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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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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.