The international private medical insurance (iPMI) market is growing. In fact, some reports suggest it is expanding at a rate of as much as 15-20% each year1 – strong figures given that the world has been in the grip of an economic downturn.
From dampening UK market growth, the recession has in fact stimulated the iPMI sector as businesses and individuals look for opportunities overseas.
Research by accountants and business advisers BDO shows that many expect to increase revenue from international markets in the next few years. The survey found that:
- 82% of UK mid-cap firms feel optimistic about their international expansion plans
- 78% expect to generate more revenue from investment abroad in the next three years
- 65% said it was no more difficult conducting business abroad than three years ago and a further 16% said it had become easier
- 31% said they had expanded overseas as a result of difficult domestic conditions
The research, the BDO Ambition Survey: Global Opportunities, was conducted among the chief financial officers of mid-sized companies during summer 2012.
The task of keeping up to speed with employees in different countries can seem daunting. Especially understanding of the various legislative and regulatory requirements in different territories around the world. As well as the more obvious hotspots such as Asia and the Middle East, many emerging markets are seeing growth such as North and East Africa along with Latin America.
A recent introduction into the market has seen insurers allowing customers to purchase iPMI on a three-to-11 month basis, depending on their needs - rather than a traditional 12 month policy generally available.
1 The iPMI Insurance Market – Health Insurance Daily, May 2013