Number of expats on long-term contracts
China
Cent/east Europe
Indian sub-cont
Southeast Asia
Western Europe
North America
Japan/Korea
South America
Middle East
Australasia
Africa
More mature markets
are particularly heavily
regulated, with the medical
aid schemes in South Africa
preventing South African
citizens buying IPMI –
although there is enough
movement of expats in
and out of the country
to ensure a burgeoning
market. Kenya requires brokers
to be authorised and
regulated by the Insurance
Regulatory Authority, while
Zambia is regulated by its
Pensions and Insurance
Authority. Local partnerships
may be needed in
some African countries to
ensure compliance.
0% 10% 20% 30% 40% 50% 60%
Source: PricewaterhouseCoopers
Prevention not cure...
Expats coming and going
over next two years
as % of current population
l Middle East
Apps: A wind of change is
blowing through the Gulf
region and IFAs need to
take stock if they want to
hold on to their clients or
begin to take advantage of
the market.
It started last year in
Abu Dhabi, where 80% of
the one million population
are expats. Here the government
has introduced a
new visa restriction. Now,
in order to obtain a visa, all
expats must provide proof
that they have a health
policy issued by an
approved provider.
Get routine health checks on our UltraCare Comprehensive and Plus plans
without affecting your no claims discount.
Incoming
Leaving
IFAs in the country
also need a licence to
sell healthcare products
to expats, or alternatively
must build formal links
with a local registered IFA
partner to receive the commission
from their client
purchases. For providers
of global health insurance
policies across the region,
it means that products can
only be sold through registered
IFAs.
As well as keeping
healthcare revenue ‘inhouse’,
the new regulations
are intended to improve
standards of healthcare in
Abu Dhabi, where hospital
quality currently ranges
from five-star excellence to
very ordinary.
Dubai will launch a similar
plan in 2009. Its potential
is at least as great as
Abu Dhabi – its population
is now growing by about
7% pa. Officials expect it
to reach 1.85 million by
2010 with expats making
up at least 80% of that
number, all of whom will
need healthcare insurance.
Rumour is that Bahrain,
Kuwait, Oman and Qatar
are all set to follow suit.
...with InterGlobal’s
wellness benefits.
AUGUST 2008 [www.international-adviser.com] INTERNATIONAL ADVISER
l Southeast Asia
feature
Zito: This region still offers
a large market for IPMI.
Countries such as Thailand,
Singapore, Indonesia and
Vietnam have vibrant expat
communities and growing
numbers of businesses
locating there or employing
expats.
Thailand’s Ministry of
Finance issued a regulation
effective from January
2007 giving tax relief to
firms that buy health insurance
for their employees.
But this is only allowable
through providers who
have a Department of
Insurance-authorised product
that is sold in Thailand
rather than offshore.
Groups using an insurer
not licensed in Thailand
do not get this corporation
tax relief and make
their employees liable to
personal income tax as a
benefit in kind.
In Singapore, all brokers
regulated in the state
need to get approval from
the Monetary Authority
of Singapore (MAS) to
sell products that are not
admitted by the MAS.
Innovations in International Private Medical Insurance
T +44 (0)1252 745900
W www.interglobalpmi.com
International Private Healthcare Insurer of the Year
Private Healthcare News Awards 2007
Best International PMI Provider
Cover Excellence Awards 2007
InterGlobal is a trading name of InterGlobal Limited which is authorised
and regulated by the Financial Services Authority in the United Kingdom
“
A wind of change
is blowing through
the Gulf region and
IFAs need to take
stock if they want
to hold on to their
clients or begin to
take advantage of
the market
”
Andrew Apps, director of global
sales, Goodhealth Worldwide
IGAD02/07/08
37
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