. However, trading in Australia and other non-European countries, and the USA, has helped Bupa generate an overall increase in revenue for the first six months of 2010. The UK health insurer reports a 10 per cent increase in revenue to £3.71 billion (US$ 5.7 billion) producing a 5% increase in surplus funds amounting to overall growth of £183.6 million (US$ 285 million) for the same period. As Bupa is a provident association all funds are reinvested into the company, consequently Bupa does not recognize “profit” per-se, but rather “surplus” revenue.

The 10% increase in revenue for Bupa was driven by organic growth of 4% and agreeable foreign exchange movements of 6%. Higher sales in Australia contributed to higher revenue, and a favorable exchange rate from the Australia Dollar to the Sterling was a strong factor for the company’s success.

As a result of the tough economic conditions in the UK, Bupa experienced a 0.8% decline in membership numbers over the 6 month period. Revenue and profits from the UK market remained flat for the first half of 2010 following one-off restructuring costs, but significant loss was contained by lower claims payments and cost savings resulting from new a new administration system adopted in August 2009.

Trading in the USA private medical market was also adversely affected because of the economic downturn, high unemployment levels, and the reform of the healthcare system in the country. These factors all contributed to the slowdown in new business sales and renewals. Bupa continues to develop new products to meet the changing demands in the American private healthcare market, with new business opportunities arising following the passing of health reform legislation; industry watchers expect increased sales volume for USA private medical insurance as President Obama’s reforms roll out through to 2014.

In international markets, Bupa’s surplus increased from £51.3 million (US$79.8 million) to £88.7 million (US$138 million) over the six month period, until 30^th of June 2010. Bupa International still remains the largest provider of international private medical insurance, with a global 2% increase in policyholders over the reporting period; primarily due to Bupa Arabia, and Bupa Australia experiencing increasing membership numbers.

Ray King, Chief Executive of Bupa commented on the future of the Australian health insurance market by saying: ‘In our Australian insurance business, the integration programme is almost complete and we look forward to the launch of a single product suite later this year which should further enhance our competitive position.”

In other markets, Bupa Latin America reported an increase in profits compared to the same period last year, explained by steady membership growth and lower claims being made. Bupa Hong Kong revenue increased modestly, and Max Bupa, the joint India venture launched in March 2010, has 6 retail offices in major cities across the country; this is planned to increase to 9 outlets by the end of 2010.

The future for Bupa in the UK and US remains unclear due to the stringent economic conditions and the impact on demand for private health insurance products. However with both governments implementing major reviews of healthcare provision it may give the UK medical provider opportunities to accelerate business in these markets. Chief Executive of Bupa, Ray King said “The UK and US government started to articulate their plans for reform of their healthcare systems and we believe that this should offer new opportunities for businesses in the future.”

The future outlook for Bupa internationally looks positive; consolidating their market presence in the international health insurance market. However, the markets in Europe and North America are still subject to difficult economic conditions.

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.

The United Arab Emirates (UAE) is the number one destination for medical tourism in the Middle East, with an estimated 4.3 million medical tourists seeking treatment in the country.

In 2010 the medical tourism sector is expected to generate AE$ 1.7 billion (US$ 462 million). It is estimated that the second half of 2010 will see an increase of 13% compared to the same time last year – an indication of the strengthening demand for healthcare and the medical tourism industry.

The UAE is becoming a prime medical tourist destination due to its developed infrastructure, specialist doctors, state-of-the-art medical centres, and modern technology. These factors, together with a community which caters for sizable numbers of expatriates, have allowed the medical sector to develop and meet the needs of the patients from western countries.

The Dubai based Canadian Specialist Hospital is one of the Middle East’s most well established healthcare providers, catering to approximately 1500 American patients each month. The Chairman of the Canadian Specialist Hospital – Mohammed Rashid Al Falasi said “Treatment rates in the UAE are lower than overseas hospitals, while the country’s hospitals and healthcare centres offer a higher level of diagnostic, curative and rehabilitative services.”

The UAE has been able to provide medical services at a lower cost – when compared to North America and European counterparts in the private sector – with no waiting times in modern, fully equipped facilities. These factors provide significant incentives to patients who would otherwise face long waiting periods for treatment in public healthcare facilities in their home countries.

Demand for medical tourism has escalated over the years, driven by deteriorating national healthcare services, extortionate medical costs and long waiting times. This has contributed to strong demand for affordable medical treatment performed by highly trained medical specialists in state-of-the-art facilities.

Competition in the medical tourism industry is increasing with Malaysia promoting its healthcare facilities in the Gulf, emphasizing its lower cost base and its appeal as a tourist destination.

Singapore, India, Thailand and China also provide high quality and cheaper medical care compared to the UAE, but the UAE still has the ambition to establish itself as a specialist medical care provider in the Gulf region. The UAE continues to invest in the healthcare sector and to face the challenges arising from international markets; the comparatively higher cost of recruiting top medical professionals to the region poses a particular drawback. The challenges are exacerbated by residents in the Gulf region being prepared to travel to Singapore, India, China and Southeast Asia for treatment because of the availability of advanced care and lower charges.

Dubai Healthcare City is at the forefront of the medical sector and the medical tourism industry in the UAE. It offers a dedicated project designed to provide healthcare excellence across a wide range of specialties and meets international standards for healthcare quality. This consists of more than 90 medical facilities and 1,700 healthcare professionals, with the presence of global medical brands such as UK’s Great Ormond Street Children’s Hospital, American Academy of Cosmetic Surgery Hospital, Astra Zeneca and Johnson and Johnson.

However, the ability for the UAE to compete on price is a matter of concern, as the average cost of heart bypass surgery in the UAE amounts to US$44,000. This compares with an average cost of US$18,500 in Singapore, US$11,000 in Thailand, US$10,000 in India and US$9,000 in Malaysia, although a similar medical procedure is more expensive in the US where the cost is approximately US$ 130,000 or US$ 51,000 in a private hospital in the UK.

The UAE is facing strong competition from the Asian medical tourism industry, where the sector has been established for many years. The Asian market continues to develop and expand its influence, catering for international patients seeking medical treatment from cosmetic surgery to heart bypasses, with India being the dominant medical tourist destination; by 2014 it is forecast that the industry will be worth US$62.9 billion in India alone.

Although the UAE is developing its medical tourism industry region, Asian destinations such as Singapore, India and Thailand are the market leaders for providing medical treatment to foreign patients. Further competition will be forthcoming from other countries seeking to exploit the medical tourism industry such the Philippines, Taiwan and Latin American nations.

Companies Mentioned:

Dubai Healthcare City (DHCC)

Dubai Healthcare City was launched in 2002, to meet the demand for high-quality, patient-centred healthcare. DHCC is home to two hospitals, over 90 outpatient medical centres and diagnostic laboratories with over 1,700 licensed professionals occupying 4.1 million square feet in the heart of Dubai.

Canadian Specialist Hospital

Canadian Specialist Hospital was designed to deliver superior quality, inpatient and outpatient medical care in a luxurious environment, providing utmost comfort to patients and visitors.

The growing demand for private healthcare in buoyant Asian markets is highlighted by the Malaysian state owed Khazanah Nasional Berhad winning the battle to acquire Singapore’s Parkway Holdings, against stiff competition from Indian based Fortis Healthcare.

In 2009 Fortis Healthcare estimated the Indian healthcare market to be worth US$38 billion; this it is expected to rise to US$62.9 billion by 2014. Foreign nationals seeking healthcare treatment are being drawn to private Indian healthcare providers, as medical treatment can be offered at a fraction of the price compared to USA and European healthcare alternatives.

The Indian medical industry has seen particular growth in recent years, taking full advantage of the demand for modern, high quality, medical treatment for patients throughout the world who require affordable treatment in internationally recognized hospitals. This is being driven by India’s ability to rival other recognized sources of quality healthcare in the Asian region, such as Thailand and the Philippines, both in quality and cost.

The position has now been reached where a procedure for a heart bypass can be conducted in a private Indian hospital for approximately US $10,000; compared with an Asian rival in Thailand or Singapore, where costs amount to between US $11,000 to $18,500 it can be immediately seen that the Indian Healthcare option is by far the more affordable. A similar treatment in the USA would cost approximately $130,000 well out of the range of most average patients to cover out-of-pocket.

Patients in the United Kingdom, USA, Australia and Canada are often used to treatment by Indian medical professionals, who have been present in private and public healthcare facilities for many years in these countries due to the higher wage levels, and more comprehensive employment opportunities. This presence of Indian medical professionals in Western nations has given foreign patients confidence in seeking medical treatment in India.

The Indian government is taking measures to ensure maximum potential by giving consideration to the provision of a visa to a patient and escort, with a possible extension for a three year period. This should ensure that patients traveling to India for the express purpose of receiving medical care have an easier time entering and exiting the country, in addition to ensuring that these same patients have the support they need from their escorts who have historically faced a challenge in entering the country to accompany someone seeking medical care.

The medical tourism market in Asia initially arose in Singapore, with the island nation raising the bar for medical treatment by setting the standards to rival the US. Thailand and Malaysia followed suit with comprehensive medical tourism offerings catering to overseas patients. However, private healthcare in India emerging as the dominant provider in the region, and in more recent times, has become particularly aggressive in acquiring private healthcare facilities.

However, countries such as Taiwan and South Korea are also taking measures to penetrate the private healthcare market with the objective of securing a slice of the business currently dominated by the four main Asian based suppliers. The South Korean government is taking steps to grow the medical tourism industry by offering a high standard of medical care to the Japanese market – especially in regards to cosmetic surgery, such as facelifts.

The top Asian private healthcare providers in Singapore, India, Malaysia and Thailand are battling to increase their strength in the market. National healthcare providers in the West are burdened with increasingly aging populations which often require heightened levels of medical care. In a unique recent development, despite the fact that not all residents of first world nations have private healthcare insurance, in some cases the national health services in these countries are willing to fund procedures in Far East countries. Some North American and European countries are all considering such a plan if they do not currently have a similar proposal already in place. This key development will only serve to open up the private healthcare market in Asia, and as such more growth is forecast.

Much of the demand for private healthcare in Asia comes from Africa and the Middle East, where the healthcare infrastructure is still lagging behind the rest of the world world. There is an increasing number of western patients seeking medical treatment in foreign private healthcare facilities, especially in India. India has emerged as a popular destination for western couples seeking treatment for medical procedures which would be prohibitively expensive in developed nations such as fertility treatment. Asian private healthcare providers can rival western nations with their quality-of-care, state-of-the-art treatment centers and highly trained medical professionals. These facilities enable them to take full advantage of the stagnant national healthcare systems in the UK, Canada, and the extraordinarily expensive procedures in the US.

Asian private healthcare providers are looking to the US to increase their revenue and boost profits. For example, a patient in the US who requires a heart bypass, may need to pay US$ 130,000 for the procedure, while the same operation in a private hospital in Bangkok can cost in the region of US$30,000. A popular procedure for foreign nationals is hip replacements; increasing numbers of patients are seeking treatment in countries like Singapore, at a cost of US$ 12,000 or $9,000 in India, compared to US$43,000 in the USA.

The aim of various Asian governments is to take full advantage of the growing profitable medical tourism market. The success experienced in this industry by countries like Singapore and Thailand has lead to governments of Taiwan and Malaysia offering private healthcare providers with high levels of support to encourage investment in the medical tourism sector. The Taiwanese Department of Health estimates the medical tourism industry will create 3, 860 jobs and generate US$ 342 billion worth of revenue by 2014.

However, medical tourism has not been immune from the economic downturn; the renowned Bumrungrad Hospital in Bangkok reporting a 22 per cent decline in profits in 2009 from the highs of 2007.

Medical tourism looks certain to continue its explosive advance throughout the Asia-Pacific Region; Singapore estimates the 1 million medical tourists entering the country generate US$1.6 billion annually. Malaysia is expected to increase its market share in the lucrative industry to approximately US $600 million over the next 5 years. The future of medical tourism in Asia is to focus on the American and European market. Its intention is to build confidence in the sector; offering patients’ unrivaled value for money with medical procedures ranging from hip replacements to heart bypasses.

As US insurance companies consider adding Asian private healthcare providers to their coverage, the medical tourism across the Asian regions looks certain to continue rapidly, expanding its reach to foreign patients.

A typical average  price comparison, in terms of the costs of various operations, in India, Singapore, Thailand, and the USA can be seen below:

Procedure	India	Singapore	Thailand	USA
Heart Bypass	10000	185000	11000	130,000
Heart Valve Replacement	9000	125000	10000	160000
Angioplasty	11000	13000	13000	57000
Hip Replacement	9000	12000	12000	43000
Hysterectomy	3000	6000	4500	20000
Knee Replacement	40000	13000	10000	8500
Spinal Fusion	5500	9000	7000	62000

All figures are shown in US $

Companies mentioned:

Parkway Holdings Limited

Parkway Holdings Limited, is one of the region’s leading providers of healthcare services, with a network of 16 hospitals with more than 3,400 beds throughout Asia, including Singapore, Malaysia, Brunei, India and China.

Fortis Healthcare Limited

Fortis Healthcare Limited is a healthcare provider having a network of 28 hospitals, satellite centers and heart command centers with nearly 3,300 beds capacity.

Khazanah Nasional

Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government’s strategic investor in new industries and markets.

Bumrungrad International

The Group’s principal activities are owning and operating hospitals. Its flagship hospital, Bumrungrad International, is a renowned medical centre attracting over 1 million patients annually and named one of the world’s top ten international hospitals by Newsweek International. The Company also owns a businesses in real estate and anti-aging and functional medicine.

MetLife announces the opening of its third Provincial branch in Sichuan. The unveiling of the new Sichuan branch is the first since United Metlife disclosed its plans to merge with Sino-US MetLife insurance business.

The planned merger between United MetLife and its Sino-US MetLife Insurance Company Limited is the first sign that MetLife is preparing for the two MetLife subsidiary’s to amalgamate; this follows the announcement by the China Insurance Regulatory Commission (CIRC) that foreign investors should only have one insurance operation on the mainland.

The Beijing based Sino-US MetLife insurance subsidiary planned merger with the Shanghai based United MetLife – creating Sino-US United MetLife Insurance – will ensure that MetLife follows the Chinese Authorities guidelines for foreign insurance investors in China.

In order for MetLife to meet its obligations – to become a single operating insurance provider in China – requires Capital Airport Holding to sell its 50% stake in Sino-US MetLife to Shanghai Alliance Investment which is MetLife’s JV partner in United MetLife.

Mr Marks, head of the Asia-Pacific region for MetLife said “China is a key strategic market for MetLife. By having a single partner across the country we can create a stronger brand and portfolio of offerings for the market. This will allow us to accelerate growth and in turn provide increased value to our customers.”

The opening of the new branch in the Sichuan province – together with the Chongqing branch – means MetLife continues to build the foundations in second-tier cities in western China, expanding its presence in the country; this has been a key focus for MetLife in recent years.

Sino-US MetLife Insurance Company Limited provides life, accident and health insurance to individuals in Beijing, Chongqing, Guangzhou, Shenzhen, Sheyang and Dalian. While United MetLife Insurance Company Limited offers life and accidental insurance products in Shanghai, Nanjing, Hangzhou, Ningbo and Wuxi.

The announcement of the Sichuan province branch comes at a time for MetLife when foreign investors in China, aim to strengthen their presence in this prosperous country. The growing demand for insurance products – to cover accident and health in China – is a key revenue stream for MetLife since they acquired the American Life Insurance Company.

The Asian insurance industry – especially China – has been transformed in recent years, with foreign investors competing for a percentage of this profitable market. MetLife’s activities in China was estimated to generated Yuan 3 billion (US$442 billion) in 2009 – a figure accounting for less than 1% of the Chinese insurance market.

Insurance company mentioned:

MetLife

Possessing over 140 years of insurance expertise, MetLife aims to be an innovator in the field of international Life insurance. Globally, MetLife is able to offer its clients accident and health insurance, life insurance, disability income protection, and retirement and savings products.

Mr Sadler will oversee the operations from Hong Kong, as CIGNA aim to further expand the business globally. As from the 19^th of July, 2010, the former HSBC MD will take the reins of CIGNA in Hong Kong, to lead the Health, Life & Accident (HL&A) push for growth in the international market.

Insurance Companies mentioned:

 

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, behavioral 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.

 

HSBC- Is one of the largest banks and financial services organizations in the world. It has a global presence that consists of 9,500 offices across 86 countries and territories in Europe, the Americas, the Asian- Pacific region, the Middle East and Africa. HSBC Insurance (Asia-Pacific) Holdings Limited is a wholly owned subsidiary of The Hong Kong and Shanghai Banking Corporation Limited, the founder member of HSBC Holdings plc, the London-based holding company of the HSBC Group. Three insurance underwriters collectively form HSBC Insurance (Asia-Pacific) Holdings Limited: HSBC Insurance (Asia) Limited, HSBC Life (International) Limited and HSBC Insurance (Singapore) Pte Limited.

Raffles Medical Group (RMG) has opened a new medical center in Shanghai to offer residents of the city another option when seeking medical care that is up to the highest of international standards.

The new clinic, named Raffles Medical – Shanghai, is located in the Innov Tower on Hong Mei Lu which is situated within Shanghai’s business park. Designed to offer world class medical care to expatriates, corporate customers and high net worth mainland Chinese, Raffles Medical – Shanghai is equipped to provide comprehensive medical services; including, health screening, general medical and dental treatment.

The Director of Operations at Raffles Medical – Shanghai, Yong Yih Ming said “China’s economic growth has cultivated a pool of Chinese who can afford high-quality medical care of international standards,”

The new addition of Raffles Medical – Shanghai offers a new regional platform to RMG, which already has a network of 72 clinics throughout Singapore and Hong Kong. Yong Yih Ming also added that “We have more than 30 years of experience in providing integrated care. From primary to specialist to tertiary health care, we offer a complete continuum of health care services, covering even health insurance and health supplements.”

Company mentioned:

Raffles Medical Group

Raffles Medical Group was started in 1976 with two clinics in Singapore. Since then, RMG has grown into a large integrated healthcare organization, offering general family medicine through their expansive network of clinics in Singapore and Hong Kong and their private hospital in Singapore. They also offer international health insurance services, traditional Chinese medicinal care and aesthetic medical treatments.

Synergistic cooperation between Bupa International and Joint Commission International (JCI) has resulted in the development of a quality assurance programme to be used in the assessment of the medical facilities and clinical quality of the healthcare network’s 7,500 medical providers.

Clinical staff from Bupa International together with consultants from JCI have customised tools already developed by the former to assess hospitals against international standards, measuring up patient safety, clinical services, hospital management, staff, general environment and equipment, among other parameters.

The standards used in this programme have been set using medical expertise accumulated over the years by Bupa International and is applied to the hospitals and facilities promoted to its customers. This method guarantees that the hospitals are primarily selected according to their ability to provide the right treatment and quality of care, and not simply based on the cost factor, which is an important difference when compared with the programmes used by many other health insurers.

Another important feature of the new programme is the ability to direct medical evacuations to the most suitable facilities.

This joint collaboration between Bupa International and JCI has the added advantage of supporting hospitals with their continual quality improvement initiatives, ensuring the overall improvement of standards.

Insurance Company mentioned:

Bupa

Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. 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.

Fortis Healthcare Ltd. has made an offer for all remaining shares in Asian healthcare provider, Parkway Holdings, which surpasses the bid previously put forward by Malaysian government-run bank, Khazanah Nasional Berhad.

Previously, Khazanah bid S$ 1.18 billion (US$ 835 million) to more than double its stake in Parwkay Holdings, which would have raised their ownership in the company to 51.5%. Fortis Healthcare has now offered to purchase all remaining shares in Parkway for approximately S$ 3.2 billion (US$ 2.3 billion), buying up the 74.73% of Parkway shares it does not already own at S$3.80 (US$ 2.73) a share. Khazanah’s previous bid offered S$ 3.78 (US$ 2.71) a share.

Parkway Holdings is one of Asia’s largest hospital operators with 16 hospitals through Asia and the Middle East, including hospitals in countries such as Singapore, China, Malaysia, India, the United Arab Emirates and Brunei. Healthcare spending is increasing in Asian markets by up to 17% a year, making Parkway with its strategically located centers of medical excellence a tempting acquisition target for both Fortis and Khazanah. Khazanah owns a stake in Apollo Hospitals Enterprises Ltd. which is Fortis’ main competitor in the Indian Healthcare provider market, and the new bid by Fortis is seen as a way to block Khazanah from gaining control of Parkway’s hospitals.

Malvinder Singh, the Chairman of Parkway, also runs Fortis alongside his brother Shivinder Singh. Malvinder Singh has said he will locate Fortis inside of Parkway’s management structure and keep Parkway listed on the Sinapore stock exchange (SGX), although he has yet to say on whether Fortis will remain listed.

Companies mentioned:

Fortis Healthcare International

Founded in India in 1999, Fortis Healthcare International is a healthcare provider that currently operates 46 hospitals in India, which are organized as a hub and spoke model around their specialty hospitals. They offer laboratory, wellness, information technology, travel and financial services through the wholly owned Religare Enterprises Limited.

Khazanah Nasional Berhad

As Malaysia’s state investment company, Khazanah Nasional Berhad is responsible for managing the Malaysian Government’s investments as well as strategically investing in new sectors and markets. Khazanah Nasional was incorporated as a public limited company in September 1993 and started operations the following year. All shares are owned by the corporate body of the Minister of Finance Incorporated, except for one owned by Pesuruhjaya Tanah Persekutuan, the Federal Land Commissioner. Khazanah holds investments in more than 50 companies, including but not limited to companies engaged in aviation, banking, electronics, healthcare, manufacturing, and telecommunications.

Parkway Holdings

First listed on the Singaporean stock exchange in 1975, Parkway Holdings has become one of the top-quality integrated healthcare providers in Asia in the intervening years. Parkway now operates 16 hospitals in Asia, with over 3,400 beds throughout Singapore, China, Malaysia, India, Brunei, and the UAE. Parkway also boasts a nursing and health science college, extensive diagnostic, imaging and laboratory resources and the largest foreign owned medical network in Shanghai.

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