Beazley has announced the launch of a new coverage solution aimed at a unique set of Australian workers.
The international insurer has launched expatriate medical and emergency evacuation cover which they call “a new tailored insurance solution for Australian employees who live and work overseas.”
The product is a combination of both health and travel insurance which offers comprehensive cover for expat Australian’s on short or long-term assignments abroad.
Underwriter for Beazley, Andrew May, said that the cover is "one of the most comprehensive" in Australia and believes that the increasing global links within the country warrant the launch.
“We believe we have one of the most comprehensive products on the market for Australian businesses with expatriate employees,” May said.
“Global travel and job mobility is increasingly important for companies that want to attract and retain the best staff. Employers understand they need to provide a consistently high standard of care, whether the employee is in Australia or overseas for work.
“With the trend towards mobile workforces, Australian employees are increasingly travelling for work, for one-off events as well as long-term secondments. This product is designed to provide consistent benefits for employees and minimise cost surprises for employers.”
The cover includes medical expenses incurred whilst outside Australia, round-the-clock emergency assistance, personal accident and sickness, personal liability cover, evacuation in case of a natural disaster or politics unrest, personal items cover during transit and personal wellbeing for accidental HIV infection and rehabilitation.
The company is aiming the product at medium-to-large Australian companies with a global footprint and May sees several Australian industries as key players.
“We see construction and mining companies as a significant market for this product,” May said.
“These businesses often have workforces in developing countries where local healthcare provisions may not be to the standard Australian employees would accept and employees may also be subject to other situations requiring emergency evacuation.”
The cover has also been designed with exorbitant healthcare costs in the United States in mind, May said.
“We have also taken on feedback from Australian companies with employees in the US, where healthcare facilities are available but can be extremely expensive.”
