Brexit and Insurance market the UK News

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Brexit and Insurance market the UK News

Brexit and Insurance market the UK News

With Brexit comes many changes in the Insurance market and the latest news is about Globality Health which has a good share in Germany, Spain, and other markets.

Globality Health is an experienced international health insurer with a special focus on expatriates – people who live, study or work abroad. With their specialization, they take pride in providing clients who we have insured with the best possible care

In light of the compliance challenges created by Brexit, Globality Health is withdrawing from the UK IPMI market. Customers are offered a continuation option with Bupa Global.

Globality Health shall continue business as usual in other key markets such as Germany, Spain, and others, which are completely unaffected by this decision.

Globality Health confirms key dates and collaborates with Bupa Global to help honor all customers

From 11 January 2020, Globality Health will no longer quote for any new business or renewal terms with start dates from 1 May 2020 onwards.

All existing policyholders will remain fully protected until the policy’s renewal date - should an illness or injury happen while they are living or working overseas.

Globality Health and Bupa Global have achieved a mutual agreement that allows Globality’s customers to continue their international health plan with Bupa Global. At renewal time, Bupa Global will offer each Globality customer a new quote on favorable and comparable terms.

Globality’s gradual withdrawal from the UK will, therefore, take until the middle of 2021 to complete.

Why Globality Health is withdrawing from the UK market

Globality is withdrawing from the UK market due to the changes and challenges caused by Brexit. The move shall allow Globality more focus on other markets where it can continue to achieve scale and profitability.

Globality shall continue business as usual in other key markets such as Germany, Spain and others, which are completely unaffected by this decision.

How Bupa Global will deliver continuation cover

Bupa Global’s brand, scale, expertise and strong service model convinced Globality that customers would be in great hands. Dr. Cornelia Roeskau, Globality Health, CCO commented, “After very careful consideration, we have taken the difficult decision to withdraw from the IPMI market in the UK after Brexit. With Bupa Global we have found a partner who shares our values of customer focus and high-end client services. We are happy to be in a position to offer continuity to our valued customers and to know they are in the care-taking hands of this strong and reliable partner.”

At renewal time, each customer will receive a personalized communication including the option to contact Bupa Global. In this context, customers who accept Bupa Global’s terms will do so on a non-advised basis, with Globality acting as an introducer. Customers choosing to accept their policies with Bupa Global will become Bupa Global customers and will no longer have a relationship with Globality.

Teresa Wighton, Bupa Global, UK Group Sales Director, commented, “We are working with Globality following their decision to withdraw from the UK market and look forward to welcoming their customers to Bupa Global. We are offering Globality customers a comparable product so they can continue to be covered for international private medical insurance and get access to leading healthcare when they need it. We will ensure there is a smooth transfer and fast-track registration to Bupa Global.”  

Globality Health is confident that the customer communications program they have in place shall help make this a smooth transition process.  Both Globality Health and Bupa Global customer and broker service teams will also be available to further smooth the transition.

If you need medical transport - ground or air transportation and you are insured, we will correspond with your insurance company to provide the best and safest transport for your loved ones!

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