There is an increasing number of UK residents who are taking out international private medical insurance (IPMI) policies as opposed to domestic policies, according to Kevin Melton global head of IPMI at IMG.
Melton was speaking at the Health & Protection IPMI summit at Sopwell House in St Albans, Hertfordshire earlier today.
Melton (pictured) said: “People want that flexibility, that if their cancer specialist is based in Germany for example, that’s where they want to go, to have the ability to have treatment overseas.”
But the trend, which has been going for the last 10 to 15 years, might not be to the degree that some people might say and that is combined with health tourism as well, he noted.
“Some of the cover of chronic conditions or of routine maternity that isn’t always available on a domestic plan is definitely seeing an increase in high net worth individuals taking out international plans rather than domestic ones,” he continued.
“But, I also know that domestic providers are now reacting, so the gaps between an IPMI plan and some of the top plans in the UK domestic market are becoming less and less.”
“Its an interesting feature and its a good one, as I think we’re providing solutions to customers,” he added.
Global regulations
On the issue of ever-changing global regulations, he said: “No one can be can really be an expert in the regulations of every single country in the world.
“So, for me the opportunity for brokers in this space is in joining global networks and working in partnerships – that will help you with some of the regulatory challenges that we all face as providers or as brokers to give advice to individual members.
“And its a great way of understanding more and more when you are working with well-known brokers in specific regions.
“That’s one area that a broker can really start realising the potential of the individual market – joining up to some of these networks.
“I think that you’ll be pleasantly surprised in some of the opportunities that are going to arise, because you will get reciprocal opportunities from those brokers as well.”
Another challenge is having a consistency of coverage across many countries and geographical locations, Melton maintained.
“To try and get consistency of cover is difficult when you work across multiple jurisdictions,” he continued.
“The challenge is trying to have that consistency of approach in multi-jurisdictional countries.”