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Global expat insurance to soar with rising number of expats

According to the market research company, Finaccord,
the number of expatriates worldwide is an estimated 50.5 million and the number
is expected to drastically rise. It is anticipated that by the year 2017 there
will be around 56.8 million expats in the world. This is turn makes the
importance of international travel health insurance crucial.

As of 2013, Saudi Arabia was found to be the country that
hosted the largest amount of expatriates, and was closely followed by the likes
of the UAE and the U.S. However, countries such as China and India are fast
becoming popular as they are home to rapidly growing economies and as a result,
depend heavily on the influx of foreign workers. International healthcare for
expats will also need to develop in order to keep up with the growing amount of
expatriates.

In 2013, it was found that the majority of expats were made
up of individual workers (73.6%) followed by students making up 8.8%, the
retired making up 3.7% and the minority being corporate transferees (1.0%) It
has been predicted that the student population will be the rising group
globally between the years 2013 and 2017 most probably due to the harsh economy.

Expat private medical care will also rise unless the
specified country, for example France, forces its employers to offer their
staff private health care. This rise could have a crushing effect on employers
providing global expat insurance. There is a chance that certain companies may
cancel private health care as an employee benefit due to the added cost of
expat insurance.

Other likely possibilities are employers cutting benefit
packages or suggesting that staff pay more towards the overall cost of medical
insurance.

Either way, international healthcare for expats from
insurance companies or businesses will need to be fine-tuned for the rise of
the number of expatriates, despite the UK no longer covering those who have
retired early. The fact that the majority of expats looking for international
medical insurance may be students will also have to be taken into account.  

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