It might not be all doom and gloom for insurers once the UK completes its departure from the European Union – if you know where to look.
Ever thought about all the British nationals residing in EU countries? A report by the International Travel & Health Insurance Journal (ITIJ) outlined that with more than a million of those expats likely to lose the health benefits they currently enjoy, a particular group of insurers is poised to address the gap.
International private medical insurance (IPMI) providers are likely to see increased demand for both long-term and short-term IPMI, as well as for travel cover. New policies are also expected to be developed to meet new needs.
“It is possible that a hybrid IPMI/travel insurance [policy] could emerge to cater for those with second homes overseas, frequent travellers, and the corporate arena,” said Kate Huet, managing director of International Travel and Healthcare Ltd, as quoted by the report.
Without reciprocal healthcare such as the European Health Insurance Card (EHIC), the report said IPMI providers may reap the benefits from an expanded market.
Earlier this year Allianz Worldwide Care said health agreements may cease to exist post-Brexit and that individual agreements may have to be made between the UK and each EU state.
Related stories:
Seeing the positives in Brexit
Revealed – Top 10 countries where UK holidaymakers claim emergency medical expenses
