Thriving competition in the health insurance market

Expatriates are among those who have most felt the effects of the global recession and individuals are attempting to find ways of cutting their insurance premiums.

According to the Association of International Medical Insurance Providers, customers are putting pressure on insurance companies and brokers to find ways of economising.

Carl Carter, chairman of the association, said: “Everyone is using the credit crunch and the state of the economy to batten down the hatches and save costs. The crunch presents an opportunity for advisers to be savvy in helping customers keep premiums low. It is also worthwhile for people to shop around.”

Possible economies include taking a high excess, or deductible, on an existing policy, changing provider, or dropping some benefits. This has become easier as insurance companies increasingly switch to plans in which policyholders choose the modules they want. Examples of this are Bupa International’s World Health Options plan and Aviva’s International Solutions.

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