Archive for category International Insurance
The Biggest Growing Insurance Market, International Health Insurance
Posted by in International Insurance on December 16, 2011
The international health insurance sector is the fastest growing market in the insurance industry, however many brokers are not expanding into it and missing a great opportunity.
They may be hesitant to branch out into an area where they have little knowledge but the figures should persuade them to reconsider. From the United Kingdom there are approximately 400,000 people emigrating every year. In 2010 the United Nations estimated that there were over 200 million expatriates around the world including students, professionals and retirees. The most popular destinations for expats to relocated to include the UAE, Singpore and Hong Kong. As a result the providers of international health insurance have seen a year-on-year growth from expats and locals who want secure medical cover for all their healthcare needs. So the international medical insurance sector offers brokers one of the fastest expanding revenue streams available right now.
Many countries in the developing world have healthcare systems that are either below standard or are good but extremely expensive. This is where brokers can fill the gap. In many areas healthcare can be a real concern particularly for those who have families and therefore international health insurance has always been a top priority of professional expatriates. People relocating want to be able to guarantee both themselves and their family, access to the best hospitals and facilities the region has to offer.
Most mid-level independent brokers have built sturdy relationships with their clients over the years. It is likely that many of the clients’ companies have considered expanding abroad. Therefore just with your existing clients you have a significant untapped opportunity they simply require some assistance with international PMI. This sector of business has substantial advantages which include high commission rates and therefore high remuneration per annum, strong retention rates, as well as good company performance quickly builds a positive reputation which is passed on via word of mouth. These are the reasons why brokers should seize the opportunity to expand.
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International Health Insurance for Travelers
Posted by in International Insurance on September 18, 2011
Health insurance is a must regardless of whether a person plans to stay in his country or travel overseas. International health insurance protects a person in the following situations…
International travel is an enjoyable experience for a person who loves exploring far off places. Although traveling can be exhilarating, many a times the carefree traveler forgets to protect himself against unforeseen events. Travel insurance is necessary since a person may lose his baggage; he might be forced to cancel his flight or he may need to visit a doctor for emergency medical treatment. A person who uses his credit card to book tickets for international travel may be covered to a certain extent, as far as loss of baggage due to theft is concerned and he may not require additional insurance. However, it is always best to have international health insurance even if one is embarking on a short trip, since there is nothing worse than the inability to afford medical treatment on account of lack of insurance.
The Need for International Health Insurance
Unforeseen Medical Expenses: The following expenses may be covered by international health insurance plans: cost of visiting a doctor in case of accidents; the cost of obtaining a prescription drug and other medical emergencies. In the US, insurance companies provide international health insurance to travelers less than 75 years of age. The spouse and eligible dependents can also be covered for an additional premium. Some plans provide the benefit of health insurance even when a person cuts short his visit and returns home. Such plans are beneficial for people whose travel itinerary is flexible.
Additional Coverage: Emergency evacuation in case of medical complications; death and dismemberment coverage; rehabilitation; cost of ambulance and home nursing are also available to the international traveler for additional premium. Generally plans, that operate worldwide but not in the US, carry a lower premium as compared to plans that operate even in the US. This is because the cost of medical treatment in the US is very high. Emergency evacuation facility is necessary for a person traveling to the third world countries, since he may find it increasingly difficult to obtain quality medical care.
Pharmacy Coverage: The cost of obtaining prescription drugs may also be covered by paying a slightly higher premium. The advantage is that a person is comforted knowing that he can afford the drugs he may need during overseas travel. Of course, the need for this coverage depends a lot on the travel destination. For people traveling to the US, this is a must since medication is very costly. However for US travelers interested in visiting countries where health care is the government’s responsibility, this coverage may not be be necessary since most of the medicines would be available at a subsidized cost.
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